INVESTOR ALERT: Royal Securities’ THOMAS CAMERON OAKES Barred By FINRA

The Financial Industry Regulatory Authority (“FINRA”) barred Royal Securities Company securities representative Thomas Cameron Oakes (CRD#: 1354152, Grand Rapids, Michigan) for declining to testify in an investigation FINRA initiated regarding a number of investor complaints against Mr. Oakes. Notably, Mr. Oakes, who worked for Royal Securities Company from 2014 to 2017 – submitted a Letter of Acceptance, Waiver and Consent #2018058426501 on February 10, 2019, accepted by FINRA on February 19, 2019.
Evidently, FINRA reported that customers complained about Mr. Oakes in April 2018, claiming Mr. Oakes recommended unsuitable trades. As a result, FINRA started investigating him. Later, on January 3, 2019, FINRA asked Mr. Oakes to testify concerning the complaints. Apparently, FINRA stated Mr. Oakes violated FINRA Rules 8210 and 2010 because he refused to testify.

FINRA Previously Fines Mr. Oakes For Unsuitable Trading

Previously, FINRA issued Mr. Oakes a suspension and $10,000 fine pursuant to a Letter of Acceptance, Waiver and Consent #:2011025857802, finding Mr. Oakes violated NASD Rules 2310 and 2110. Mainly, FINRA stated that Mr. Oakes made unsuitable short-term trades of speculative or low prices securities. Supposedly, he engaged in unsuitable trading in three Royal Securities Company customer’s brokerage accounts. Because of this, he caused customers to lose 70% to 84% of their account values. What’s more, the S&P 500 had positive gains during the time he traded in their accounts.
Most importantly, at least ten customers of Mr. Oakes filed complaints about his activities. For example, here is a summary of two of the disputes involving Mr. Oakes:

Royal Securities Customer’s Complaint Alleging Mr. Oakes’ Unsuitable Annuities Sales

Customers of Royal Securities disputed Mr. Oakes’ sales practices in filing a complaint on May 31, 2016. Apparently, the customer bought 3 annuities from Mr. Oakes or someone under his supervision. Supposedly, at that time, the customers did not want to lose principal because they wanted to pass the money on to their heirs. Allegedly, Mr. Oakes placed the customers in annuities which were not appropriate given the circumstances. As a result, on July 31, 2016, Mr. Oakes paid the customers $49,000 to settle the matter.

Fahnestock & Co. Inc. Customer’s Complaint Involving Allegations Of Mr. Oakes’ Churning

Evidently, Fahnestock & Co. Inc. customers filed NASD Arbitration # 03-01934, disputing Mr. Oakes’ sales practices. Primarily, the customer claimed that Mr. Oakes churned the customer’s investment account. Secondly, Mr. Oakes made trades which the customer did not authorize. Thirdly, the customer claimed that Mr. Oakes put the customer in unreasonable equities and mutual funds. Moreover, Mr. Oakes or Fahnestock & Co. Inc. allegedly violated fiduciary duties. As a result, Mr. Oakes provided the customer $68,000 in compensation to put the customer’s claim to rest. However, Mr. Oakes did not admit to being liable.

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