The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Roy Gaytan. According to his publicly available FINRA BrokerCheck report, Roy Gaytan has been the subject of a FINRA sanction.

Roy Gaytan was a California based securities broker. He worked in the securities industry for nine years. During his career, he was registered with just two different securities firms. He is not currently working as a registered securities broker in any fashion.

His Registrations

  • World Group Securities (2008-2012)
  • Transamerica Financial Advisors (2012-2017)

The Allegations

Roy Gaytan was officially sanctioned by FINRA in August 2018. The findings in this matter state that he engaged in discretionary trading in a customer’s account without providing notice to his member firm. He allegedly used the customer’s login information to execute trades on the customer’s behalf. Due to these allegations, he was fined $15,000 and suspended by FINRA from acting as a securities broker in any fashion for a period of eight months. Roy Gaytan had been discharged from his position at Transamerica Financial Advisors on year prior when the allegations first came to light.

What Does This Mean?

Discretion can be a very slippery slope due to the amount of power that it gives to the broker. It gives brokers the opportunity to place their customer in investments they are not financially suited for. It also gives them the opportunity to trade their customer’s account excessively to increase their own commissions. Both of these acts can be detrimental to investors. That is why brokers must obtain express written authorization from investors and have their member firm deem the account in question as suitable for discretionary trading.

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. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Roy Gaytan, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.