Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Dean Kajouras (Kajouras), currently employed by Fordham Financial Management, Inc. (Fordham Financial) has been subject to at least eight customer complaints, one employment termination for cause, one regulatory matter, and six judgement or liens during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Kajouras’ customer complaints alleges that Kajouras recommended unsuitable investments, negligence, fraud, misrepresentations, and breach of fiduciary duty among other allegations of misconduct relating to the handling of their accounts.
In June 2019 a customer complained that Kajouras violated the securities laws by alleging misrepresentation, breach of contract, breach of fiduciary duty, statutory and common law fraud, suitability. The claim alleges $1,600,000 in damages and is currently pending.
In October 2016 the State of Massachusetts entered into a cease and desist order against Kajouras concerning claims that Kajouras unsuitably overconcentrated a retired investor’s portfolio in a single security. The State of Massachusetts fined Kajouras $60,000.
In May 2019 one of Kajouras’ tax liens entered totals $391,153. Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.