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 be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe this may be them.
Oakes & Fosher is presently investigating former securities broker Stanley Niekras for possible misconduct. According to his publicly available FINRA BrokerCheck report, Stanley Niekras has been the subject of multiple customer complaints.
Stanley Niekras was a New York based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with four different securities firms.
- Painewebber Incorporated (1993-1995)
- Morgan Stanly (1995-2010)
- MML Investors Services (2005-2014)
- Purshe Kaplan Sterling Investments (2014-2015)
- In November 2003, customers alleged that Stanley Niekras gave them faulty advice. This case was settled for $342,000 in damages.
- Stanley Niekras received three identical complaints in December 2010. The customers in these cases alleged that he recommended unsuitable variable annuities and misrepresented withdrawal rates. The first case was settled for $175,000 in damages. The second case was settled for $96,250. The third case was settled for $247,500 in damages.
What Does This Mean?
Variable annuities can be highly unsuitable for certain investors. This is because of the way that these products are designed. When an investor purchases an annuity, they pay a certain amount of premiums up until a certain date at which point they begin receiving installments paid to them. This can be unsuitable for investors who require the ability to liquidate investments should the need arise. This is because investors are charged substantial fees when they make early withdrawals from their annuity. These products work for some investors; however, some securities brokers, like Stanley Niekras, misrepresent the details of the product and its withdrawal penalties to potential investors. Investors who believe that they have experienced losses due to their variable annuity being misrepresented may be entitled to damages.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Stanley Niekras, please contact Oakes & Fosher for a free and private consultation.