The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Terrence Diehl. According to his publicly available FINRA BrokerCheck report, Terrence Diehl has been the subject of a FINRA sanction.
Terrence Diehl was a Massachusetts based securities broker. He worked in the securities industry for a total of ten years. During his career, he was registered with a total of four different securities firms. He is no longer working as a registered securities broker in any fashion.
- Prudential Securities (1993-1999)
- Morgan Stanley (1999-2002)
- Joseph Gunnar & Co. (2003)
- LPL Financial (2015-2016)
Terrence Diehl was officially sanctioned by FINRA in October 2017. The findings in this matter state that he took part in undisclosed private securities transactions totaling $500,000. Diehl allegedly received commissions totaling $37,500. He allegedly never notified his firm that he would be participating in these private transactions. Due to these allegations, he was fined $10,000, forced to repay the $37,500 in disgorgement, and suspended from acting as a securities broker in any fashion for a period of nine months. Terrence Diehl had been terminated from his position at LPL Financial one year and a half earlier when the allegations first came to light.
What Does This Mean?
Securities brokers are not allowed to engage in securities transactions outside the scope of their member firm without obtaining authorization to do so. This is because these types of transactions can be very harmful to investors–depending on the type of investment. This is mainly because they can create significant conflicts of interest for securities brokers that can lead to them recommending investments to investors that are not financially suited for them in any way. For instance, securities brokers might be motivated to recommend a particular private investment because they themselves have a financial stake in said investment, because they are receiving cash incentives from a third party, or simply because of the incredibly high commission they receive when the transaction is executed. It is the responsibility of securities firms to prevent investors from being harmed in this fashion. The fact that a securities broker fails to disclose this information does not let the broker-dealer off the hook. Securities firms are required to have the necessary supervisory procedures in place designed to flag unauthorized activity that their registered brokers may be engaging in.
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 Terrence Diehl, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis which means there are no fees charged unless we collect for you.