Investors might have sustained losses due to securities broker Randy Cleve Fox (also known as Randy Fox) [CRD: 2726566, Los Angeles, California], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Randy Fox worked for GT Securities Inc. from January 30, 2023, to April 17, 2024. Keep reading to discover more about the disclosures involving Randy Fox and the client allegations tied to his previous investment-related conduct.
Particularly, on September 6, 2024, a Portsmouth Financial Services client filed FINRA Arbitration No. 24-01755 about Randy Fox. The client alleged that Fox was negligent in his due diligence and supervision, engaged in unreasonable conduct, and breached his fiduciary duty. Additionally, the client claimed that Fox approved unsuitable and illiquid investments. Because of this, the client allegedly sustained damages on GWG L Bonds. Therefore, the client requested $120,000 in compensation from Portsmouth Financial Services or Fox. Evidently, this arbitration is pending a resolution.
A breach of fiduciary duty occurs when a financial advisor or securities broker fails to act in the best interests of their client. In cases involving bond investments, this might mean the broker pushed investments that were inappropriate for the client’s risk tolerance, income needs, or liquidity requirements. For example, recommending illiquid bonds without explaining the risks or failing to perform reasonable due diligence could constitute a fiduciary breach. Investors rely on brokers to provide unbiased guidance, and when that trust is violated, it can lead to losses.
Did you experience losses because of Randy Fox? Feel free to contact Soreide Law Group online or at (888) 760-6552. Speak with a securities attorney about a potential recovery of investment-related losses. Soreide Law Group is experienced with recovering losses for clients located throughout the United States. The firm works on a contingency fee basis and advances all costs. Fox and brokerage firms Fox worked for deny any allegations of sales practice violations.
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