Detroit securities attorneys Mika Meyers, PLC are interested in talking to current and former customers of stock broker William McLellan of Rochester, Michigan. According to his online Brokercheck report, McLellan is involved in a customer dispute relating to allegations that he recommended unsuitable investments to the customer. The customer, who is seeking $100,000 in damages, has also alleged fraud, negligence, breach of fiduciary duty, and breach of contract. McLellan is currently registered with the firm Cetera Advisors, LLC and was previously registered with Newbridge Securities Corporation. McLellan has been involved in a total of 8 customer disputes during his career in the securities brokerage industry. Three of those cases resulted in monetary settlements.
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 William McLellan, Cetera Advisors, LLC, and/or Newbridge Securities Corporation, 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