In a recent development, a customer dispute has been filed against Wintrust Investments and its representative, Anthony Jovanovich, alleging misrepresentation and mismanagement of investments. The claimants have initiated FINRA Arbitration proceedings, seeking to recover their losses and hold the firm and its representative accountable for their actions.
According to a study by the U.S. Government Accountability Office, financial fraud targeting older Americans has risen sharply in recent years, with reported losses increasing from $2.6 billion in 2017 to $3.4 billion in 2020. This case serves as a reminder of the importance of due diligence when selecting a financial advisor and the potential consequences of investment fraud.
Allegations Against Wintrust Investments and Anthony Jovanovich
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According to the complaint, the claimants allege that Anthony Jovanovich, a representative of Wintrust Investments, misrepresented the terms of their investment, stating that it needed to remain in the account for at least five years and that during this period, the claimants could expect to receive monthly dividends. However, when the claimants attempted to contact Mr. Jovanovich, he was reportedly unavailable on multiple occasions. As a result of this alleged mismanagement, the claimants suffered significant losses in their investment.
Understanding FINRA Rule 2020 and Its Implications
FINRA Rule 2020 prohibits member firms and their associated persons from effecting any transaction in, or inducing the purchase or sale of, any security by means of any manipulative, deceptive, or other fraudulent device or contrivance. This rule is designed to protect investors from misrepresentation and fraudulent practices in the securities industry.
In simple terms, financial advisors and their firms have a duty to provide accurate and complete information to their clients, allowing them to make informed investment decisions. When an advisor misrepresents the terms or risks associated with an investment, as alleged in this case, it may constitute a violation of FINRA Rule 2020.
The Importance of Transparency and Accountability in the Financial Industry
The allegations against Wintrust Investments and Anthony Jovanovich highlight the importance of transparency and accountability in the financial industry. Investors rely on the expertise and guidance of their financial advisors to make sound investment decisions and protect their financial well-being. When an advisor or firm fails to uphold their obligations and causes harm to their clients, it undermines the trust that is essential to the functioning of the financial markets.
This case serves as a reminder that investors must remain vigilant and thoroughly research their financial advisors and the investments they recommend. By staying informed and asking questions, investors can better protect themselves from potential misconduct and safeguard their financial futures.
Red Flags for Financial Advisor Malpractice
Investors should be aware of several red flags that may indicate financial advisor malpractice:
- Misrepresentation of investment terms, risks, or potential returns
- Lack of transparency or unwillingness to provide clear answers to questions
- Difficulty in contacting the advisor or receiving timely responses
- Unauthorized transactions or excessive trading in the client’s account
- Inconsistencies between the advisor’s recommendations and the client’s investment objectives or risk tolerance
Seeking Recovery Through FINRA Arbitration
Investors who have suffered losses due to the misconduct of their financial advisors may seek recovery through FINRA Arbitration. This process allows investors to present their case before a panel of impartial arbitrators who will review the evidence and render a binding decision. FINRA Arbitration provides a more efficient and cost-effective alternative to traditional litigation, enabling investors to pursue their claims and potentially recover their losses.
Haselkorn & Thibaut: Advocating for Investors’ Rights
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating the allegations against Wintrust Investments and Anthony Jovanovich. 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 through FINRA Arbitration.
Investors who have suffered losses due to the misconduct of Wintrust Investments, Anthony Jovanovich, or any other financial advisor are encouraged to contact Haselkorn & Thibaut for a free consultation. The firm operates on a contingency basis, meaning clients pay no fees unless a recovery is obtained. To discuss your case with an experienced investment fraud attorney, call Haselkorn & Thibaut‘s toll-free number at 1-888-628-5590.
As the investigation into the allegations against Wintrust Investments and Anthony Jovanovich (CRD #2948544) continues, it is crucial for investors to remain vigilant and proactive in protecting their rights. By working with experienced investment fraud attorneys like those at Haselkorn & Thibaut, investors can take steps to hold financial advisors and their firms accountable for their actions and work towards recovering their losses.
