Missouri Attorney Who Sues Stockbrokers Who Breach Their Fiduciary Duty
Missouri has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to breach the fiduciary duty they owe to their customers and to engage in many other kinds of stockbroker fraud and stockbroker misconduct which violates Federal and Missouri securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.
For example, Jennifer Marie Burton, a broker formerly employed by St. Louis, Missouri-based Wells Fargo Advisors, LLC, submitted a Letter of Acceptance, Waiver and Consent in which she agreed to, without admitting or denying, the described penalties and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that she falsely stated on her member firm’s document verification forms and wire service request forms that she communicated with a customer and created a false reason for the wire request. All stockbrokers have a fiduciary duty to safeguard investors assets. FINRA’s findings stated that Ms. Burton was a registered sales assistant at her firm and was granted delegate access to a broker’s firm email account in order to respond to any customer inquiries while the broker was on vacation. An imposter hacked into the personal email address of a customer and sent the broker an email requesting the customer’s accounts balances, and wire information, domestically and internationally. FINRA also found that Ms. Burton gave the imposter the information requested and attached a blank letter of authorization (LOA) form to complete and return for wire transfer requests. In addition, FINRA found the imposter sent Ms. Burton another email requesting cash transfers of $85,000 from the customer’s accounts to his clients in Australia and faxed two LOAs to Ms. Burton. FINRA also found that the LOAs were supposedly signed by the customer, but missing the account numbers and reason for the wire transfers. Ms. Burton entered the missing account numbers and reason for the wires in the document verification forms for the LOAs.
Notwithstanding the requirements of the firm’s written procedures, Ms. Burton falsely stated on the document verification forms that she spoke to the client to confirm the client’s instructions. FINRA also found that Ms. Burton sent the document verification forms for the LOAs to the firm’s operations department for review. Based on FINRA’s findings, Ms. Burton never spoke with the customer, and the imposter never provided Ms. Burton with a purpose. FINRA also found that the imposter requested additional funds be wired to a bank in Florida and another bank in Australia. The findings also included that Ms. Burton became suspicious of the wire request activity and called the customer to verify the requests. The customer informed her that he never made any wire transfer requests. Ms. Burton’s firm was able to reverse the wire transfer instructions and return the $85,000 to the customer’s account without any loss to the customer. Ms. Burton of Los Angeles, California was fined $7,500 and suspended from association with any FINRA member in any capacity for one month. The suspension was effective from July 1, 2013, through July 31, 2013.Experienced Lawyers Who Handle Breach of Fiduciary Duty Claims In FINRA Arbitrations Throughout Missouri and Nationwide
Are you a Missouri investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Missouri stockbroker or investment advisor breach their fiduciary duty by misrepresenting facts about the securities, investments or strategies? Did they make unauthorized transactions in your account? Did they recommend unsuitable securities transactions or strategies? Did they mismanage the securities account over which they had discretionary authority? Did they fail to disclose all of their conflicts of interest or fail to act in your best interest?
Broker-Dealer attorneys always argue to the arbitration panel they owed no fiduciary duty to customers. But in some states there are statutes spelling out the stockbroker’s fiduciary duties. If your stockbroker was also acting as an investment advisor there are Federal and state laws holding them to that fiduciary standard; i.e., to invest prudently, not speculate and always act in the customer’s best interest. Under common law, every stockbroker owes one or more of the following fiduciary duties to: not misrepresent facts; disclose all relevant and material facts; not make any unauthorized transactions; only recommend suitable investments and strategies; manage your account prudently when they take control of your account; disclose all conflicts of interest; and always act in the best interest of the customer. If you believe that your stockbroker or investment advisor acted in breach of their fiduciary duty, you will need an attorney who knows the law and exactly what fiduciary duties are owed by the stockbroker and/or investment advisor where you live.
More importantly, you will need the representation of an experienced, highly rated and nationally recognized FINRA arbitration attorney — an attorney who knows FINRA rules and procedures and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated securities attorney like Robert Wayne Pearce with over 40 years of experience on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and one of the best securities lawyers to recover your investment losses for breach of fiduciary duty and all types of stockbroker fraud and stockbroker misconduct in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors with securities breach of fiduciary duty claims and many other kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas besides breach of fiduciary duty, such as claims involving securities misrepresentation and stockbroker fraud, negligence, failure to supervise, and unsuitable recommendations by stockbrokers and investment advisors. Attorney Pearce and his staff represent investors throughout Missouri, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing - NO FEES-NO COSTS - unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle breach of fiduciary duty claims and other investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Missouri citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.