The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Sandeep Varma. According to his publicly available FINRA BrokerCheck report, Sandeep Varma has been the subject of multiple customer disputes over the course of his career.

Sandeep Varma is a California based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with four different securities firms.

His Registrations

  • IDS Life Insurance Company (1990-1995)
  • American Express Financial Advisors (1990-1995)
  • LPL Financial (1995-2015)
  • FSC Securities Corporation (2015-Present)

The Allegations

  • In November 2002, a customer alleged that Sandeep Varma made material misrepresentations in sale of a variable life insurance policy.
  • In June 2011, a customer alleged that a variable life insurance policy recommended by Sandeep Varma was both misrepresented and unsuitable.
  • In January 2016, a customer alleged  that Sandeep Varma made an unsuitable recommendation to liquidate securities that in turned caused losses. The customer also alleged that Sandeep Varma recommended an unsuitable insurance policy. This case was settled for $850,000 in damages.
  • In April 2017, a customer alleged that Sandeep Varma made unsuitable investment recommendations. This case was settled for $350,000 in damages.

What Does This Mean?

It is a requirement of securities brokers that their recommendations to investors be suitable for them. If a broker cannot determine if a recommendation is suitable for a particular investor, then they lack the ability to perform their job to the standard that is necessary. Brokers can determine suitability by looking at various different aspects about the investor. These include the customer’s age, liquidity needs, investment objectives, risk tolerance, financial situation, and annual income. When an investor makes an unsuitable financial decision based on a broker’s recommendation, it is the broker who is at fault. Because of this, securities firms need to be held liable for these faulty recommendations made by the individuals they employ.

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 Sandeep Varma, please contact Oakes & Fosher for a free and private consultation.