Daniel Fischer – Daniel Terry Fischer, Financial Advisor Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Daniel Fischer CRD #2796625
Daniel Fischer was previously licensed with Four Points Capital Partners LLC. According to Daniel Fischer’s CRD, Daniel Fischer was barred from the securities industry in January 2018.
ACCORDING TO THE SEC: The Securities and Exchange Commission filed a civil injunctive action, charging two New York-based brokers (the respondents), including respondent Daniel T. Fischer, with making unsuitable trades that were costly for customers and lucrative for the brokers. The SEC’s complaint, filed in federal court in Manhattan, alleges that Daniel T. Fischer, of Greenwich, Connecticut, and the other respondent, conducted in-and-out trading that was almost certain to lose money for customers while yielding commissions for themselves. According to the complaint, ten customers of the member firm where the respondents previously worked lost a total of $573,867, while the other respondent and Fischer received approximately $106,000 and $175,000, respectively, in commissions. The customers experienced losses totaling $573,867. The respondents while acting as registered representatives at the firm violated the antifraud provisions of the federal securities laws. They had a duty to have a reasonable basis for recommendations that they made to their customers. In violation of this duty, Fischer recommended to four customers the high-cost in-and-out trading strategy without any reasonable basis to believe that these recommendations were suitable for anyone. The recommended trading strategy resulted in losses for the customers and ill-gotten gains for them. The respondents knew or recklessly disregarded that their recommendations, for which they had no reasonable basis, were not suitable for anyone. The respondents’ recommended trading strategy was unsuitable for certain of their customers in light of those customers’ financial needs, investment objectives, and circumstances. According to the SEC’s complaint, since the customers incurred significant costs with every transaction and the securities were held briefly, the price of the securities had to rise significantly for customers to realize even a minimal profit. The complaint also alleges that the respondents churned customer accounts and concealed material information from their customers, namely that the costs associated with their recommendations, including commissions and fees, would almost certainly exceed any potential gains on the trades. The complaint further alleges that Daniel Fischer engaged in unauthorized trading.
If you lost money on investments with Daniel Fischer and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Daniel Fischer’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Daniel Fischer and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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