Detroit securities law attorneys Mika Meyers, PLC are interested in talking to former customers of stock broker Adam Freund of Novi, Michigan. According to his online Brokercheck report, Freund is involved in a customer dispute relating to allegations that he recommended “unsuitable and fraudulent” investments to the customer. The allegations appear to relate to the time period of 2011 to 2017, when Freund was registered with the brokerage firm Citizens Securities, Inc.
Financial advisors have a duty to recommend suitable investments and investment strategies to their clients. A recommendation is only suitable if it comports with the client’s investment objectives, risk tolerance, investment experience, investment time horizon, liquidity needs, and income needs. The duty to recommend suitable investments cannot be disclaimed through risk disclosures or waivers.
Breach of Fiduciary Duty
Fiduciary relationships between financial advisors and their clients are relationships of the utmost trust and confidence. Accordingly, fiduciary advisors have a duty to act in a manner that they reasonably believe is in the best interest of their clients. They also have duties of honesty, loyalty, care, and disclosure. A breach of fiduciary duty occurs when the advisor violates the trust and confidence that has been reposed in him or her by the client.
If you have suffered investment losses as a result of the malpractice or misconduct of Adam Freund and/or Citizens Securities, Inc., our experienced team of investor attorneys may be able to assist you in recovering some, or all of your losses. Call us toll-free at 888-607-4819 for a free consultation and case evaluation