Yvonne Nirelli Suspended By FINRA For Allegedly Executing Unauthorized Trades

The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Yvonne Nirelli. According to her publicly available FINRA BrokerCheck report, Yvonne Nirelli has been the subject of multiple customer disputes over the course of his career.

Yvonne Nirelli is a New York-based securities broker who has worked in the securities industry for thirty-three years. During his career, she has been registered with three different securities firms.

His Registrations 

  • Mutual Of Omaha Fund Management Company (1985-1986)
  • Cadaret, Grant & Co., Inc (1987-1989)
  • Cadaret, Grant & Co., Inc (1989-Present)

The Allegations 

  • In July 2019, a customer alleged that Yvonne Nirelli made material misrepresentations of facts regarding investments. This case was settled for $200,000 in damages.
  • In July 2020, Nirelli was officially sanctioned by FINRA for allegedly exercising discretionary trading in customers’ accounts without receiving prior written authorization. As a result of these findings, Nirelli was suspended from acting as a securities broker in all capacities for a period of fifteen days and fined $5,000.

What Does This Mean?

Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization.  There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first.  This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.

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 due to this fraud or negligence 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 Yvonne Nirelli, 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.