In a recent development, Jeffrey Bangerter, a broker and investment advisor associated with Concorde Investment Services, LLC (CRD 151604), has been accused of making unsuitable recommendations and implementing an aggressive investment strategy. The customer dispute, filed on January 12, 2024, is currently pending resolution and involves investments in interval funds and perpetual REITs.
The allegations against Jeffrey Bangerter have raised concerns among investors, prompting the national investment fraud law firm, Haselkorn & Thibaut, to launch an investigation into the advisor and the company. With offices in Florida, New York, North Carolina, Arizona, and Texas, Haselkorn & Thibaut brings over 50 years of experience to the table, boasting an impressive 98% success rate in financial recoveries for investors.
Investment fraud and bad advice from financial advisors are unfortunately common occurrences in the financial industry. According to a Forbes article, the U.S. Securities and Exchange Commission (SEC) estimates that investors lose billions of dollars each year due to fraudulent investment schemes and misconduct by financial professionals.
Understanding Unsuitable Recommendations and Aggressive Investment Strategies
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Unsuitable recommendations occur when a financial advisor suggests investments that do not align with a client’s risk tolerance, financial goals, or investment objectives. FINRA Rule 2111, known as the “Suitability Rule,” requires brokers to have a reasonable basis for believing that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s investment profile.
An aggressive investment strategy often involves a high concentration of risky investments, such as interval funds and perpetual REITs. These investments may offer the potential for higher returns but also come with increased volatility and liquidity risks. Advisors must carefully consider a client’s risk tolerance and investment objectives before recommending such strategies.
The Impact on Investors
When financial advisors make unsuitable recommendations or implement aggressive investment strategies without proper consideration of a client’s needs, investors can suffer significant losses. These losses can have far-reaching consequences, affecting an investor’s financial security, retirement plans, and overall well-being.
Investors who have suffered losses due to unsuitable recommendations or aggressive investment strategies may be entitled to recover their losses through FINRA arbitration. Haselkorn & Thibaut offers free consultations to clients who believe they have been victims of financial advisor malpractice.
Red Flags and Recovering Losses
Investors should be aware of red flags that may indicate financial advisor malpractice, such as:
- Recommendations that do not align with the investor’s risk tolerance or investment objectives
- High concentration of risky or illiquid investments in a portfolio
- Lack of diversification
- Excessive trading or churning of accounts
- Inadequate disclosure of risks associated with recommended investments
If investors suspect they have been victims of financial advisor malpractice, they should consider taking the following steps:
- Document all interactions with the advisor, including emails, phone calls, and meeting notes
- Gather all relevant account statements and investment documents
- Consult with a qualified investment fraud attorney to assess their legal options
Haselkorn & Thibaut has a proven track record of success in helping investors recover losses through FINRA arbitration. With their “No Recovery, No Fee” policy, clients can pursue their claims without upfront costs. Investors can contact Haselkorn & Thibaut for a free consultation by calling their toll-free number at 1-888-628-5590.
As the investigation into Jeffrey Bangerter and Concorde Investment Services, LLC unfolds, investors must remain vigilant and proactive in protecting their financial interests. By staying informed and seeking the guidance of experienced professionals, investors can navigate the complexities of the financial world and work towards recovering any losses incurred due to unsuitable recommendations or aggressive investment strategies.
