Imagine riding a rollercoaster that was supposed to be a gentle ride. Then, you find yourself on a steep drop that makes your stomach queasy. You feel the same way when you put your hard-earned dollars in the hands of a financial advisor that makes inappropriate investment recommendations. This is a betrayal, and a ride that you didn’t sign up for. It’s more common than one might think.
Jessica Jung is a representative of LPL Financial LLC who recently became embroiled in an ongoing customer dispute. The claimant claimed that Jung misrepresented herself and recommended alternative investments which were not suitable for her risk tolerance between 2011 and 2013. The dispute settled for a staggering $147,000.
What went wrong?
Jung, according to the claimant recommended investments that exceeded the claimant’s tolerance for risk. You’re like a cautious motorist who would rather drive in the slow lane than on a high-speed highway. Not only is it uncomfortable, but it can be dangerous.
Did you commit any misconduct?
Jung defends her self by stating that, during certain activities in question, the claimant was working with a different advisor. She denies any wrongdoing and says that the former customer took advantage of several arbitrations filed against LPL in order to make personal financial gains. Does that excuse her from responsibility? Is this a classic example of blaming someone else?
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What is the Silver Lining of Life?
There is a silver lining to this situation for investors. The Financial Industry Regulatory Authority offers a platform to resolve disputes. It is similar to a courtroom but it’s faster, cheaper, and designed specifically for securities-related dispute.
How can investors recover losses?
FINRA arbitration may be the solution. A neutral third-party (the arbitrator), who is impartial, listens to the arguments from both sides before making a decision. The arbitrator can order the payment of damages in this case $147,000. The system is similar to having a referee at a football game, who ensures fair play while penalizing fouls.
Arbitration isn’t just for big players. You can recover your losses even if you are a small investor. This platform is a beacon in the murky waters that are financial disputes.
If you have experienced a similar situation to the one described in this article, do not despair. You can fight back to recover your losses. Take a look at FINRA Click here for more information regarding how to initiate the arbitration process.
It’s your money and you can invest it according to your risk tolerance. Never let anyone else take you on a roller-coaster ride without your consent.
