The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Sam Rine. According to his publicly available FINRA BrokerCheck report, Sam Rine has been the subject of multiple customer disputes.
Sam Rine is a Florida based securities broker. He has worked in the securities industry for eighteen years. During his career, he was registered with three different securities firms.
His Registrations
- Citigroup Global Markets (2001-2007)
- Morgan Stanley (2007-2018)
- Raymond James (2018-Present)
The Allegations
- In October 2008, a customer alleged that Sam Rine purchased equity positions on his behalf without his authorization. This case was settled for $10,660 in damages.
- In November 2019, a customer alleged that Same Rine recommended highly unsuitable investments. This case is presently pending. The customer is seeking $7 million in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their best financial interests. This means that they are only to recommend securities to their customers that they (the customers) would be financially suited for. Broker’s can determine suitability by looking at financial factors that include; the customer’s age, investment objectives, liquidity needs, risk tolerance, financial situation, and more. Brokers who are unable to determine suitability by looking at these factors lack the ability to perform their duties to the necessary standard.
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 Rine, 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.
