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

Theodore is presently operating as a California based securities broker. He has worked in the securities industry for fifty-four years. During his career, he has been registered with five different securities firms.

His Registrations

  • Paine, Webber, Jackson & Curtis Incorporated (1965-1972)
  • Clark, Dodge & Co. (1972-1974)
  • Kidder, Peabody & Co. (1974-1995)
  • UBS Financial Services (1995-2013)
  • Morgan Stanley (2013-Present)

The Allegations

  • In March 1992, customers alleged that Theodore Coleman charged them excessive commissions, churned their account, made material misrepresentations, and breached his fiduciary duty. This case went to arbitration where the customer was awarded $406,800 in damages.
  • In February 2011, a customer alleged that Theodore Coleman recommended that they purchase a “100 percent principal protected” structured product note. The customer believes that the way Theodore Coleman pitched this product was incredibly misleading and that the product was actually incredibly unsuitable for them. This case was settled for $260,693 in damages.
  • In May 2018, a customer alleged that Theodore Coleman excessively traded their account. This case was settled for $48,000 in damages.

Excessive Trading

Securities brokers have an obligation to trade their customer’s accounts responsibly in regards to the frequency in which they execute trades. Securities brokers sometimes excessively trade their customers accounts even if there is no actual financial benefit to the customer. This process can be detrimental to investors due to the incredibly high fees they incur because of it. One of the main reasons that brokers engage in this practice is due to the additional commissions it generates for them. When a securities broker excessively trades a customer’s account with the express purpose of increasing their commissions it is known as churning. Churning is a deceptive trading practice that constitutes as fraud.

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 Theodore Coleman, 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.