In a serious allegation that has rocked the financial world, Max Birkinbine, a broker associated with Ausdal Financial Partners, Inc. (CRD 7995), has been accused of violating common law, negligent supervision, breach of fiduciary duty, and violation of the Minnesota Uniform Securities Act. The customer dispute, filed on March 1, 2024, pertains to investments made in Bakkan Drilling Fund III and Bakkan Income Fund, LLC in 2012 and 2014, as well as a GWG L Bond investment made in 2018. This pending case has left investors concerned about the safety of their investments and the integrity of their financial advisors.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Max Birkinbine and Ausdal Financial Partners, Inc. With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has a proven track record of helping investors recover their losses through FINRA Arbitration. They offer free consultations to clients and operate on a “No Recovery, No Fee” policy. Investors can contact them toll-free at 1-888-885-7162 .
According to a Forbes article, financial advisors are a leading cause of financial elder abuse, with an estimated 5 million cases annually in the United States. Investment fraud and bad advice from financial advisors can have devastating consequences for investors, particularly those who are vulnerable or have limited financial knowledge.
Understanding the Allegations and FINRA Rules
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The allegations against Max Birkinbine are serious and multifaceted. They include:
- Violation of common law
- Negligent supervision
- Breach of fiduciary duty
- Violation of the Minnesota Uniform Securities Act
These allegations suggest that Max Birkinbine may have failed to act in the best interests of his clients, provide adequate oversight, and comply with state securities laws. Under FINRA Rule 3110, financial advisors are required to maintain a system of supervision reasonably designed to achieve compliance with applicable securities laws and regulations. Additionally, FINRA Rule 2111 obligates financial advisors to recommend investments that are suitable for their clients based on factors such as their financial situation, risk tolerance, and investment objectives.
The Impact on Investors
For investors who have entrusted their hard-earned money to Max Birkinbine and Ausdal Financial Partners, Inc., these allegations are deeply concerning. The potential breach of fiduciary duty and negligent supervision could lead to significant financial losses and undermine the trust that forms the foundation of the client-advisor relationship.
Moreover, the violation of state securities laws, such as the Minnesota Uniform Securities Act, could indicate a pattern of misconduct that extends beyond a single case. Investors must remain vigilant and thoroughly research their financial advisors to ensure they are working with professionals who prioritize their clients’ best interests and operate within the bounds of the law.
Recognizing Red Flags and Seeking Recovery
Investors should be aware of potential red flags that may indicate financial advisor malpractice, such as:
- Unexplained or excessive account losses
- Unauthorized trades or account activity
- Lack of communication or transparency from the advisor
- Pressure to invest in unsuitable or high-risk products
If investors suspect they have fallen victim to financial advisor misconduct, they should act promptly to protect their rights and recover their losses. Filing a complaint with FINRA and seeking the guidance of an experienced investment fraud law firm like Haselkorn & Thibaut can be crucial steps in this process.
FINRA Arbitration provides a forum for investors to resolve disputes with their financial advisors and potentially recoup their losses. With their extensive experience and impressive success rate, Haselkorn & Thibaut is well-equipped to guide investors through this complex process and fight for the compensation they deserve.
As the investigation into Max Birkinbine and Ausdal Financial Partners, Inc. unfolds, investors must remain informed and proactive in protecting their financial well-being. By staying alert to red flags, understanding their rights, and seeking the support of qualified professionals, investors can navigate even the most challenging situations and work towards a more secure financial future.
