Misrepresentation and Omission Claims in FINRA Arbitration.
Financial advisors and brokerage firms are required to communicate with the public in a manner that is fair and balanced. The Financial Industry Regulatory Authority (FINRA) Rule 2210(d)(1)(A) states:
In other words, financial advisors are required to describe investments in a fair and balanced manner, including sufficiently explaining the rewards and risks associated with each investment recommended.
Financial advisors and brokerage firms are also required to refrain from making, "any false, exaggerated, unwarranted, promissory or misleading statement or claim in any communication." FINRA Rule 2210(d)(1)(B). This means that a financial advisor may not make any of the following statements unless the statement is actually true:
Simply put, investors must be on the look out for investments that sound too good to be true. If you believe you have been lied to by your financial advisor and made an investment based upon a misrepresentation or omission and suffered losses, you may be able to file a claim for your losses. Please contact us today for a free, no-commitment consultation.
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