Many people 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 could actually be entitled to damages. The law firm of Oakes & Fosher is very interested in hearing from investors who believe this could be them.

Oakes & Fosher is presently investigating the possible misconduct of securities broker Jeffrey Paul Davis. According to his publicly available FINRA BrokerCheck report, Jeffrey Paul Davis has been the subject of a FINRA sanction.

Jeffrey Paul Davis is presently operating as a Connecticut based securities broker. He has worked in the securities industry for twenty-four years. During his career, he has been registered with six different securities firms.

His Registrations

  • Metropolitan Life Insurance Company (1994-1995)
  • MetLife Securities (1994-1995)
  • Invest Financial Corporation (1995-2000)
  • National Planning Corporation (2000-2001)
  • Harvest Capital (2001-2013)
  • Kovack Securities (2013-Present)

The Allegations

In April 2017, Jeffrey Paul Davis was officially sanctioned by FINRA. The findings in this matter state that he over-concentrated the accounts of multiple customers in illiquid non-traded REITs. According to FINRA’s findings, this over-concentration was incredibly unsuitable given the customers’ investment objectives, liquidity needs, risk tolerances, and financial situations. Due to his alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of one month.

Non-Traded REITs

Non-traded REITs, also known as Real Estate Investment Trusts, are privately traded securities that are not registered with the Securities and Exchange Commission. They also are not traded on any public securities exchanges. Because of this, there is a distinct oversight that occurs when dealing with these products. Many securities brokers, like Jeffrey Paul Davis, use this lack of over-sight to their advantage when pitching these products to unsuspecting customers. They can misrepresent non-traded REITs as safe and liquid, when nothing could be further from the truth.

There is almost always a significant conflict of interest with brokers and these products due to the substantial commissions they receive when dealing in them. In other words, securities brokers, like Jeffrey Paul Davis, almost always push these products for their own financial gain, even if they are highly unsuitable for their customers.

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 Jeffrey Paul Davis, please contact Oakes & Fosher for a free and private consultation.