Skillful Representation from Nevada Broker Fraud and Negligence Attorneys
Las Vegas attorneys with the courage to fight back against negligent brokers
Many Las Vegas and Nevada residents rely on brokers to assist them in their pursuit of financial security. They may place their entire savings in the hands of a broker, with the expectation that this individual will consistently work in their best interests. However, in far too many instances, fraudulent or negligent brokers use an investor’s money to pursue their own interests, even to the detriment of the investor. These actions can result in damaging losses for the investor.
The experienced Nevada broker fraud and negligence lawyers of The Frankowski Firm have seen the devastation that negligent brokers can cause for individuals and families. That is why we work hard to secure compensation when stockbrokers or investment firms cause financial losses. Our talented Las Vegas attorneys use their substantial resources and knowledge to prove negligence or fraud while fighting for the rights of our clients.
Experienced representation for various negligence claims
One of the primary reasons individuals and entities choose to work with a broker is the benefit of decision-making by a professional who is highly knowledgeable and skilled in the field of investing. With consideration for the investor’s needs and goals, the broker manages the purchase and sale of securities that fit into an overall investment strategy.
When they act outside of a reasonable plan, these brokers may be responsible for the losses of the client. A suitability claim asserts that a broker recommended and sold an investor securities that were unsuitable for the investor’s needs and risk tolerance. These common claims are based on the industry standard that brokers should understand the needs of their clients and make decisions that are specifically tailored to each one.
Our knowledgeable Nevada broker negligence attorneys have successfully handled numerous suitability claims, along with various other actions against brokers, including:
- Failure to diversify. Diversity is a valuable investment tool, meant to distribute risk among various investments. When brokers fail to properly balance an investor’s portfolio, there is the potential for a single market downturn to wipe out an individual or entity’s entire investment account.
- Failure to supervise. Responsibility for the negligent actions of a broker may also extend to the investment firms, particularly in situations where they broker was not adequately trained or supervised by the firm.
Advocating for investors when brokers breach their duties
Investment brokers owe their clients various duties, meaning that they are bound to act and perform in an appropriate manner. When they fail to meet industry standards and responsibilities, the result can wipe out a family’s entire savings or an elderly couple’s total retirement.
Our highly skilled Nevada fraudulent broker attorneys aggressively advocate for these harmed clients when brokers commit such negligent acts as:
- Breach of fiduciary duty. Registered investment advisors owe their clients a fiduciary duty, which is a responsibility to put the client’s interests above their own. When a violation of this duty results in financial harm, the advisor may be found liable for the loss.
- Churning. One way that brokers breach their duty to the client is by purchasing and selling securities for the sole purpose of generating commissions for themselves.
- Selling away. It is improper for brokers to sell securities that are not offered or held by their investment firm, in an effort to circumvent compliance standards. When this occurs, the broker and the investment firm may be held accountable.
- Ponzi schemes. These headline-making frauds occur when investors set up schemes for quick returns paid with capital from new investors, instead of legitimately earned profits.
Contact our Nevada broker fraud and negligence attorneys today
Attorney Richard Frankowski is the founder of The Frankowski Firm. For the last 15 years, he has fought for harmed investors by bringing civil claims against firms and their negligent brokers. His team of lawyers has the necessary skill to recognize when stockbrokers are working to protect themselves, instead of the client. If you were harmed by the negligent or fraudulent actions of a broker, contact our office at 888.741.7503 or complete our contact form.