Former Royal Securities Company Broker Thomas C. Oakes Barred By FINRA For Failing To Appear For Testimony In Its Investigation Into Several Customer Complaints Alleging Unsuitability
Thomas C. Oakes is a former Financial Advisor at Royal Securitries Company in Grand Rapids MI from 2014 to 2017.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on February 19, 2019, FINRA sanctioned Thomas C. Oakes by barring him from the industry for FINRA rules violations for failing to appear before FINRA for testimony in connection with its recent investigation of several customer complaints alleging unsuitable investment recommendations. Separately, Thomas Oakes has a regulatory complaint and 10 customer disputes on his record, including the following:
- May 2016 – “In 2011 clients purchased 3 annuities. Clients requested a product with no chance of loss of principle as this investment was intended as inheritance for heirs. An annuity with a principle based death benefit was recommended. Client now states that having the principle in the open market would have made them more money so they allege that the annuity was inappropriate.” This dispute was settled for $49,000.
- November 2013 – FINRA suspended Thomas Oakes for engaging in “unsuitable short-term trading of low priced and/or speculative securities in the accounts of customers, causing substantial losses in the customer’s accounts. The account activity was not suitable for these customers…”
- March 2003 – “Claimants allege unauthorized and unsuitable transactions, churning, and violation of fiduciary duties.” The dispute was settled for $68,000.
- December 2001- “The Claimants allege churning, unauthorized trading, misrepresentation and lack of suitability.” The matter was settled for $125,000.
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2018058426501%20Thomas%20C.%20Oakes%20CRD%201354152%20AWC%20jm.pdf
For a copy of the Thomas C. Oakes CRD, click https://brokercheck.finra.org/individual/summary/1354152
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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