In a recent development, a serious allegation has been brought to light against Michael McFeeley, a registered representative associated with Lincoln Financial Advisors Corporation (CRD 3978) in Pennsylvania. The customer dispute, filed on March 13, 2024, and currently pending resolution, alleges that McFeeley recommended an unsuitable oil and gas investment to the claimant. This allegation has raised concerns among investors and the financial community, as it calls into question the suitability of the investment advice provided by the advisor and the potential impact on the claimant’s financial well-being.
The details of the alleged damages are yet to be disclosed, but the seriousness of the allegation cannot be overstated. Unsuitable investment recommendations can lead to significant financial losses for investors, eroding their trust in the financial advisory industry. As an investor, it is crucial to stay informed about such cases and understand the implications they may have on your own investments and relationships with financial advisors. According to a Bloomberg article, investment fraud and bad advice from financial advisors are not uncommon, with the U.S. Securities and Exchange Commission (SEC) regularly taking action against advisors who violate their fiduciary duties.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Michael McFeeley and Lincoln Financial Advisors Corporation in connection with this allegation. With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has a proven track record of helping investors recover losses resulting from financial advisor malpractice.
Understanding the allegation and FINRA rule
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The allegation against Michael McFeeley revolves around the recommendation of an unsuitable oil and gas investment. In simple terms, suitability refers to the obligation of financial advisors to recommend investments that align with their clients’ financial goals, risk tolerance, and overall financial situation. The Financial Industry Regulatory Authority (FINRA) Rule 2111 requires that financial advisors have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s investment profile.
Factors considered in determining suitability include the customer’s age, financial situation, investment objectives, liquidity needs, risk tolerance, and investment experience. When a financial advisor recommends an investment that is not suitable for a particular client, it can lead to significant financial losses and a breach of trust between the advisor and the client.
The impact on investors
Unsuitable investment recommendations can have far-reaching consequences for investors. Beyond the immediate financial losses, such incidents can erode an investor’s confidence in the financial advisory industry and lead to hesitation in seeking professional advice in the future. It is essential for investors to be aware of their rights and the steps they can take to protect their investments and recover losses in cases of financial advisor malpractice.
Investors who have suffered losses due to unsuitable investment recommendations by Michael McFeeley or any other financial advisor should consider seeking legal guidance from experienced investment fraud attorneys. Haselkorn & Thibaut offers free consultations to help investors assess their cases and explore potential avenues for recovery.
Red flags and recovering losses
Investors should be vigilant in identifying red flags that may indicate financial advisor malpractice. Some common warning signs include:
- Investment recommendations that seem too good to be true or do not align with your risk tolerance and financial goals
- Pressure to make quick investment decisions without sufficient time to review and understand the risks involved
- Lack of transparency or reluctance to provide clear explanations about recommended investments
- Inconsistencies between verbal promises and written documentation
If you suspect that you have been a victim of financial advisor malpractice, it is crucial to act promptly. One avenue for recovering losses is through FINRA arbitration, a process designed to resolve disputes between investors and financial advisors or brokerage firms. Haselkorn & Thibaut has extensive experience representing investors in FINRA arbitration proceedings and has successfully recovered losses for numerous clients.
Investors who have suffered losses due to unsuitable investment recommendations by Michael McFeeley or any other financial advisor are encouraged to contact Haselkorn & Thibaut for a free consultation. With their “No Recovery, No Fee” policy, investors can seek legal representation without upfront costs. To discuss your case and explore your options, call Haselkorn & Thibaut’s toll-free number at 1-888-885-7162 .
As the investigation into the allegation against Michael McFeeley and Lincoln Financial Advisors Corporation unfolds, it serves as a reminder for investors to remain vigilant, stay informed, and seek professional guidance when needed. By working with experienced investment fraud attorneys like those at Haselkorn & Thibaut, investors can protect their rights and take steps to recover losses resulting from financial advisor malpractice.
