The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Robert Weissbein. According to his publicly available FINRA BrokerCheck report, Robert Weissbein has been the subject of multiple customer disputes over the course of his career.

Robert Weissbein is a Florida based securities broker. He has worked in the securities industry for thirty-three years. During his career, he has been registered with ten different securities firms.

His Registrations

  • Thomson Mckinnon Securities (1983-1988)
  • North American Management (1990-1991)
  • The Dreyfus Service Corporation (1993-1994)
  • Linsco/Private Ledger Corp. (1995-2001)
  • U.S. Securities & Futures Corp. (2001-2002)
  • The Investment Center (2002)
  • The United Securities Alliance (2003-2007)
  • Newbridge Securities Corporation (2007-2013)
  • Capital Guardian (2012-2014)
  • First Allied Securities (2014-Present)

The Allegations

  • In June 2017, a customer alleged that Robert Weissbein recommended unsuitable securities, failed to disclose associated risks, breached his fiduciary duty, breached contract, and misrepresented material facts. This case was settled for $20,000 in damages.
  • In July 2019, a customer alleged that Robert Weissbein recommended unsuitable investments, breached his fiduciary duty, and handled their account negligently. This case is currently pending. The customer is seeking $250,000 in damages.

What Does This Mean?

Securities brokers have a duty to their customers to always act in said customer’s best financial interests. This means that brokers are obligated to only recommend that their customers’  invest in securities that are suitable for them. Brokers can determine this suitability by analyzing factors like the customer’s previously stated investment objectives, financial situation, and risk tolerance. When a securities broker recommends a security to a customer that is unsuitable based on these above mentioned factors, their member firm can be liable for losses that may occur.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

The law firm of Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Weissbein, please contact Oakes & Fosher for a free and private consultation.