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 that have lost money in this fashion may be entitled to damages. Oakes & Fosher is interested in hearing from investors who believe this may be them.

Oakes & Fosher is currently investigating the possible misconduct of former securities broker Troy Baldridge. According to his publicly available FINRA BrokerCheck report, Troy Baldridge has been the subject of criminal charges.

Troy Baldridge operated most recently as a Virginia based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with seven different securities firms.

His Registrations

  • IDS Life Insurance Company (1998-1999)
  • American Express Financial Advisors (1998-1999)
  • Branch, Cabell & Co. (1999-2001)
  • Tucker Anthony Incorporated (2001-2002)
  • RBC Dain Rauscher (2002)
  • Anderson & Strudwick, Incorporated (2002-2007)
  • Capitol Securities Management (2007-2016)

The Allegations

Troy Baldridge pled guilty to one count of mail fraud in December 2016. According to the United States Securities and Exchange Commission, between September 2011 and July 2016, Troy Baldridge misappropriated at least $505,665 from customers of Capital Securities Management. In at least fifteen instances, he transferred money from customer accounts at the firm to his own bank accounts for his own personal use. In order to accomplish this, he forged customer signatures and lied to customers about the unauthorized transfers. After pleading guilty to mail fraud, he was sentenced to forty-one months in prison to be followed by three years of supervised release. He was also barred by the SEC from acting as a securities broker in any fashion.

What Does This Mean?

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Troy Baldridge, please contact Oakes & Fosher for a free and private consultation.