Michael Bish, a broker and investment advisor with Truist Investment Services, Inc. (CRD 17499) in North Carolina, is facing a pending customer dispute filed on February 9, 2024. The client alleges that he was unaware of the transactions that occurred in his account in February 2022 due to a modification made to his existing managed account. Haselkorn & Thibaut, a national investment fraud law firm, is currently investigating Michael Bish and Truist Investment Services, Inc. for potential financial advisor malpractice.
Investment fraud and bad advice from financial advisors can have devastating consequences for investors. According to a report by Forbes, investment fraud costs Americans billions of dollars every year, with many victims being elderly or inexperienced investors.
Understanding the Allegations Against Michael Bish
Table of Contents
According to the pending customer dispute, the client claims that unauthorized transactions were made in his managed account in February 2022. The client alleges that he was not informed about these transactions, which were allegedly facilitated by a modification to his existing managed account.
The Role of FINRA in Regulating Financial Advisors
The Financial Industry Regulatory Authority (FINRA) is responsible for overseeing the activities of financial advisors and brokerage firms. FINRA Rule 2010 requires financial advisors to observe high standards of commercial honor and just and equitable principles of trade. This rule encompasses the obligation to obtain client consent for transactions and to keep clients informed about their account activities.
The Importance of Transparency and Consent
Transparency and client consent are crucial aspects of the financial advisor-client relationship. Clients should be fully informed about any modifications made to their managed accounts and should provide explicit consent for any transactions executed on their behalf. Failure to obtain client consent or to keep clients informed about their account activities may constitute financial advisor malpractice.
Protecting Investors’ Rights and Interests
Investors who suspect that their financial advisor has engaged in unauthorized transactions or has failed to obtain their consent for account modifications should promptly seek legal guidance. Haselkorn & Thibaut offers free consultations to clients who may have fallen victim to financial advisor malpractice.
Identifying Red Flags of Financial Advisor Malpractice
Investors should be vigilant for potential red flags that may indicate financial advisor malpractice, such as:
- Unauthorized transactions in their accounts
- Lack of communication or transparency from their financial advisor
- Sudden or unexplained changes to their account performance or holdings
Recovering Losses Through FINRA Arbitration
Investors who have suffered losses due to financial advisor malpractice may be able to recover their losses through FINRA arbitration. Haselkorn & Thibaut, with offices in Florida, New York, North Carolina, Arizona, and Texas, has over 50 years of experience in representing investors in FINRA arbitration cases. The firm has a remarkable 98% success rate and operates on a “No Recovery, No Fee” basis.
If you believe that you have been a victim of financial advisor malpractice, contact Haselkorn & Thibaut for a free consultation at their toll-free number: 1-888-885-7162 . Their experienced investment fraud attorneys will review your case and help you explore your options for recovering your losses.
