The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Cecil Nivens. According to his publicly available FINRA BrokerCheck report, Cecil Nivens has been the subject of multiple customer disputes.

Cecil Nivens was a North Carolina based securities broker. He worked in the securities industry for twenty-two years. He spent his entire career registered with just NyLife Securities between 1991 and 2014. He is no longer working as a registered securities broker in any fashion.

The Allegations

  • In October 2008, a customer alleged that Cecil Nivens did not make her aware that taking the cash value out of her variable universal life insurance policy would create a loan with annual interest and that premium payments would need to be made. This case was settled for $650,000 in damages.
  • In July 2013, a customer alleged that Cecil Nivens convinced her to purchase a variable life insurance policy which was not suitable based on her financial needs for the future. This case was settled for $31,598 in damages.
  • In February 2014, a customer alleged that they were misinformed by Cecil Nivens about the taxation of funds withdrawn from annuities they held. This case was settled for $66,600 in damages.
  • In March 2014, a customer alleged that Cecil Nivens recommended they surrender an annuity without accurately disclosing the tax consequences of the surrender. This case was settled for $15,226 in damages.
  • In May 2015, a customer alleged that they were not made aware of the surrender charges associated with transferring IRA funds to purchase variable life insurance contracts. This case was settled for $36,690 in damages.

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 Cecil Nivens, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis which means there are no fees charged unless we collect for you.