Sotiraq Qirjollari, a registered broker and investment advisor with LPL Financial LLC, faces a pending customer dispute alleging unsuitable investment recommendations. According to the complaint filed on February 12, 2024, the customer claims that Qirjollari recommended an inappropriate portfolio of investments between March 2017 and March 2020. The dispute, which involves mutual funds, is currently pending resolution.
Qirjollari, who has been registered with LPL Financial LLC (CRD #6413) in Florida since May 14, 2021, denies all allegations of wrongdoing. In his broker comment, he states, “I deny all allegations of wrongdoing and the claims are without merit. All recommendations and investment strategies made for the customer were suitable and consistent with the customer’s investment objectives and risk tolerances. The customer fully understood all risks involved in investing in the products after speaking with me and reviewing the documentation.”
The national investment fraud law firm, Haselkorn & Thibaut, is currently investigating Sotiraq Qirjollari and LPL Financial LLC in connection with this pending customer dispute. With offices in Florida, New York, North Carolina, Arizona, and Texas, Haselkorn & Thibaut has over 50 years of experience and a 98% success rate in helping investors recover losses through FINRA arbitration.
Understanding the Allegation and FINRA Rules
Table of Contents
The customer’s complaint revolves around the suitability of the investment recommendations made by Sotiraq Qirjollari. FINRA Rule 2111, known as the “Suitability Rule,” requires brokers and investment advisors to have a reasonable basis for believing that their recommendations are suitable for the customer, taking into account factors such as the customer’s investment profile, risk tolerance, and financial goals.
In this case, the customer alleges that the portfolio of mutual funds recommended by Qirjollari between March 2017 and March 2020 was unsuitable. If the allegations are proven true, it could constitute a violation of FINRA’s Suitability Rule and potentially lead to disciplinary action against the advisor and the firm. According to a Forbes article, bad financial advice from advisors can lead to significant losses for investors and damage their long-term financial well-being.
The Importance for Investors
This pending customer dispute serves as a reminder of the importance of working with trustworthy and ethical financial professionals. Unsuitable investment recommendations can lead to significant financial losses for investors, jeopardizing their long-term financial goals and stability.
Investors should carefully review their investment portfolios and the recommendations made by their advisors to ensure they align with their risk tolerance and financial objectives. If an investor suspects that their advisor has recommended unsuitable investments or engaged in misconduct, they should promptly seek legal advice to protect their rights and explore options for recovering any losses.
Red Flags and Recovering Losses
Investors should be aware of potential red flags that may indicate financial advisor malpractice, such as:
- Recommendations that consistently underperform or deviate from the investor’s stated goals and risk tolerance
- Lack of transparency or reluctance to provide clear explanations about investment strategies and risks
- Excessive trading or churning of the investor’s account to generate higher commissions
If an investor believes they have suffered losses due to unsuitable investment recommendations or other forms of misconduct, they may be able to recover damages through FINRA arbitration. Haselkorn & Thibaut offers free consultations to investors seeking to understand their legal options and pursue claims against financial advisors and firms.
With their extensive experience, impressive track record, and “No Recovery, No Fee” policy, Haselkorn & Thibaut is well-positioned to help investors navigate the complexities of FINRA arbitration and fight for the compensation they deserve. Investors can contact the firm toll-free at 1-888-885-7162 to schedule a consultation and discuss their case.
