The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Samuel Monchik. According to his publicly available FINRA BrokerCheck report, Samuel Monchik has been the subject of multiple customer disputes over the course of his career.
Samuel Monchik is a Pennsylvania based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with two different securities firms.
His Registrations
- FSC Securities (2000-2008)
- Geneos Wealth Management (2008-Present)
The Allegations
- In September 2008, his employment with FSC Securities came to an end. He was permitted to resign from his position amidst allegations that he violated the firm’s policy regarding engaging in trading of non-traded REITs.
- In July 2017, a customer alleged that Samuel Monchik recommended highly unsuitable investments in the oil and gas sector.
- In August 2018, a customer alleged that Samuel Monchik made unsuitable investment recommendations, breached his fiduciary duty, and failed to adequately disclose the risks in real estate investments and direct investments. This case was settled for $85,000 in damages.
What Does This Mean?
The real estate investments mentioned in the complaint above are a type of alternative investment known as a non-traded real estate investment trust, or REIT. Non-traded REITs are privately traded securities that do not trade on any public securities exchanges. Because of this, they are very poorly regulated by securities firms and regulatory authorities. Some securities brokers take advantage of this as an opportunity to misrepresent non-traded REITs as safe and lucrative investments–when the truth is actually just the opposite. Non-traded REITs are incredibly speculative and illiquid investments that are accompanied by incredibly high upfront fees that drastically lower investor principals.
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 Samuel Monchik, 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.
