overconcentration

Former B. Riley Wealth Management Investment Advisors Accused of Wrongdoing That Cost Investors Almost $4 Million. Brian Michael Sterz (CRD# 5333667) was permitted to resign from B. Riely Wealth Management in November of 2021 for failing to follow firm policies and procedures. At least three customers have sued Sterz, B. Riley Wealth Management, and Miracle Mile Advisors, LLC. Customer Complaints Against Brian Michael Sterz, B. Riley Wealth Management, and Miracle Mile Advisors, LLC Around September of 2021, a customer filed a complaint alleging breach of fiduciary duty and claimed losses of over $600,000.00 due to losses in three investments: FNMA, FMCC, and FNMAT. In February of 2022, another customer filed a complaint alleging that the customer accounts were overconcentrated in the same FNMA, FMCC, and FNMAT investments that lost over $2,300,000.00. Finally, in May of 2022, a third customer filed a complaint and alleged overconcentration in the same three investment and claimed damages of $1,000,000.00. FNMA, FMCC, and FMAT Investments [...]