In a recent development, a customer has filed a complaint against Duncan Maceachern, a registered representative associated with LPL Financial LLC (CRD 6413). The complaint, which is currently pending resolution, alleges that in December 2020, Maceachern recommended an unsuitable, high-risk, and illiquid investment to the customer, breaching his fiduciary duty.
The customer dispute, filed on February 13, 2024, involves a debt-related corporate investment product. Maceachern has been registered with LPL Financial LLC in Michigan since March 12, 2021, serving as both a broker and an investment advisor. The complaint is currently under investigation, and the damage amount requested by the customer has not been disclosed.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Duncan Maceachern and LPL Financial LLC in relation to this complaint. The firm is offering free consultations to clients who may have suffered losses due to unsuitable investment recommendations or breach of fiduciary duty.
Understanding the Allegations and FINRA Rules
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The complaint against Duncan Maceachern revolves around two main issues: unsuitable investment recommendations and breach of fiduciary duty. Let’s break down these concepts and their relevance to FINRA rules.
Unsuitable Investment Recommendations
FINRA Rule 2111, known as the “Suitability Rule,” requires brokers to have a reasonable basis to believe that a recommended investment or investment strategy is suitable for the customer, based on the customer’s investment profile. This profile includes factors such as age, financial situation, investment objectives, and risk tolerance.
Breach of Fiduciary Duty
Investment advisors, like Duncan Maceachern, have a fiduciary duty to their clients. This means they must act in the best interests of their clients and put their clients’ interests ahead of their own. Recommending unsuitable, high-risk, or illiquid investments may be considered a breach of this duty.
According to a recent study by Bloomberg, older Americans lost at least $2.9 billion to fraud in 2020, highlighting the importance of working with trustworthy financial advisors and being aware of potential investment scams.
Investors can check a broker’s or investment advisor’s background and disciplinary history using FINRA’s BrokerCheck tool. Duncan Maceachern‘s CRD number is 6413.
The Importance for Investors
This case highlights the significance of working with trustworthy and ethical financial professionals who prioritize their clients’ best interests. Investors should be aware of the potential risks associated with unsuitable or high-risk investments and the importance of understanding their own investment goals and risk tolerance.
Protecting Your Investments
To safeguard your investments, consider the following steps:
- Research your financial advisor’s background and disciplinary history using FINRA’s BrokerCheck
- Ensure that your advisor understands your investment objectives and risk tolerance
- Ask questions and seek clarification on any recommended investments or strategies
- Regularly review your investment portfolio and statements for inconsistencies or red flags
Seeking Legal Assistance
If you suspect that you have suffered losses due to unsuitable investment recommendations or a breach of fiduciary duty, it’s crucial to seek legal assistance from experienced investment fraud attorneys. Haselkorn & Thibaut has a proven track record of helping investors recover losses, with a 98% success rate and over 50 years of combined experience.
Red Flags and Recovering Losses
Investors should be vigilant for red flags that may indicate financial advisor malpractice or misconduct. Some common warning signs include:
- Recommendations of unsuitable, high-risk, or illiquid investments
- Lack of transparency or reluctance to explain investment strategies
- Inconsistencies between verbal communications and official statements
- Excessive trading or churning of accounts to generate commissions
FINRA Arbitration for Loss Recovery
If you have suffered investment losses due to advisor misconduct, FINRA arbitration can be an effective way to recover your losses. FINRA arbitration is a streamlined, cost-effective alternative to traditional litigation, with a panel of neutral arbitrators who have expertise in securities law and industry practices.
Contacting Haselkorn & Thibaut
Haselkorn & Thibaut offers free consultations to investors who may have been victims of financial advisor malpractice. With their “No Recovery, No Fee” policy, clients can pursue their claims without upfront costs. To discuss your case with an experienced investment fraud attorney, call their toll-free number at 1-888-885-7162 .
As the investigation into the allegations against Duncan Maceachern and LPL Financial LLC proceeds, it serves as a reminder for investors to remain vigilant, ask questions, and seek professional help when needed. By working with experienced investment fraud attorneys like those at Haselkorn & Thibaut, investors can protect their rights and recover losses stemming from financial advisor misconduct.
