The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Vaughn Andrews-McKay. According to his publicly available FINRA BrokerCheck report, Vaughn Andrews-McKay has been the subject of a FINRA sanction and a customer complaint.

Vaughn Andrews-McKay was a Connecticut based securities broker. He worked in the securities industry for just two years, spending it at Pruco Securities.

The Allegations

  • Vaughn Andrews-McKay was sanctioned by FINRA in May 2018. The findings in this matter state that Andrews-McKay allegedly converted $47,748.19 from clients at his member firm. $29,648.19 of the total amount was obtained by convincing clients to write personal checks made out to him which he promised would satisfy certain financial obligations of theirs. Instead, he allegedly deposited the checks into a personal bank account that he controlled. The remaining $18,100 was allegedly obtained by him forging a customer’s signature on one of the customer’s blank checks and writing a check to himself without said customer’s knowledge or consent. All of these funds were allegedly used for Vaughn Andrews-McKay’s personal use. Due to the allegations, he was terminated from his position at Pruco Securities and barred by FINRA from acting as a securities broker in any fashion.
  • In May 2018, a customer alleged that Vaughn Andrews-McKay inappropriately placed her assets into an annuity vehicle which was inappropriate given her financial situation. This was also one of the customers that Andrews-McKay stole from, thus she sought restitution for that matter. This case was settled for approximately $42,000 in damages.

What Does This Mean?

The relationship between securities brokers and investors can only exist if there is trust. Individuals would not be able to leave their money with another individual if they could not trust them with it. This trust only exists because securities brokers are bound by their duty to always act in the best financial interests of their customers. Securities brokers who convert their customers’ funds work toward the erosion of that trust.

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 Vaughn Andrews-McKay, 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.