Investor Alert – David Joseph Schmerber and LPL Financial, LLC

Investor Alert – David Joseph Schmerber and LPL Financial, LLC

Investor Alert – David Joseph Schmerber and LPL Financial, LLC

Stock broker and investment advisor David Joseph Schmerber (CRD#: 2093918) of Centerville, Ohio is involved in a $1 million customer dispute relating to allegations that he recommended various complex, volatile, and speculative securities which were unsuitable for the customers’ investment objectives. During the relevant time period, Mr. Schmerber was registered with the firm LPL Financial, LLC (CRD#:6413).

Suitability

Stock brokers 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

Investment advisors like Mr. Schmerber are fiduciaries under state and federal law. This means that they 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 a financial advisor violates the trust and confidence that has been reposed in him or her by the client.

Need Assistance?

The Law Firm of Mika Meyers, PLC represents investors nationwide who have been the victims of financial advisor fraud and malpractice. If you have suffered investment losses as a result of fraud or unsuitable investment recommendations, you may have a damages claim. Contact securities attorney Daniel J. Broxup for a free consultation at dbroxup@mikameyers.com or (616) 632-8059.