Mississippi Regulation Best Interest Violations Attorneys

The law firm of Shepherd Smith Edwards and Kantas represents Mississippi investors in FINRA arbitration claims against brokers who prioritize their own commissions over the client’s financial well-being. Their Gulfport-based legal team leverages over 100 years of combined experience to help retail and accredited investors recover losses resulting from Regulation Best Interest violations.

If you are an individual investor whose broker failed to act in your best interests, and this caused you to sustain serious financial losses, Shepherd Smith Edwards and Kantas (investorlawyers.com) wants to talk to you. From our Gulfport, MS securities law office, we represent investors throughout the Magnolia State with Regulation Best Interest (REG BI) violation claims against their financial advisors.

What Is Regulation Best Interest and How Does It Protect Mississippi Investors?

Under the Securities and Exchange Act of 1934, the US Securities and Exchange Commission’s Regulation Best Interest sets up a standard of conduct requiring brokerage firms to always act in the best interest of individual investors above their own whenever making any kind of investment-related recommendation. This means that recommendations can no longer merely meet FINRA Rule 2111 (Suitability), which requires that there be a reasonable basis for making the recommendation to the customer.

What Are The Primary Obligations Stipulated Under SEC Regulation BI?

1)    Disclosure: Provide required disclosures before and when a recommendation is being made.

2)    Care: Engage in reasonable care, diligence, and skill when making an investment-related recommendation.

3)    Conflict of Interest: Set up, keep up, and enforce written policies and procedures reasonably designed to properly handle any conflicts of interest.

4)    Compliance: Set up, keep up, and enforce written policies and procedures that are designed so the broker-dealer and its registered representatives can comply with Reg BI.

There are recordkeeping and record-making requirements.

Who Is Considered a Retail Customer Under Reg BI?

This is a person or their legal representative who is given a recommendation for a transaction or strategy by a brokerage firm. The recommendation is for personal purposes. Accredited individual investors can be considered retail investors.

I’m An Individual Investor in Mississippi. How Do I Know If I’m The Victim of Regulation BI Violations?

If your broker placed their best interests over yours, and you suffered serious losses, you may be a victim of SEC Reg BI. Here are few examples:

• Your financial advisor unsuitably recommended high-risk junk bonds or some other investments. These financial products were not a proper fit given your risk tolerance level and financial goals, but they earned the firm higher fees for selling them to you.
• Your broker inappropriately recommended mutual fund switching that was unnecessary and excessive. This caused them to earn fees every time and you to lose money because you had to pay for each of these charges.
• The financial advisor employed a risky trading strategy that involved borrowing on margin even after you made it clear you didn’t want to get involved in anything that made you vulnerable to serious losses.

It can be hard to know exactly what your financial advisor did that makes them liable for the investment losses you suffered. Our Mississippi SEC Regulation Best Interest recovery legal team at Shepherd Smith Edwards and Kantas has more than 100 years of combined experience in securities law and the securities industry. We know how to identify when an investor has been the victim of Reg BI violations.

How Do I Maximize My Chances of Getting All of My Money Back in a Reg BI Loss Claim?

While there may be a pending class action lawsuit or regulatory case related to your investment losses, your best chance for full financial recovery is to hire experienced Regulation Best Interest attorneys who know how to properly represent you in FINRA arbitration. That is the legal forum where disputes between financial advisors and their customers are brought to be resolved.

What Should I Do If I Suspect My Broker Disregarded My Best Interests?

Contact our Gulfport, MS Reg BI attorneys right away. We are a seasoned securities law firm that is:

• Knowledgeable and experienced in handling broker fraud cases in FINRA arbitration.
• Represents many investors who have been victims of Regulation BI violations.
• Provides quality securities representation and personalized attention.
• Has recovered a collective many millions of dollars for thousands of investors.

Schedule Your Free Case Consultation With Our Gulfport, Mississippi Reg Best Interest Law Office:

Call (228) 206-2493 or (800) 259-9010 or contact us online.

2118 18th St #100
Gulfport, MS 39501