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The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Sam Aziz. According to his publicly available FINRA BrokerCheck report, Sam Aziz has been the subject of multiple customer disputes.

Sam Aziz was an Ohio based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • American Express Financial Advisors (1987-1988)
  • Merrill Lynch (1988-1997)
  • J.C. Bradford & Co. (1997-2000)
  • Citigroup Global Markets (2000-2007)
  • J.J.B. Hilliard W.L. Lyons (2007-2008)
  • Stifel, Nicolaus & Company (2008-2012)
  • Wells Fargo Advisors (2012-2015)
  • Coastal Equities (2015-2018)
  • David A. Noyes (2018)

The Allegations

  • In April 1997, customers alleged that Sam Aziz recommended unsuitable investments and executed unauthorized trades. This case was settled for $75,000 in damages.
  • In April 1997, a customer alleged that Sam Aziz breached his fiduciary duty and made a highly unsuitable recommendation to borrow additional funds to invest. This case was settled for $39,000 in damages.
  • In September 1997, Sam Aziz was discharged from his position at Merrill Lynch. This followed allegations that he made personal transactions with a client which directly violated his firm’s policies.
  • In August 2017, a customer alleged that Sam Aziz executed unauthorized trades, engaged in unsuitable trading, and churned their account. This case was settled for $210,000 in damages.
  • In October 2018, Sam Aziz was discharged from his position at David A. Noyes & Co. This was due to previous allegations at a previous firm.
  • In January 2019, Sam Aziz was officially sanctioned by the Ohio Division of Securities. This followed allegations that he engaged in account churning, breached his fiduciary duty, and recommended investments contrary to objectives.
  • In March 2019, Sam Aziz was officially sanctioned by FINRA. The findings in this matter state that he refused to comply with an investigation into his alleged sales practice violations. These include him allegedly excessively trading customer accounts, recommending unsuitable investments, and engaging in an unsuitable use of margin trading. Due to these alleged actions, Sam Aziz was barred by FINRA from acting as a securities broker in any fashion.
  • In June 2019, an attorney, on behalf of an investor, alleged that Sam Aziz executed unauthorized trades, excessively traded the customer’s account, and placed the customer in unsuitable holdings. This case was settled for $270,000 in damages.

What Does This Mean?

One of the most notable allegations levied against Sam Aziz was that he excessively traded customer accounts. Excessive trading occurs when a securities broker executes trades in a customer’s account at a higher frequency than is necessary. This type of trading can cause investors to incur excessive and unnecessary fees that drastically lower their principal investments over time. The majority of these fees are paid to the recommending broker as their commissions for orchestrating the trades. When a securities broker trades their customer’s account excessively with the express intent of increasing their commissions, they have engaged in a fraudulent trading practice known as churning.

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 Sam Aziz, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.