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

Shane Appelbaum is a Florida-based securities broker who has worked in the securities industry for sixteen years. He has spent his entire career registered with just Herbert J. Sims & Co (2004-Present)

The Allegations 

  • In June 2018, a customer alleged that Shane Appelbaum had engaged in fraud, managed their account negligently, misrepresented investments, and made unsuitable investment recommendations. The case was settled for $40,000.
  • In February 2020, customers alleged that Appelbaum had recommended investments that were unsuitable for an elderly couple. The customers also alleged that Appelbaum had recommended two CDs that would not mature until the year 2034.  This case is currently pending, and the customers are seeking $86,864 in damages.

What Does This Mean?

Less than scrupulous securities brokers may often target more vulnerable individuals when perpetrating their financial misdeeds. This includes the elderly population. These individuals often rely heavily on their securities broker to handle their accounts in a fashion suitable for them. Securities brokers like Shane Appelbaum may take advantage of this trust and use the opportunity to manage their elderly client’s account in a way that is beneficial to them (the broker) but detrimental to the customer. This is also known as financial elder abuse and is a real problem for many investors.

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 due to this fraud or negligence 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 Shane Appelbaum, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.