Nicholas Duthie: Osaic Fires Advisor After Investigation

Oklahoma City, Oklahoma financial advisor Nicholas Duthie (CRD# 5870451) was recently fired by his former member firm in connection with alleged misconduct. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Osaic broker is currently registered as an investment advisor with DBM Advisors.

Mr. Duthie’s BrokerCheck report discloses his termination from Osaic Wealth. Filed in June 2026, the disclosure states that the firm fired him after conducting “an internal investigation concerning unapproved financial transactions.” The disclosure does not describe any investment product associated with the investigation.

FINRA Rule 2111 stipulates that brokers may recommend only investments and investment strategies that are suitable for their customers individual background and needs. To ascertain whether a product or strategy is suitable, they must perform reasonable diligence into the client’s investment profile, which includes the client’s age, income, risk tolerance, net worth, investment objectives and experience, and other factors. FINRA Rule 3280, meanwhile, requires registered persons to provide their firms with prior written notice before engaging in private securities transactions and receive the firm’s approval, and FINRA Rule 2010 requires associated persons to abide by “high standards of commercial honor and just and equitable principles of trade.” Rule 2020, finally, stipulates that advisors may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Representatives who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Nicholas A. Duthie holds 15 years of securities industry experience. Based in Oklahoma City, Oklahoma, he has been registered as an investment advisor with DBM Advisors since 2018. His past registrations include Osaic Wealth, Securities America, and Merrill Lynch. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Combined State Law Examination, or Series 66. He is no longer registered as a broker. (Information current as of July 25, 2026.)

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