Derek Roy Embroiled in Dispute Alleging Misrepresentation

Derek Roy (CRD #:6174201), a broker registered with Fidelity Brokerage Services, is involved in an investor dispute, according to his BrokerCheck record, accessed on January 15, 2022.  

On November 5, 2021, an investor alleged that Derek Roy gave incomplete information when placing a trade in his self-directed brokerage account. According to the investor, he would not have made the trade if he had been given complete information by Derek Roy.  The investor is seeking $600,000一the case is still pending. 

What is Misrepresentation or Omission? 

Misrepresentation and omission are common problems in the securities industry. It usually occurs when an investment broker makes false or misleading statements about a financial product in an effort to persuade their customer to invest. Brokers might also leave out important information that could affect an investor’s evaluation of a transaction.  

Did you know that any of the following can be considered misrepresentation or omission? 

• Inadequate due diligence concerning security offerings 
• Failure to disclose all material risks 
• Failure to disclose all transaction costs 
• Unrealistic investment return projections 
• Inaccurate investment performance calculation 
• FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.  

Losses that can be attributed to a stockbroker’s material misrepresentations of facts may result in a securities arbitration claim for damages. 

Background Information 

Derek Roy has passed the following exams: 

• Series 63 – Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 – General Securities Representative Examination 

Derek Roy is a registered broker in 53 states and Washington D.C. 

Other than Fidelity Brokerage Services, Derek Roy has not worked with any other firm. 

  Kurta Law Can Help 

If you have worked with Derek Roy and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.