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Trusting your investment portfolio with a big name firm may seem like a
conservative decision. The common assumption is that the risk of investment
fraud is lower with a big company versus a smaller brokerage. People frequently
make the mistake of believing that investment fraud only results from
the tactics of a scam artist, but it can happen even at the reputable firms.
According to a recent report, investing with a bigger firm could actually
put you at a higher risk of fraud. The report, which was from the U.S.
Securities and Exchange Commission (SEC), brings light to a problem facing
investors. According to the report, which was covered by
Investment News, 16 percent of fraud cases that were brought by the SEC involved broker-dealers.
This number has gone up since 2008, as broker-dealers were tied to only
9 percent of fraud cases that year.
This report shows that scam artists aren’t the only culprits of fraud.
Sometimes, the culprits are the large brokerage firms that many investors
have come to trust.
As an investor, it is imperative that you take the appropriate steps to
protect yourself from fraud. For example:
Have more questions? Do not hesitate to
contact our investment loss attorneys today!
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Investment Misconduct Blog
Former Voya Financial Advisors, Inc. broker James Knee was barred from the securities industry on May 9, 2018 after refusing to appear for on the record testimony connected to ...
Scammers have a deep arsenal of tactics and tricks they use to prey on unsuspecting investors, and one of the most common and successful is to impersonate a high-profile ...
Former Stifel Nicolaus & Company broker Stephen Hurtuk is facing allegations of selling his customers unsuitable investments. Though he is no longer registered to work ...