SSEK broker misconduct Attorneys

Are You An Investor Who Suffered Losses After A Fidelity Broker Made Unsuitable Investment Recommendations?

Whistleblower Claims That Brokerage Firm Fired Him For Disclosing Best Interest Violations Against Customers 

SSEK broker misconduct Attorneys are continuing to investigate claims of losses by investors who worked with Fidelity Investments financial advisors. Earlier this year, we filed one six-figure lawsuit for a claimant after the broker-dealer connected him with an outside adviser who made risky, unsuitable investment recommendations, including a concentrated position with Apple.

We are also looking into a number of outside advisors, including SpiderRock Advisors and Cornerstone Wealth Management, for their purported involvement in Fidelity’s alleged broker misconduct.

Now, a former Fidelity broker is accusing the firm of violating Regulation Best Interest and prioritizing its own profits over customers’ finances. Ex-financial advisor Michael Maeker is claiming millions of dollars in damages and accusing Fidelity of “repeated breaches of its fiduciary obligation.”  In his whistleblower lawsuit, Maeker, who was a registered representative with the broker-dealer for 24 years, contends that he and other financial advisors were “incentivized” to place clients’ assets in “Tier 3 financial products” (equities, managed money, and options alternatives) that were more profitable for the firm than they were in these investors’ best interests—otherwise, the brokers purportedly risked being fired.  The financial advisors who complied were reportedly offered higher compensation for their efforts. The brokerage firm denies the allegations.

According to Maeker’s whistleblower lawsuit, however, Fidelity continued to commit these alleged Reg Best Interest violations until 2023.

Our Reg Best Interest Violation Lawyers Represent Investors Against Brokerage Firms 

Regulation Best Interest (REG BI) sets up a standard of conduct for brokerage firms and associated persons when recommending any securities transaction or investment strategy in which securities are involved. Making unsuitable recommendations that are not in a customer’s interests is a breach of this obligation and can be grounds for a FINRA lawsuit if significant investor losses result.

Unfortunately, unsuitable investment recommendations by brokers and investment advisers happen often. It is one of the most common reasons that customers end up suing for damages. Reg BI violations are also increasingly cited in investor lawsuits these days. However, in order to successfully sue your broker, you need to work with seasoned securities lawyers who know how to prove Reg Best Interest violations, unsuitability, misrepresentations and omissions, negligence, or any other broker misconduct that led to your losses.

Shepherd Smith Edwards and Kantas have been fighting for investors for more than 30 years. Our knowledgeable broker misconduct attorneys, legal assistants, consultants, and other key team members have more than a century’s worth of combined experience in securities law and the securities industry. Over 90% of our clients have received full or partial financial recovery.

How To Explore Your Legal Options Against Fidelity

The first step is to get in touch with the SSEK broker misconduct Attorneys today so we can schedule your free, initial case assessment. We can determine whether you have grounds for suing your broker. If we decide to work together, know that you will receive quality securities representation and personalized attention. Over the decades, we have represented thousands of investors in more than 1000 matters in arbitration, mediation, and litigation. We have gone up against the largest brokerage firms in the US to secure damages for many of our clients.

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

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