The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Terry Bahgat. According to his publicly available FINRA BrokerCheck report, Terry Bahgat has been the subject of multiple customer disputes.
Terry Bahgat was a New York based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with fifteen different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Mutual of Omaha Fund Management Company (1986-1987)
- USLife Equity Sales Corp. (1987-1988)
- Integrated Resources Equity Corporation (1988)
- Southmark Financial Services (1988-1989)
- FSC Securities Corporation (1989)
- NYLife Securities (1989-1995)
- MML Investors Services (1995-1996)
- Linsco/Private Ledger Corp. (1996-1997)
- Pruco Securities Corporation (1997-2000)
- Securities America (2000-2001)
- Wachovia Securities Financial Network (2001-2003)
- Round Hill Securities (2003-2004)
- Summit Brokerage Services (2004-2010)
- Cambridge Investment Research (2010-2015)
- Gradient Securities (2015-2016)
The Allegations
- In March 2001, customers alleged that Terry Bahgat recommended unsuitable mutual funds.
- In November 2016, a customer alleged that Terry Bahgat made material misrepresentations in connection with a non-qualified variable annuity.
- In September 2017, Terry Bahgat was officially sanctioned by the United States Securities and Exchange Commission. The findings in this matter state that Bahgat misappropriated money from seven of his customers–many of whom were elderly. Bahgat allegedly impersonated his customers over the phone in order to transfer funds from their accounts to his own account or to a company he controlled. This sanction is currently pending.
Elderly Abuse
Less than scrupulous securities brokers may often target more vulnerable individuals when perpetrating their financial misdeeds. This includes the elderly population. These individuals often rely heavily on their securities broker to handle their accounts in a fashion suitable for them. Securities brokers like Terry Bahgat may take advantage of this trust and use the opportunity to manage their elderly client’s account in a way that is beneficial to them (the broker) but detrimental to the customer. This is also known as financial elder abuse and is a real problem for many investors.
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 Terry Bahgat, 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.
