Many investors are unaware of the legal recourse available to them after losing money due to securities fraud and/or negligence. The truth is that investors who have lost money this way may actually be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe this is them.

Oakes & Fosher is presently investigating the possible misconduct of former securities broker Gregg Templeton. According to his publicly available FINRA BrokerCheck report, Gregg Templeton has been the subject of multiple customer disputes.

Gregg Templeton was a New York based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with nine different securities firms.

His Registrations

  • Royce Investment Group (1993-1994)
  • Gruntal & Co. (1994-1996)
  • State Capital Markets Corporation (1996)
  • First Metropolitan Securities (1996)
  • GKN Securities Corp. (1996-1998)
  • Morgan Stanley (1998-2006)
  • Oppenheimer & Co. (2007-2015)
  • FSC Securities Corporation (2015-2016)
  • Aegis Capital Corp. (2016)

The Allegations

  • In December 2015, a customer alleged that Gregg Templeton executed unauthorized transactions. This case was settled for $30,000 in damages.
  • In January 2016, a customer alleged that Gregg Templeton misappropriated almost $20,000 by withdrawing funds from their account for his own personal use. The customer further alleged fraud, breach of fiduciary duty, and breach of contract. This case was settled for $562,500 in damages.
  • In March 2016, a customer alleged unauthorized trading. This case was settled for $61,475 in damages.
  • In August 2016, a customer accused Greg Templeton of both fraud and breach of contract in connection with his purchase of $6.75 million of securities. This case was settled for $2 million.
  • In April 2017, Gregg Templeton was officially sanctioned by FINRA. The findings in this matter state that he failed to comply with an investigation into allegations of that he misused customer funds in addition to other sales practice violations. Due to his failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers have a legal obligation to always act in the best of interests of their customers. This obligation is also known as a fiduciary duty. A large part of a broker’s fiduciary duty is to invest their customer’s funds exactly as they have been instructed to. There are many different ways that a broker, like Gregg Templeton, can misuse their customer’s funds that range from investing it in securities they had not talked about with the customer to stealing the funds for their own personal use. No matter what they end up doing with the money, if a securities broker has used it for any reason other than their directed purpose, they have violated their fiduciary duty.

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 Gregg Templeton, please contact Oakes & Fosher for a free and private consultation.