August 2021- Frisco, TX
According to publicly recorded records, David Ray Oakes, a financial advisor employed by Prospera Financial Services, discloses a regulatory event, and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March of 202o, FINRA case #2018057755201 alleged that Oakes structured cash deposits and cash withdrawals totaling $61,500 for the purpose of attempting to evade federal reporting requirements and that he acted with the purpose of preventing a bank from fining, and intended to cause the bank to fail to file Currency Transaction Reports (CRTs) reporting a currency transaction in excess of $10,000. Oakes was sanctioned to a six month suspension from FINRA in all capacities.
In February of 2018, Oakes was discharged from Wells Fargo Clearing Services after the firm reviewed multiple cash deposits made by Mr. Oakes into his personal accounts in amounts under $10,000.
In October of 2020, Oakes was discharged from a Chapter 11 bankruptcy filed in Prosper, Collin County, Texas.
Oakes has been employed by Prospera Financial Services, Inc. since 3/2018. He was previously employed by Wells Fargo Clearing Services, Inc., RBC Capital Markets and Dean Witter Reynolds.
If you have losses in an account handled by David Ray Oakes, call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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