The law firm of Oakes & Fosher is currently investigating the alleged misconduct of former securities broker Sean Brady. According to his publicly available FINRA BrokerCheck report, Sean Brady has been the subject of multiple customer disputes.
Sean Brady was a Missouri based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with two different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- FFP Securities (2001-2008)
- First Allied Securities (2008-2017)
The Allegations
- In March of 2018, a customer alleged that Sean Brady misrepresented her net worth, made an unsuitable recommendation, and made misrepresentations and omissions regarding her investment. This case was settled for $37,500 in damages.
- In June 2018, a customer alleged that Sean Brady misrepresented his net worth, made material misrepresentations and omissions, and completed paperwork on his behalf without his authorization. This case is currently pending. The customer is seeking approximately $1.3 million in damages.
- Also in June 2018, customers alleged that Sean Brady made unsuitable investment recommendations, made material misrepresentations, handled their account negligently and breached his fiduciary duty. This case is currently pending. The customers are seeking $3 million in damages.
- In July 2018, a customer alleged that Sean Brady engaged in fraud, handled their account negligently, breached his fiduciary duty, and made unsuitable investment recommendations. This case is currently pending. The customer is seeking $5.7 million in damages.
- In October 2017, before the numerous complaints began rolling in, Sean Brady was terminated from his position at First Allied Securities. This was due to allegedly violating the firms policies about falsifying a client’s signature on financial documents, sending text messages containing sensitive financial information, and making consolidated account reports.
- In June 2018, Sean Brady was sanctioned by FINRA. While under investigation for possible sales practice violations, Sean Brady allegedly refused to provide FINRA with any of the documents they had requested. Due his alleged actions, he was barred by FINRA from acting as a securities broker in any fashion.
Forgery
Securities brokers are obligated to obtain their customers’ authorization before executing financial transactions. This can include purchasing or selling securities, transferring funds, or opening new accounts. One way securities brokers circumvent this obligation is by forging their customers’ signatures. This is common among brokers who believe their customers would not care or notice; however, it can be incredibly harmful to investors as it takes away their authority over their own investments.
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 Sean Brady, 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.
