Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. The truth is that investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.
Oakes & Fosher is currently investing the possible misconduct of former securities broker Rodger Burskey. According to his publicly available FINRA BrokerCheck report, Rodger Burskey has been the subject of numerous customer disputes.
Rodger Burskey operated most recently as a Michigan based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with seven different securities firms.
His Registrations
- INA Security Corporation (1983-1985)
- Mutual Service Corporation (1985-1986)
- Mariner Financial Services (1986-1987)
- Metropolitan Life Insurance Company (1987-1997)
- MetLife Securities (1987-1997)
- USA Allianz Securities (1999-2006)
- Voya Financial Advisors (2006-2015)
The Allegations
- In October 2015, a customer alleged that Burskey executed unauthorized trades in their account. This case was settled for $35,000 in damages. Rodger Burskey received an identical complaint later in October of the same year. This case was settled for $32,156 in damages.
- In November 2015, Rodger Burskey was discharged from his position at Voya Financial Advisors. This termination followed allegations that he violated the firm’s policies regarding excessive and unauthorized discretionary trading.
- In February 2016, a customer alleged that Burskey executed excessive discretionary trades in his account. This case was settled for $45,000 in damages.
- In December 2016, Rodger Burskey was officially sanctioned by FINRA. The findings in this matter state that he refused to comply with a FINRA investigation into his possible unsuitable investment recommendations and engagement in unauthorized discretionary trading. Due to these alleged actions, he was barred by FINRA from acting as a securities broker in any fashion.
- In April 2017, another customer alleged that Rodger Burskey conducted excessive and discretionary trading in their account. The alleged transgressions taking place between September 2008 and July 2011. This case was settled for $19,700 in damages.
What Is Discretionary Trading?
Discretion is a trading practice that involves the securities brokers being given the ability to execute trades in a customer’s account without seeking the customer’s approval before every trade. It’s a system based on trust, as the customer essentially gives the broker full control over their investment account. However, before a broker can begin discretionary trading, they need express written authorization from the customer and have their member firm accept the account in question as suited for discretionary trading.
Even if a securities broker is given authorization to exercise discretion when trading a customer’s account, it does not mean they have the right to execute trades excessively. Securities brokers, like Rodger Burskey, are liable for their excessive trading even when customers approved the trades. So, of course, they would be liable when trading a customer’s account excessively while they held discretionary authority over it.
Investors who have lost money due to their securities broker’s excessive or unauthorized discretionary trading may be entitled to damages.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Rodger Burskey, please contact Oakes & Fosher for a free and private consultation.
