Ohio Lawyers Handling Claims of Unsuitable Investment Advice
When we invest our hard earned money in the market, we place a great deal of trust in our stockbrokers and investment advisors. We rely on their expertise in making sound investment decisions. Unfortunately, their seemingly prudent financial advice can sometimes turn out to be detrimental.
At Seaman Garson LLC, in Cleveland, Ohio, we represent investors who have received unsuitable investment advice resulting in great financial losses. For more than 30 years, our attorneys have stood strong against claims of stockbroker misconduct Link to Broker/Investment Advisor Misconduct.
We generally handle cases involving unsuitable investment advice on a contingent fee basis. This means we do not charge attorney fees unless we recover a settlement or judgment on behalf of our client.* Contact us to arrange a complimentary consultation.
Unsuitable investment advice
Unsuitability, or unsuitable investment advice, occurs when your money is invested in stocks or other investments that do not match your specified needs. It is the duty of a stockbroker to make investment recommendations to clients that are suitable with each client's risk tolerance, needs and investment objectives.
Suitability is based on a customer's age, income, net worth, education, stated investment objectives, and prior investment experience. Rules governing stockbroker conduct require that in recommending the purchase, sale, or exchange of any security, the broker must have reasonable grounds for believing that the recommendation is suitable based upon the facts disclosed by the customer when discussing his or her financial situation and needs.
An investment may be unsuitable if:
- A customer does not have the financial ability to incur the risk associated with a particular investment
- The investment was not consistent with the customer's financial needs
- The customer did not know or understand the risks associated with the recommended investments
- The customer's portfolio is over concentrated in risky investments and not properly diversified among the various asset classes in order to minimize risk
Referrals welcome
Has your client suffered a serious loss due to bad advice? We may be able to help. Our firm invites referrals from attorneys and accountants.
Contact Seaman Garson LLC
If you believe that you have suffered financial losses due to unsuitable investment advice, contact us to discuss your legal options. Please call 216-592-8741 or 866-409-6215 toll-free, or e-mail our office with any questions or to arrange a free consultation.
*Other than attorney fees clients are responsible for costs of litigation.
