Jennifer Oprinski, a financial advisor associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is currently facing a serious allegation of misrepresentation related to an annuity contract. The customer dispute, filed on March 15, 2024, and currently pending resolution, alleges that the former financial advisor made a misrepresentation of a variable annuity contract in 2010 and that Oprinski failed to correct the issue.
This allegation is particularly concerning for investors, as it raises questions about the integrity and professionalism of the financial advisor and the firm. Misrepresentation of financial products can lead to significant losses for investors who may have made decisions based on inaccurate or misleading information. As the case progresses, it is crucial for investors to stay informed about the developments and potential implications.
The investment fraud law firm Haselkorn & Thibaut is currently investigating Jennifer Oprinski and Merrill Lynch, Pierce, Fenner & Smith Incorporated in connection with this allegation. Investors who have worked with Oprinski or have concerns about their investments are encouraged to contact Haselkorn & Thibaut for a free consultation by calling their toll-free number, 1-888-885-7162 .
Understanding the allegation and FINRA rules
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In simple terms, the allegation against Jennifer Oprinski suggests that she failed to address a misrepresentation made by a former financial advisor regarding a variable annuity contract. Variable annuities are complex investment products that combine features of insurance and securities, offering investors the potential for tax-deferred growth and guaranteed income in retirement.
The Financial Industry Regulatory Authority (FINRA) has established rules and guidelines to protect investors from misrepresentation and other forms of misconduct. FINRA Rule 2020 prohibits financial advisors from making untrue statements or omitting material facts in connection with the purchase or sale of securities. Additionally, FINRA Rule 2111 requires financial advisors to have a reasonable basis for believing that their recommendations are suitable for their clients based on factors such as the client’s financial situation, risk tolerance, and investment objectives.
According to a Bloomberg article, investment fraud and bad advice from financial advisors can have devastating consequences for investors. In 2021, FINRA ordered a record $70 million in financial penalties against the popular trading app Robinhood for systemic supervisory failures and significant harm suffered by millions of customers.
The importance for investors
Misrepresentation and failure to correct inaccurate information can have severe consequences for investors. When financial advisors provide misleading or false information about investment products, investors may make decisions that are not aligned with their financial goals, risk tolerance, or overall investment strategy. This can lead to substantial losses and derail an investor’s long-term financial plans.
Investors must remain vigilant and thoroughly research their financial advisors and the products they recommend. By staying informed about their investments and the performance of their portfolios, investors can better identify potential issues and take action to protect their financial well-being.
Red flags and recovering losses
Investors should be aware of several red flags that may indicate financial advisor malpractice or misconduct, such as:
- Inconsistent or unexplained changes in investment strategy
- Lack of transparency or reluctance to provide clear answers to questions
- Unauthorized trades or excessive trading activity
- Promises of guaranteed returns or high-pressure sales tactics
If investors suspect misconduct or have suffered losses due to misrepresentation or other forms of financial advisor malpractice, they may be able to recover their losses through FINRA arbitration. Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, has over 50 years of combined experience in helping investors recover losses caused by broker fraud or negligence.
With a 98% success rate and a “No Recovery, No Fee” policy, Haselkorn & Thibaut is committed to fighting for investors’ rights and holding financial advisors and firms accountable for their actions. Investors who have suffered losses due to the alleged misconduct of Jennifer Oprinski or other financial advisors at Merrill Lynch, Pierce, Fenner & Smith Incorporated are encouraged to contact Haselkorn & Thibaut for a free consultation by calling 1-888-885-7162 .
