Oakes & Fosher is presently investigating the possible misconduct of former securities broker Trevor Rahn. According to his publicly available FINRA BrokerCheck report, Trevor Rahn has been the subject of multiple customer disputes.
Trevor Rahn was a California based securities broker. He worked in the securities industry for twenty-six years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
- Merrill Lynch (1992-1999)
- Morgan Stanley (1999-2008)
- Deutsche Bank Securities (2008-2010)
- J.P. Morgan Securities (2010-2018)
- In October 2016, it was alleged that Trevor Rahn charged his customer excessive fees. This case was settled for $57,847 in damages.
- In November 2017, a customer alleged that Trevor Rahn executed unauthorized transactions. This case was settled for $64,590 in damages.
- In November 2018, a customer alleged that Rahn executed unauthorized transactions. This case was settled for $114,000 in damages.
- In June 2019, a customer alleged that Trevor Rahn engaged in unauthorized trading, unauthorized use of margin, and churning. This case is currently pending. The customer is seeking $854,410 in damages.
Account churning is a deceptive trading practice that some less than scrupulous securities brokers engage in. It centers around a securities broker excessively trading a customer’s account with the express purpose of generating additional and larger commissions for themself. Despite the fraudulent nature of the trading practice, many brokers continue to partake in it.
Margin trading is when investors purchase securities on borrowed money from their broker-dealer. Securities brokers need authorization before they begin executing trades on margin for their customers. However, even if securities brokers do not receive that authorization, there are many still that will engage in excessive and unsuitable margin trading. Margin trading can be highly unsuitable for many investors due to the financial hole it can cause them to fall in. When an investor purchases a security on margin, and the value of the security goes down, the investor still has to repay amount of the original loan.
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 Trevor Rahn, 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.