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

Stuart Updegrove is a Connecticut based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with six different securities firms.

His Registrations

  • Norie, Hennion, Walsh, Inc. (1992)
  • Prudential Securities Incorporated (1993-1994)
  • Sands Brothers & Co. (1994-1995)
  • Northeast Securities (1995-1996)
  • Eastbrook Capital Group (1996-2009)
  • National Securities Corporation (2009-Present)

The Allegations

  • In July 1998, a customer alleged that Stuart Updegrove executed unauthorized trades, churned their account, and excessively traded their account. This case was settled for $60,000 in damages.
  • In June 2018, a customer alleged that Stuart Updegrove negligently managed their account and breached his fiduciary duty. This case was settled for $25,000 in damages.
  • In December 2018, a customer alleged that Stuart Updegrove recommended unsuitable investments. This case is currently pending. The customer is seeking $3 million in damages.
  • In April 2020, a customer alleged that Stuart Updegrove recommended unsuitable investments and executed unauthorized trades. This case is currently pending. The customer is seeking $1,523,904 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always look out for their best financial interests. The most important aspect of this is making sure their customers are financially suited for the investments they recommend. Brokers can determine this suitability by looking at financial factors specific to each individual customer. These include the customer’s financial status, age, risk tolerance, liquidity needs, and investment objectives. Brokers who invest their customers contrary to these factors have exposed the customer to significant, unnecessary financial risk.

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 Stuart Updegrove, 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.