Eric Wishan, a broker and investment advisor associated with CETERA ADVISOR NETWORKS LLC, is currently facing a serious customer dispute allegation that has caught the attention of investors and industry watchdogs alike. The complaint, filed on March 19, 2024, and currently pending resolution, alleges that Wishan made an unsuitable investment recommendation to a customer in 2013, disregarding the client’s investment objectives and risk tolerance. According to a Bloomberg article, investment fraud and bad advice from financial advisors are unfortunately common occurrences that can have devastating consequences for investors.
This allegation raises significant concerns about the potential breach of fiduciary duty and the trustworthiness of the advisor in question. As the case unfolds, it could have far-reaching implications for both the advisor and the firm, as well as the affected investor(s). Haselkorn & Thibaut, a national investment fraud law firm, is currently investigating Eric Wishan and CETERA ADVISOR NETWORKS LLC in connection with this serious allegation.
Understanding the FINRA rule violation
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The allegation against Eric Wishan centers around a violation of FINRA Rule 2111, also known as the “Suitability Rule.” This rule requires brokers and investment advisors to have a reasonable basis for believing that an investment recommendation is suitable for a particular customer, based on the customer’s investment profile. This profile includes factors such as the customer’s age, financial situation, investment objectives, and risk tolerance.
In simpler terms, the Suitability Rule ensures that advisors put their clients’ best interests first and do not place them in investments that are too risky or inappropriate for their specific financial circumstances. By allegedly recommending an unsuitable investment, Eric Wishan may have breached this fundamental duty to his client. Investors can check Wishan‘s background and disclosures on his CRD (Central Registration Depository) profile maintained by FINRA.
The importance for investors
The allegation against Eric Wishan serves as a stark reminder of the importance of working with trustworthy and ethical financial professionals. When an advisor fails to prioritize a client’s best interests and recommends unsuitable investments, it can result in significant financial losses and emotional distress for the investor.
Moreover, this case highlights the need for investors to remain vigilant and proactive in monitoring their investments and the actions of their advisors. By staying informed and asking questions, investors can better protect themselves from potential misconduct and secure their financial futures.
Red flags and recovering losses
Investors should be aware of red flags that may indicate financial advisor malpractice, such as:
- Recommendations that seem too good to be true or pressure to invest quickly
- Lack of transparency about investment risks and fees
- Failure to provide regular updates or account statements
If an investor suspects misconduct or has suffered losses due to unsuitable investments, they may be able to recover damages through FINRA Arbitration. Haselkorn & Thibaut, with offices in Florida, New York, North Carolina, Arizona, and Texas, has over 50 years of combined experience and a 98% success rate in helping investors recover losses. They offer free consultations and work on a contingency basis, meaning there are no fees unless a recovery is made.
For more information or to schedule a consultation, investors can call Haselkorn & Thibaut‘s toll-free number at 1-888-885-7162 or visit their website to learn more about their services.
As the investigation into Eric Wishan and CETERA ADVISOR NETWORKS LLC progresses, it serves as a cautionary tale for investors and a reminder of the importance of working with reputable, ethical financial professionals. By staying informed and taking prompt action when necessary, investors can better protect their hard-earned assets and secure their financial well-being.
