The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Seth Stewart. According to his publicly available FINRA BrokerCheck report, Seth Stewart has been the subject of multiple customer disputes over the course of his career.
Seth Stewart is an Indiana based securities broker. He has worked in the securities industry for ten years. During his career, he has been registered with just two different securities firms.
His Registrations
- Center Street Securities (2009, 2012-Present)
- American Equity Investment Corporation (2009-2012)
The Allegations
- In December 2019, a customer alleged that Seth Stewart did not fully disclose that the investments he was recommending were highly illiquid. This case is currently pending. The customer is seeking $100,000 in damages.
- In February 2020, a customer alleged that Seth Stewart recommended unsuitable investments. This case is currently pending. The customer is seeking $200,000 in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always work in their best financial interests. Doing this is their duty as a fiduciary. This means that brokers are required to put in the effort necessary to make sure all investments they are recommending are suitable for their customers. Brokers can determine this suitability by looking at important information provided to them by the customers. This includes the customer’s investments objectives, liquidity needs, financial situation, and risk tolerance. Brokers who invest their customers contrary to these factors have either done so in a fraudulent manner, or simply through their own negligence–in which case they lack the ability to perform their duties to the necessary standard required for someone in their position.
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 Seth Stewart, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
