Steven Baaden, a registered broker and investment advisor with Oppenheimer & Co. Inc. (CRD 249) in Texas, is facing allegations of unsuitable inactivity and ignoring client emails and instructions. The alleged misconduct occurred between February 21, 2023, and February 14, 2024, according to the customer dispute filed on February 14, 2024. The client’s claim was denied, and no settlement amount has been disclosed.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Steven Baaden and Oppenheimer & Co. Inc. regarding these allegations. With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has a proven track record of helping investors recover losses through FINRA arbitration. They offer free consultations and operate on a “No Recovery, No Fee” basis. Investors can reach them toll-free at 1-888-885-7162 .
FINRA Rules and Investor Protection
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FINRA, the Financial Industry Regulatory Authority, is responsible for regulating the conduct of broker-dealers and their registered representatives. FINRA Rule 2111, known as the “Suitability Rule,” requires brokers to have a reasonable basis to believe that their investment recommendations are suitable for their clients based on factors such as the client’s investment profile, risk tolerance, and financial goals.
When a broker fails to act on client instructions or ignores client communications, it may constitute a violation of FINRA rules and breach of their fiduciary duty to their clients. Unsuitable inactivity can be just as harmful as unsuitable activity, as it may prevent clients from taking advantage of market opportunities or making necessary adjustments to their portfolios. According to a Forbes article, bad financial advice can cost investors thousands or even millions of dollars over their lifetime.
The Importance of Prompt Action
Investors who suspect that their financial advisor has engaged in misconduct or negligence should act promptly to protect their rights and recover any losses. FINRA arbitration provides a forum for investors to seek compensation from their brokers and brokerage firms outside of the traditional court system.
By working with experienced investment fraud attorneys like those at Haselkorn & Thibaut, investors can navigate the complex arbitration process and build a strong case to support their claims. The firm’s attorneys have a deep understanding of FINRA rules and regulations, as well as the tactics employed by brokerage firms to defend against investor claims.
Signs of Financial Advisor Misconduct
Investors should be aware of red flags that may indicate financial advisor malpractice, such as:
- Ignoring client emails, calls, or instructions
- Failing to provide regular account statements or updates
- Making unauthorized trades or changes to client accounts
- Recommending unsuitable investments or strategies
- Misrepresenting the risks or performance of investments
If you suspect that your financial advisor has engaged in any of these practices, it is crucial to consult with a qualified investment fraud attorney to assess your case and explore your options for recovery.
Seeking Legal Guidance and Support
Investors who have suffered losses due to the misconduct or negligence of their financial advisors should not hesitate to seek legal guidance and support. Haselkorn & Thibaut‘s experienced investment fraud attorneys are dedicated to helping investors recover their losses and hold wrongdoers accountable.
By offering free consultations and working on a contingency basis, Haselkorn & Thibaut makes it easier for investors to pursue their claims without upfront costs or financial risk. Their team of skilled attorneys, with their extensive knowledge of FINRA arbitration and securities law, is well-equipped to guide investors through the process and fight for the compensation they deserve.
Don’t wait to take action if you believe you have been the victim of financial advisor misconduct. Contact Haselkorn & Thibaut today at 1-888-885-7162 to schedule your free consultation and learn more about how they can help you recover your losses.
