Raymond DesRosiers, a registered broker with Eagle Point Securities, is currently facing serious investor allegations. His CRD number is 4621826. The investors claim that DesRosiers concealed significant information, made false statements, did not fulfill his fiduciary duty, and behaved negligently. The investors are currently pursuing $250,000 in damages. For the everyday investor, these allegations serve as a grim reminder that not all financial advisors operate with integrity.
An Overview of Raymond DesRosiers
With 20 years of experience, DesRosiers has taken and passed multiple exams including the Series 65 Uniform Investment Adviser Law Examination, and the Series 66 Uniform Combined State Law Examination, among others. He is a registered broker in a dozen states. Over the years, he has been affiliated with eight firms, with his most recent associations being with Eagle Point Securities, Wealthforge Securities, Emerson Equity, and Provasi Capital Partners.
While long tenures and multiple firm affiliations may add to a broker’s credibility, investors are advised to remain vigilant. An insightful quote by Warren Buffet resonates well in this context, “It’s only when the tide goes out that you learn who’s been swimming naked“. In other words, only when a crisis occurs, do true colors show.
Breaking Down the Claim and the Legal Jargon
Before understanding the full import of the allegations, it is crucial to comprehend some legal terms and principles. The Financial Industry Regulatory Authority’s Rule 2020 prohibits deceptive, manipulative, and fraudulent practices designed to influence security purchases and sales. Misrepresentation and concealment of significant facts fall under this rule. Breach of fiduciary duties implies failure to act in the client’s best interest; this responsibility lies heavily on all registered finance professionals. Lastly, negligence could involve unsuitable investment recommendations, false statements, or omissions of critical facts.
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Consequences and Lessons Learned
The allegations of rule-breaking practices by Raymond DesRosiers underscore the importance of always checking your advisor’s BrokerCheck record. It is crucial to remember that not all financial advisors are created equal. Despite the rigorous rules and regulations in place, transgressions can and do occur. One appalling statistic reveals that a study by The Wall Street Journal found a staggering 1 in 8 brokers have faced damage claims by clients.
If the current allegations against DesRosiers are proven to be true, serious consequences will ensue, both for him and Eagle Point Securities. However, for the wider investing public, this case serves as a stark reminder of the importance of constant vigilance, independent research, and maintaining open lines of communication with advisors. No advisor-client relationship should operate solely on blind trust. Real trust is built on transparency, integrity, and mutual respect, and investors must always hold their advisors to these standards.
Reviewing regularly, questioning irregularities, and knowing one’s rights are essential safeguards each investor must uphold. And remember, when it comes to finances, due diligence is always less demanding than dealing with inadequacies in fiduciary duties and practices.
As detailed on his BrokerCheck record, CRD #4621826, investors with concerns about past dealings with DesRosiers are advised to seek legal advice to understand their options and start the recovery process if warranted.
