The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Teryl Trenchard. According to his publicly available FINRA BrokerCheck report, Teryl Trenchard has been the subject of multiple customer disputes.
Teryl Trenchard was a Virginia based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Bradford & Co. (1997-2000)
- Prudential Securities Incorporated (1999-2000)
- Voss & Co. (2001-2003)
- Aegis Capital Corp. (2003-2009)
- Capitol Securities Management (2009-2017)
The Allegations
- In November 2000, a customer alleged that Teryl Trenchard engaged in unauthorized trading. This case was settled for $27,000 in damages.
- In March 2017, FINRA opened up an investigation into possible fraud committed by Teryl Trenchard. He was terminated from his position at Capitol Securities Management due to the allegations.
- In July 2017, a customer alleged that Teryl Trenchard breached his fiduciary duty, breached contract, converted their funds, and recommended unsuitable investments.
- In August 2017, customers alleged that Teryl Trenchard committed fraud, converted their funds, breached his fiduciary duty, managed their account negligently, and violated state securities laws. Teryl Trenchard allegedly transferred funds out of the customers’ accounts without their consent into accounts with his own name. He then allegedly sent the customers forged account statements to fabricate fully funded accounts. This case went to arbitration where the customers were awarded $2,380,659 in damages.
What Does This Mean?
Converting a customer’s funds is one of the most blatantly fraudulent acts a securities broker could ever commit. It is imperative that investors trust their securities brokers in order for the relationship between the two parties to even exist. When investors hear stories about securities brokers who have stolen their client’s money, the system begins to break down as it starts to erode the trust between brokers and investors. It is the responsibility of the securities firm to protect their customers from having their funds converted. Firms need to have adequate procedures in place designed to supervise its registered brokers and prevent them from engaging in any harmful activities.
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 Teryl Trenchard, 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.
