(888) 637-5510

Written by 8:02 pm Blog, Securities Fraud Articles

Andrew Yocum – Barred from Securities industry

Andrew Yocum

Concerned about investment losses with Andrew Yocum?

If you invested with Andrew Yocum and lost money,  you may be entitled to recover some of your losses. The White Law Group continues to investigate potential claims against Andrew Yocum and his employers.

FINRA has permanently barred Andrew Yocum, of Lady Lake, Florida from the securities industry.  According to Broker Check (FINRA), Yocum, formerly of Morgan Stanley and Summit Brokerage Services, has been subject to thirty three (33) customer disputes.

 In October 2015, Morgan Stanley appears to have notified FINRA that it terminated Yocum. FINRA purportedly commenced an investigation. In question was whether Andrew Yocum effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.

According to Broker Check (FINRA), on March 30, 2016, FINRA Staff sent a request to Andrew Yocum for on-the-record testimony.  Yocum allegedly acknowledged that he received FINRA’s request and refused to appear for testimony.

Andrew Yocum’s Customer Complaints

A review of Yocum’s FINRA Broker Report indicates that many of the customer complaints filed involved similar issues.  For example:

-at least three cases claimed an over-concentration in oil and gas related securities.
-three cases alleged an over-concentration in energy stocks.
-two cases alleged over-concentration in energy holdings.

The White Law Group continues to investigate the liability that Andrew Yocum’s former employers may have for losses sustained by his clients.  Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules.  Its possible that Yocum violated FINRA rules and his employers failed to adequately supervise him. If so, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.

For a free consultation with a securities attorney, please call The White Law Group at 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Vero Beach, Florida and Chicago, Illinois.  For more information on The White Law Group and its representation of investors, visit https://whitesecuritieslaw.com.




Tags: , , , , , , , , , , , , , , , , , , , , , , Last modified: August 28, 2017