Daniel Fischer, formerly with Four Points Capital Partners, Barred by SEC
Have you lost money with financial advisor Daniel Fischer of Greenwich, Connecticut? We are investigating allegations into allegations made Against Daniel T. Fischer. Fischer was previously the subject of a complaint by the Securities and Exchange Commission (SEC). The SEC alleged that Fischer engaged in excessive trading, churning, and unauthorized trading between December 2012 and May 2015.
The SEC further alleged that this trading was not suitable for the customers of his former brokerage firm, Four Points Capital Partners. As such, the SEC barred Fischer from the securities industry.
Excessive Trading or Churning
One of the most common ways to determine whether an account was excessively traded or churned is to determine the annual turnover ratio. This ratio shows how often the securities in the account are bought or sold within a year. Authority has held that an annual turnover of 4 or more is a “presumption” of churning, and an annual turnover of 6 or more is a “conclusion” of churning.
Another way to determine whether there was excessive trading is the cost equity ratio. This ratio takes the commissions generated by the trading, divided by the average value of the account. This ratio essentially determines the returns that an account needs to make just to break even. Thus, an account with a cost-equity ratio of 15% would need to earn 15% just to break even from all the costs of trading.
Daniel Fischer was also a representative of Four Points Capital Partners from November 2012 to July 2017. He worked at a branch office in New York, New York. Fischer was also previously suspended by FINRA (the Financial Industry Regulatory Authority).
Brokerage firms like Four Points Capital Partners have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Fischer, Daniel SEC Order
Click to view: Fischer, Daniel BrokerCheck 1.31.18
If you lost money with Daniel M. Fischer or Four Points Capital Partners, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.