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  • Attorneys David Meyer and Matthew Wilson have been selected to the list of Super Lawyers since 2011 and 2015 respectively.

  • Attorney David Meyer is a member of the Million Dollar Advocates Forum, an organization recognizing attorneys who have secured million dollar cases.

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  • Attorney David Meyer was selected as the 2015 Lawyer of the Year for Professional Malpractice Law – Plaintiffs for Columbus, OH by Best Lawyers®.

  • Meyer Wilson was ranked as a Tier 1 Best Law Firm for both Mass Tort Litigation / Class Actions – Plaintiffs and Professional Malpractice Law – Plaintiffs by U.S. News.

  • Attorney David Meyerhas been selected to the list of the Best Lawyers in America® for Mass Tort Litigation / Class Actions – Plaintiffs and Professional Malpractice Law – Plaintiffs every year since 2011.

What Is Unsuitability?

Violations of the "Know Your Customer" Rule

Your broker has the obligation to obtain enough information about you and your finances—such as your income and assets—to discuss the appropriate investments. New York Stock Exchange Rule 405 (also known as the "Know Your Customer" rule), states that a stockbroker or financial advisor’s number one duty is to make suitable recommendations to his or her customers. Brokers must take ample care to investigate the investor’s unique needs and ensure that the investment will be proportionate to their goals and financial situation.

Information that your broker should consider before making an investment recommendation:

  • Your current financial state
  • Why you are investing and what you hope to get out of it
  • Your future financial and situational needs
  • Your tolerance for risk

Brokers not only should take steps to get to know their customers and their investment goals. They should also adequately research the investment before recommending it to you. After careful research, the broker should know whether or not recommending that particular investment to you would be suitable. Also, what is suitable for you now may not be suitable for you in the future, so your broker’s job is to continuously evaluate your needs as well as the state of the investment to ensure it remains in a state of suitability.

Stockbroker Misconduct Cases

The investment advice you receive from your broker should be based on what is most suitable for your current situation and future goals. When brokers fail in their duty to adequately research the investment, or they knowingly and intentionally recommend unsuitable investments, investors can file claims to recover their resulting losses. These types of claims are generally handled through FINRA arbitration, provided that the broker was registered and working for a registered investment firm.

What It Takes to Have a Successful Unsuitability Claim

To have a successful case against your broker, there are some things you will need to show:

  1. You have to prove that the transaction took place.
  2. You will need to provide details about your finances when investments were made.
  3. Your personal situation will need to be disclosed, such as your risk tolerance and investment objectives. You will need to show that the investments did not coincide with your situation.
  4. You must have sustained damages—meaning you lost money on the investment.

Enlist the Help of an Investment Fraud Lawyer

The securities arbitration lawyers at Meyer Wilson have represented more than 800 investors and may be able to help you. We are experienced at reviewing and investigating investor claims of unsuitability.

Call us or fill out our online form for your free case evaluation.

Watch this helpful video of Attorney Dave Meyer explaining MLPs, which are often unsuitably sold as supposedly safe ways to earn higher interest rates with little to no risk.

Need More Information?

Investment misconduct can be complex and confusing. That’s why we’re here to help you. Visit our Common Questions page to find in depth answers directly from our attorneys. Get More Answers
Have You Been a Victim of Investment Fraud?

You trusted your financial advisor with your money, but now you're left wondering what went wrong. If you or a loved one suffered losses because of investment misconduct, Meyer Wilson can step in and fight to recover your losses. The team of investment fraud lawyers at the firm has been helping people like you since 1999 by winning judgments, settlements and verdicts worth hundreds of millions of dollars against brokerage firms, financial advisors and banks.

Get Help With Your Case Now

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