Thomas Cameron Oakes of Grand Rapids Michigan a stockbroker formerly registered with Royal Securities Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Oakes obstructed a FINRA investigation into accusations that he made unsuitable investment recommendations to customers of the firm. Letter of Acceptance Waiver and Consent No. 2018058426501 (Feb. 19, 2019).
According to the AWC, beginning in April of 2018, a number of customers submitted complaints to FINRA’s attention in regard to Oakes’ activities. Supposedly, customers claimed that Oakes gave them bad advice in regard to transactions that were executed in their accounts. Consequently, an investigation had been commenced by FINRA into Oakes’ activities.
The AWC stated that on January 3, 2019, a request under FINRA Rule 8210 was made by FINRA regulators for Oakes to provide them recorded testimony about his activities. Apparently, FINRA sought information concerning Oakes’ potential unsuitable recommendations; however, it never received that information from Oakes. Specifically, on January 3, 2018, Oakes communicated by phone and e-mail with FINRA personnel to decline the request, ultimately acknowledging that he would not be testifying at any point in time. Consequently, FINRA found Oakes’ failure to testify in the investigation as conduct violative of FINRA Rules 2010 and 8210. Oakes was barred in all capacities.
FINRA Public Disclosure reveals that Oakes has been identified in ten customer initiated investment related disputes containing allegations of his misconduct while employed with Royal Securities and Fahnestock Co. Inc. In particular, a customer filed an investment related complaint concerning Oakes’ conduct where the customer sought $22,000.00 in damages supported by accusations that Oakes made misrepresentations about the principal protection of unit investment trust products purchased by customers after Oakes solicited those transactions.
Subsequently, a customer initiated investment related arbitration claim regarding Oakes’ activities was resolved for $125,000.00 in damages based upon allegations that Oakes effected transactions in the customer’s account that were unsuitable for the customer; made misrepresentations about the customer’s equity investments; placed trades without the customer’s consent; and churned the customer’s account. New York Securities Exchange (NYSE) Arbitration No. 2002-009752 (May 18, 2003).
On July 19, 2002, another customer filed an investment related complaint regarding Oakes’ activities in which the customer requested $11,927.10 in damages founded on accusations that unauthorized stock trades were effected by Oakes in the customer’s account. Thereafter, a customer initiated investment related arbitration claim involving Oakes’ conduct was resolved for $68,000.00 in damages supported by allegations of the violation of fiduciary duties owed to the customer; churning of the customer’s investment portfolio; unsuitable mutual fund and stock transactions being executed in the customer’s account; and transactions being placed in the customer’s account without consent. National Association of Securities Dealers (NASD) Arbitration No. 03-01934 (Jan. 30, 2004).
Thereafter, on July 31, 2016, a customer initiated investment related complaint involving Oakes’ activities was resolved for $49,000.00 in damages based upon accusations that Oakes placed the customer in variable annuities that were not appropriate for them given their objectives for investing.
Oakes’ registration with Royal Securities Company has been terminated as of August 2, 2017.
