In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Oakbridge Financial Services of Kirkwood, Missouri submitted an acceptance, waiver and consent letter regarding supervisory lapses in its securities business. In agreeing to the AWC, the firm was fined $20,000. The AWC can be found here.
FINRA’s allegations against Oakbridge included that the firm failed to supervise the outside business activities of its registered representatives. FINRA contended that the firm did not document and review the trading in “church bonds” to ensure that the trades were suitable for, and sold at a fair price to the firm’s customers.
Oakbridge Financial Services’ registration and disciplinary history
In order to lawfully sell investments to the public, a firm must either be registered or exempt from registration. Oakbridge Financial Services is a Missouri corporation, formed in 1985 and is registered with FINRA, the SEC and in 30 states and territories.
According to FINRA’s CRD disclosure report, Oakbridge Financial Services has been the subject of five regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.