The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Lisa Acca. According to her publicly available FINRA BrokerCheck report, Lisa Acca has been the subject of a FINRA sanction.

Lisa Acca was a New York based securities broker. She worked in the securities industry for thirteen years. During her career, she was registered with five different securities firms.

Her Registrations

  • AXA Advisors (2003-2009)
  • Essex National Securities (2009)
  • Equity Services (2009-2010)
  • Global Arena Capital Corp. (2011-2015)
  • Arive Capital Markets (2015-2017)

The Allegations

In August 2019, Lisa Acca was officially sanctioned by FINRA. The findings in this matter state that she failed to comply with an investigation into allegations that she recommended private securities transactions to a member firm customer. Due to this alleged failure to comply, Lisa Acca was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers are not allowed to recommend securities outside the scope of their member firm without first disclosing it to their member firm. This is because private securities transactions can often create substantial conflicts of interest for securities brokers. Brokers like Lisa Acca might find themselves recommending private investments because of a personal financial stake they might have in that investment, because they are receiving cash incentives from a third party to do so, or simply because they receive an excessively high commission when the transaction is executed. This can quite easily lead to brokers recommending investments to customers that they are not financially suited for. Brokerage firms want to prevent their customers from being harmed in this fashion and thus require their brokers to disclose their involvement in outside business transactions prior to engagement. This gives firms the opportunity to decide if an actual conflict of interest might exist.

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 Lisa Acca, please contact Oakes & Fosher for a free and private consultation.