The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Steve Netzel. According to his publicly available FINRA BrokerCheck report, Steve Netzel is presently the subject of a pending dispute.

Steve Netzel was an Arizona based securities broker. He worked in the securities industry for ten years. During his career, he was registered with two different securities firms. He is not currently working as a registered securities broker in any fashion.

His Registrations

  • Madison Avenue Securities (2009-2013, 2019)
  • Kalos Capital (2012-2019)

The Allegations

In October 2019, a customer alleged that Steve Netzel recommended unsuitable securities. This case is currently pending. The customer is seeking $300,000 in damages.

What Does This Mean?

Most investors lack the ability to invest suitably on their own behalf without the aid of a securities broker. This is because brokers possess the investment experience and knowledge that most investors lack. One of the most important aspects of a broker’s job is the ability to determine if a particular investment is suitable for a particular investor. They can determine this by looking at important factors like the customer’s investment objectives, age, financial situation, net annual income, risk tolerance, liquidity needs, and more. Brokers are expected to be able to determine suitability by looking at these factors and cannot excuse themselves by claiming they were unaware of an investment’s unsuitability.

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