The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Timothy Atyeo. According to his publicly available FINRA BrokerCheck report, Timothy Atyeo has been the subject of multiple customer disputes over the course of his career.
Timothy Atyeo is presently operating as a Florida based securities broker. He has worked in the securities industry for thirty-two years. During his career, he has been registered with nine different securities firms.
His Registrations
- First Jersey Securities (1986-1987)
- Morgan Keegan & Company (1986-1987)
- J.W. Gant & Associates (1987)
- Bear, Stearns & Co. (1988-1990)
- Smith Barney Inc. (1990-1994)
- Kidder, Peabody & Co. (1994-1995)
- Painewebber Incorporated (1995-1998)
- CIBC World Markets Corp. (1998-2003)
- Oppenheimer & Co. (2003-Present)
The Allegations
- In May 2010, a customer alleged that Timothy Atyeo misrepresented Auction Rate Securities as equivalent to cash. This case was settled for $50,000 in damages.
- In April 2016, a customer alleged that Timothy Atyeo recommended unsuitable securities and engaged in inappropriate margin trading. This case was settled for $30,000 in damages.
- In June 2017, a customer alleged that there was too much risk and a distinct lack of diversification in a corporate account handled by Timothy Atyeo.
- In June 2019, customers alleged that Timothy Atyeo handled their account negligently, breached his fiduciary duty, made material misrepresentations, and over-concentrated their account in speculative securities from the energy sector. This case is currently pending. The customers are seeking $1.1 million in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. Part of this means adequately diversifying their portfolios in a suitable manner. When securities brokers over-concentrate their customers accounts in high risk securities, it places the investor in an incredibly risky position. It makes it so their financial success is completely dependent on how a few speculative securities perform. Securities brokers should adequately diversify their customers’ accounts based on their investment objectives, financial situation, risk tolerance, and liquidity needs. This means only investing a small portion of investor funds in speculative securities if said investor has very conservative investment objectives.
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 Timothy Atyeo, 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.
