The recent allegations against stockbroker Lewis J. Hunter, formerly employed
by brokerage firm H.D. Vest, bring attention to an oft-overlooked form
of broker misconduct and investment fraud.
stockbroker misconduct lawyers would like to take this opportunity to talk more about “selling
away” and offer more information about how to get help if you have
become a victim of this inappropriate broker tactic.
What Is “Selling Away”?
“Selling away” means that a broker is selling or offering securities
that are not offered or approved by the brokerage firm he or she is affiliated
with. Brokerage firms put a lot of effort into carefully researching and
approving the investment products they allow their brokers to offer to
their clients, and a broker who engages in “selling away”
is acting inappropriately. Brokers or financial advisers who engage in
this kind of behavior are abusing their position of trust with their clients,
and their brokerage firms often have no idea that the unapproved investment
products are being offered.
Although the firm may be unaware that one of its brokers is offering these
outside investments, brokerage firms do have a basic duty to supervise
the actions of their employees. In a case of “selling away,” it may be possible to also hold the brokerage firm responsible
for the losses sustained by victims of stockbroker misconduct or fraud
because of a
failure to supervise.
How to Get Help if You Have Sustained Investment Losses
The securities arbitration attorneys with Meyer Wilson have been hired
by victims of Lewis J. Hunter and are investigating further potential
claims against H.D. Vest. If you have sustained losses in connection with
this case, or if you have lost investment money in a similar situation,
please reach out to one of our experienced stockbroker misconduct lawyers
today for a free and confidential evaluation of your potential claim.