Recovery of Investment Losses with Andrew Yocum
Andrew Yocum, formerly of Morgan Stanley, The Villages, FL and Summit Brokerage Services, Lady Lake, FL has been subject to seventeen customer complaints since May 19th, 2015, according to Broker Check by the Financial Industry Regulatory Authority (FINRA). Yocum, of Lady Lake, Florida, has been permanently barred by FINRA from acting as a broker or otherwise associating with investment firms that sell securities to the public.
In October 2015, after Morgan Stanley (The Villages) notified FINRA that it terminated Yocum, FINRA purportedly commenced an investigation into whether Andrew Todd Yocum effected unauthorized transactions, exercised discretion without written authorization, and recommended unsuitable concentrated purchases of energy sector securities to senior investors.
On March 30, 2016, FINRA Staff sent a request to Yocum for on-the-record testimony pursuant to FINRA Rule 8210. Yocum apparently refused to appear. By his refusal for on-the-record testimony as requested, FINRA has alleged that Yocum violated FINRA Rules 8210 and 2010, according to reports from Broker Check (FINRA).
The White Law Group continues to investigate the liability that 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. If it can be determined that Yocum violated FINRA rules and his employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.
Failure to Supervise Advisor Andrew Yocum
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Andrew Yocum, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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