UPDATE FEBRUARY 2018-The SEC barred Daniel T. Fischer indefinitely from association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO.
ORIGINAL POST-January 2018-Melville, New York / Texas
Daniel T. Fischer , a currently unregistered stockbroker who last worked for Four Points Capital Partners, a Texas LLC, (Four Points) was named in a complaint filed by the Securities and Exchange Commission in December 2017, which alleges that Fischer and another Four Points broker, Zachary S. Berkey, recommended a high cost, in and out trading strategy without reasonable basis to believe it was suitable for the customers.
The SEC alleges that Berkey and Fischer:
- were reckless in making such a recommendation which was not suitable given the customers’ financial needs, investment objectives and circumstances.
- made material misrepresentations and omissions to customers
and that Fischer engaged in unauthorized trading.
According to the SEC complaint, the ten customers accounts involved suffered losses of $573,867 while Berkey earned $106,000 and Fischer earned $175,000 in commissions.
According to FINRA records Fischer was employed by Four Points Capital Partners from 11.2012-7/2017. Prior to that he was employed by WTS Proprietary Trading Group and before that Dimension Securities.
Fischer discloses a prior regulatory event. In 7/2016 he consented to FINRA sanctions and was fined $5,000 and suspended for 20 business days to resolve allegations that he exercised discretion in customers’ accounts notwithstanding the fact that he did not have written authorization from the customers to place discretionary trades.
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.
If you have questions about an account handled by Daniel T. Fischer if you have an account with Four Points Capital Partners that you believe has been mishandled , contact us to discuss your legal options.
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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