“Financial advisor fraud” is a general term that covers a range of unscrupulous behaviors and misconduct on the part of a financial advisor or brokerage firm. This may include behaviors like high-pressure sales tactics or making trades you did not authorize.
The most common types of financial advisor fraud are:
- Churning. “Churning” is the term for making an excessive number of trades on an account in order to benefit the advisor – not the investor.
- Unsuitable investments. An unscrupulous advisor may try to talk you into investments that don’t suit your needs or your long-term financial goals. Oftentimes, this is because an advisor stands to gain commissions on these investments.
- Misrepresentation or Omission. If an advisor fails to give you all the information about an investment opportunity or does not disclose certain risks, then you may have a fraud case if you suffer investment losses.
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