Steven Kraut Allegedly Breaches His Fiduciary Duty

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

Steven Kraut was a Minnesota based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• FDI Securities (1983)


• Consolidated Resources (1983-1988)


• C.R.I. Securities (1988-1994)


• Mimlic Sales Corporation (1991-1994)


• Fortis Investors (1994-1996)


• FSC Securities Corporation (1996-2005)


• United Securities Alliance (2005-2007)


• Royal Alliance Associates (2007)


• Independent Financial Group (2007-2017)

The Allegations

In September 2017, a customer alleged that Steven Kraut recommended unsuitable investments, breached his fiduciary duty, and made unauthorized payments. This case was settled for $325,000 in damages.

Fiduciary Duty

The relationship between investors and securities brokers exists on a foundation of trust. The reason that investors can generally feel secure in trusting their broker is because they are aware that brokers are obligated to always act in their customers’ best financial interests. This obligation is also known as the broker’s fiduciary duty. Brokers who breach this duty work toward the erosion of that trust, which in turn can significantly damage the broker/investor relationship.

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 Steven Kraut, 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.