The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Sam Pieh. According to his publicly available FINRA BrokerCheck report, Sam Pieh has been the subject of multiple customer disputes over the course of his career.
Sam Pieh is an Oregon based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with nine different securities firms.
His Registrations
- Equitable Life Assurance Society (1985)
- Kidder, Peabody & Co. (1985-1988)
- Prudential-Bache Securities (1988-1990)
- Painewebber Incorporated (1990-1995)
- Dain Rauscher Incorporated (1995-1998)
- First Union Securities (1998-2002)
- Paulson Investment Company (2002-2012)
- JHS Capital Advisors (2012-2015)
- American Independent Securities (2015-Present)
The Allegations
- In September 1998, a customer alleged Sam Pieh improperly handled her account through his excessive trading. This case was settled for $80,000 in damages.
- In November 2001, a customer alleged that Sam Pieh recommended unsuitable investments and executed unauthorized trades. This case was settled for $560,302 in damages.
- In July 2002, a customer alleged that Sam Pieh made unsuitable investment recommendations, misrepresented said investments, and engaged in excessive trading that resulted in significant losses. This case was settled $193,000 in damages.
- In September 2002, a customer alleged that Sam Pieh engaged in unauthorized trading, unsuitable trading, and excessive trading. This case was settled for $378,450 in damages.
- In April 2017, a customer alleged that Sam Pieh breached his fiduciary duty, handled their account negligently, breached contract, engaged in fraud, made material misrepresentations, violated state securities laws, violated the conduct rules of FINRA, and churned their account. This case was settled for $42,000 in damages.
What Does This Mean?
One of the most noteworthy allegations levied against Sam Pieh was that he traded his customers’ accounts excessively. The main reason securities brokers do this is because it generates more commissions for them every time a trade is executed. When a securities broker trades an investor’s account excessively for the express purpose of generating commissions, it is known as churning. Brokers who churn their customer’s accounts do so despite the fact that it serves no financial benefit to their customer whatsoever. In fact, churning can be detrimental to investors as it causes them to incur harsh fees and trading losses. It is a clear example of a securities broker placing their own interests ahead of their customer’s.
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 Pieh, please contact Oakes & Fosher for a free and private consultation.
