The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Steve Morris. According to his publicly available FINRA BrokerCheck report, Steve Morris has been the subject of multiple customer disputes.

Steve Morris was a New York based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker.

His Registrations

  • Ladenburg Capital Management (1997-2004)
  • Granite Associates (2004-2006)
  • Whitaker Securities (2006-2009)
  • Brookville Capital Partners (2009-2012)
  • PHX Financial (2013-2014)
  • Halcyon Cabot Partners (2015)
  • Wynston Hill Capital (2016-2018)

The Allegations

  • In February 2009, a customer alleged that Steve Morris engaged in securities fraud, engaged in common law fraud, recommended unsuitable investments, made material misrepresentations, omitted material facts, breached his fiduciary duty, handled their account negligently, and breached contract. This case went to arbitration where the customer was awarded $940,000 in damages.
  • In October 2011, a customer alleged that Steve Morris engaged in excessive trading, engaged in fraud, made negligent misrepresentations, and breached his fiduciary duty. This case was settled for $300,000 in damages.
  • In January 2018, Steve Morris was terminated from his position at Wynston Hill Capital and barred by FINRA due to his alleged failure to comply with a settlement agreement.

What Does This Mean?

One of the most notable allegations levied against Steve Morris was that of excessive trading. This act can be detrimental to investors for a number of reasons. It can often prevent securities from having the necessary time to mature and provide returns. It also serves the customers with highly unnecessary sales charges that cause their principal investment to substantially deteriorate. One of the main reasons that brokers will engage in this practice is to increase the amount they receive in commissions. Churning is a fraudulent trading practice that occurs when a securities broker like Steve Morris excessively trades an investor’s account with the express intent of generating more commissions for themself.

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