Alexander Capital, L.P. and broker Joel Smith are currently facing serious allegations of suitability, unauthorized trading, breach of fiduciary duty, and failure to supervise. According to the recent FINRA disclosure, the alleged activity took place between 2015 and 2018, involving equity and OTC equity listed products. As a result, investors who have worked with Alexander Capital, L.P. and Joel Smith may be at risk of significant financial losses.
The investment fraud law firm Haselkorn & Thibaut is currently investigating these allegations against Alexander Capital, L.P. and Joel Smith. With over 50 years of combined experience and a 98% success rate, Haselkorn & Thibaut has a proven track record of helping investors recover their losses. The firm operates on a “No Recovery, No Fee” basis and offers free consultations to potential clients. Investors who believe they may have been affected by the alleged misconduct are encouraged to contact Haselkorn & Thibaut at their toll-free number, 1-888-994-8066, for a free case evaluation.
Investment fraud and bad advice from financial advisors can have devastating consequences for investors. According to a Forbes article, investment fraud costs Americans billions of dollars each year, with many victims being elderly or inexperienced investors. It is crucial for investors to be vigilant and to thoroughly research their financial advisors and the investments they recommend.
Understanding the Allegations and FINRA Rules
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The allegations against Alexander Capital, L.P. and Joel Smith are severe and involve multiple violations of FINRA rules and regulations. Let’s break down each allegation:
- Suitability: FINRA Rule 2111 requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s investment profile.
- Unauthorized trading: FINRA Rule 2010 prohibits brokers from making unauthorized trades in a customer’s account without the customer’s prior consent.
- Breach of fiduciary duty: Brokers have a fiduciary duty to act in the best interests of their clients and to put their clients’ interests ahead of their own.
- Failure to supervise: FINRA Rule 3110 requires firms to establish and maintain a system to supervise the activities of their associated persons to ensure compliance with securities laws and regulations.
These allegations suggest that Alexander Capital, L.P. and Joel Smith may have engaged in unethical and illegal practices that put their clients’ investments at risk.
The Impact on Investors
The alleged misconduct by Alexander Capital, L.P. and Joel Smith can have severe consequences for investors. Unsuitable investments, unauthorized trading, and a breach of fiduciary duty can lead to substantial financial losses, putting investors’ hard-earned money and financial futures at risk.
Investors who have worked with Alexander Capital, L.P. and Joel Smith during the period in question (2015-2018) should carefully review their investment accounts and statements for any suspicious activity or unexplained losses. It is essential to act promptly, as there may be time limitations on legal claims and potential recovery options.
Red Flags and Recovering Losses
Investors should be aware of red flags that may indicate financial advisor malpractice, such as:
- Unexplained or excessive account activity
- Investments that are inconsistent with the investor’s risk tolerance and investment objectives
- Lack of communication or transparency from the advisor
- Significant and unexpected losses in the investment account
If investors suspect that they have been victims of misconduct by Alexander Capital, L.P., Joel Smith, or any other financial advisor, they should contact an experienced investment fraud law firm like Haselkorn & Thibaut. The firm can help investors understand their legal rights and options for recovering losses through FINRA arbitration or other legal channels.
Haselkorn & Thibaut has a national presence with offices in Florida, New York, North Carolina, Arizona, and Texas. Their team of skilled attorneys has a deep understanding of the complex legal and financial issues involved in investment fraud cases and can provide the guidance and representation investors need to seek justice and recover their losses.
For a free, no-obligation case evaluation, investors can contact Haselkorn & Thibaut at 1-888-994-8066 or visit their website at www.investmentfraudlawyers.com for more information.
