New fiduciary standards and stockbroker fraud

There is a battle going on right now in Congress that will affect stockbroker fraud cases in the years to come. Here are some updates and stories from various news sources to get you up-to-speed quickly.

  • Department of Labor Proposes Rule to Address Conflicts of Interest in Retirement Advice, Saving Middle-Class Families Billions of Dollars Every Year. Read more.
  • Simfa Overview: The Department of Labor (DOL) has proposed a change to the definition of fiduciary under the Employee Retirement Income Security Act (ERISA) that would expand the scope of those who become fiduciaries. Read more.
  • As DOL fiduciary clears latest hurdle, stockbrokers expect changes will be made. Read more.
  • New York Times – Why Investors Are Right to Be Distrustful. Read more.
  • What a fiduciary standard would do to stockbroker fraud. Read more.

Ultimately, if you believe you have been a victim of stockbroker frauds and need to talk to a securities fraud lawyer in Baltimore or Maryland, contact West & West immediately.

Be Wary of Pressure to Invest Immediately

A true financial professional wants you to be comfortable and invest in what is best for you in your time. A scam artist wants you to invest in what is best for him or her as quickly as possible. Any pressure to invest immediately because the golden opportunity will be gone in a flash is a huge red flag that the investment may be a scam.  Take your time when making investment decisions and do not succumb to pressure to make spur of the moment, uninformed investment decisions.

If Investment Advice Sounds Too Good To Be True, It Is Likely To Be Fraudulent

Old aphorisms are often helpful in ferreting out fraudulent advice.  One such aphorism is: “if it sounds too good to be true, it is.”  One unchangeable law of investing is that the higher the rate of return on an investment, the higher the risk of the investment.  Anyone who claims that a high rate of return or large payout is “guaranteed,” “very low risk,” or a “sure thing” is trying to defraud you.  If you believe you may have fallen victim to investment fraud, West & West in Baltimore, Maryland for a free, no-obligation, initial consultation.