In a recent development, a customer has alleged that Mackenzie Bekeza, an investment advisor representative (IAR), failed to make requested changes to their portfolio, resulting in missed opportunities and loss of gains. The customer further indicates that Mr. Bekeza failed to uphold his fiduciary responsibility. The dispute, which was filed on January 23, 2024, has been closed with no action taken.
According to the customer’s complaint, Mackenzie Bekeza, who is registered as an investment advisor with the Financial Industry Regulatory Authority (FINRA), did not execute the requested changes to the customer’s investment portfolio. As a result, the customer claims to have suffered financial losses due to missed opportunities for potential gains. The customer also asserts that Mr. Bekeza’s actions constitute a breach of his fiduciary duty as an investment advisor.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating the allegations against Mackenzie Bekeza and his associated company. The firm encourages any clients who have suffered losses due to Mr. Bekeza’s alleged misconduct to contact them for a free consultation by calling their toll-free number, 1-888-885-7162 .
Understanding the allegations and FINRA rules
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Investment advisors, such as Mackenzie Bekeza, are bound by FINRA rules and regulations to act in the best interests of their clients. This obligation, known as a fiduciary duty, requires investment advisors to prioritize their clients’ financial well-being and execute requested changes to investment portfolios in a timely manner.
According to FINRA Rule 2111, known as the “Suitability Rule,” investment advisors must have a reasonable basis to believe that their investment recommendations and actions are suitable for their clients based on factors such as the client’s financial situation, investment objectives, and risk tolerance. Failing to make requested changes to a client’s portfolio could potentially violate this rule if the changes were deemed suitable for the client’s circumstances.
Furthermore, FINRA Rule 2010 requires investment advisors to observe high standards of commercial honor and just and equitable principles of trade. Neglecting to act on a client’s requested portfolio changes may be seen as a breach of this rule, as it could be considered a failure to uphold the client’s best interests.
Investment fraud and bad advice from financial advisors are unfortunately common occurrences. According to a Forbes article, the COVID-19 pandemic has led to a significant increase in investment fraud cases, with many investors falling victim to scams and unscrupulous advisors.
The importance for investors
The allegations against Mackenzie Bekeza serve as a reminder of the critical role that investment advisors play in managing their clients’ financial well-being. Investors place a significant amount of trust in their advisors, relying on them to make informed decisions and act in their best interests.
When an investment advisor fails to execute requested changes to a client’s portfolio, it can have severe consequences for the investor. Missed opportunities for potential gains can hinder an investor’s ability to reach their financial goals, while losses resulting from an advisor’s inaction can have a detrimental impact on their financial security.
This case highlights the importance of working with a trustworthy and reliable investment advisor who prioritizes their clients’ needs and adheres to FINRA regulations. Investors should regularly review their portfolio performance and communicate any concerns or desired changes to their advisors promptly.
Red flags and recovering losses
Investors should be aware of potential red flags that may indicate financial advisor malpractice, such as:
- Failure to execute requested portfolio changes
- Lack of communication or responsiveness from the advisor
- Unexplained or inconsistent investment performance
- Unauthorized trades or transactions
If an investor suspects that their investment advisor has engaged in misconduct or failed to uphold their fiduciary duty, they may be able to recover losses through FINRA Arbitration. This process allows investors to seek compensation for damages caused by their advisor’s wrongdoing.
Haselkorn & Thibaut, with their extensive experience and impressive 98% success rate, has helped numerous investors recover losses through FINRA Arbitration. The firm operates on a “No Recovery, No Fee” basis, ensuring that clients can seek justice without upfront costs.
Investors who believe they have suffered losses due to Mackenzie Bekeza’s alleged misconduct or any other form of financial advisor malpractice should contact Haselkorn & Thibaut for a free consultation. With over 50 years of combined experience and a dedication to protecting investors’ rights, the firm is well-equipped to guide clients through the FINRA Arbitration process and fight for the compensation they deserve.
