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

Steven Musser is a California based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with five different securities firms.

His Registrations

  • IDS Life Insurance Company (1991-1998)
  • American Express Financial Advisors (1991-1998)
  • Commonwealth Financial Network (1998-2000)
  • LPL Financial (2000-2015)
  • FSC Securities (2015-Present)

The Allegations

  • In June 2011, a customer alleged that Steven Musser failed to follow their sale instructions in a timely manner which resulted in losses. This case was settled for $6,000 in damages.
  • In July 2016, a customer alleged that Steven Musser recommended to them that they liquidate specific securities, which in turned resulted in losses. This case was settled for $850,000 in damages.
  • In April 2017, a customer alleged that the recommendation to purchase a particular insurance product was unsuitable. This case was settled for $350,000 in damages.

What Does This Mean?

Investors who have been invested in securities that they are not financially suited for can experience significant losses as a result. Most investors lack the necessary investment experience and knowledge to invest suitably for themselves. That is why so many investors rely so heavily on their securities brokers to recommend investments that they are actually suited for. It is expected of securities brokers like Steven Musser to determine suitability by analyzing factors like the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. They 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 Steven Musser, please contact Oakes & Fosher for a free and private consultation.