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The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Sean Waters. According to his publicly available FINRA BrokerCheck report, Sean Waters has been the subject of a FINRA sanction.

Sean Waters operated most recently as a Florida based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with seven different securities firms.

His Registrations

  • Morgan Stanley (2001-2002)
  • UBS Financial Services (2002-2006)
  • M.L. Stern & Co. (2006-2008)
  • Southwest Securities (2008-2010)
  • Arque Capital (2010)
  • Financial West Group (2010-2017)
  • Newbridge Securities Corporation (2017-2018)

The Allegations

Sean Waters’ publicly available FINRA BrokerCheck report shows that he was sanctioned by FINRA in November 2018. The findings in this matter state that he engaged in the excessive trading, unsuitable trading, and churning of a an elderly customer’s accounts. FINRA determined that Waters’ trading of the accounts was executed with a reckless disregard for her interests. Sean Waters’ churning allegedly lost this customer over $88,000 of the $150,000 she originally invested, while the generating approximately $115,000 in commissions for himself. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.

What Is Churning?

Churning is a deceptive trading practice that many securities brokers, like Sean Waters, engage in. It involves the broker excessively trading an investor’s account with the express purpose of generating larger and additional commissions for themself. This process is so detrimental to investors due to the incredibly large fees and losses that they incur. Securities brokers have a legal obligation to always act in the best interests of their customers. The allegations levied against Sean Waters construct a narrative of an individual who does not care about this obligation.

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