Customers of B Riley Wealth Management Financial Advisor Brian Sterz Filed Investment Loss Recovery Claims. Our Investor Lawyers Are Investigating
Shepherd Smith Edwards and Kantas Investor Lawyers (investorlawyers.com) represents investors who sustained losses involving a B Riley financial advisor. This includes, most recently, a Miami investor who is suing the firm over allegedly unsuitable alternative investment recommendations. This client of ours is seeking up to $500K in damages. We are also working with a retiree who is alleging gross mismanagement and suing for up to $1M.
Our financial advisor fraud lawyers are also investigating claims of investor losses involving former customers of ex-B Riley Wealth Management investment adviser Brian Michael Sterz. A number of them filed claims related to losses involving (OTCMKTS: FMCC), (OTCMKTS: FNMA), and (OTCMKTS: FNMAT).
Their securities lawsuits included allegations of overconcentration, unsuitable investment recommendations, excessive trading, and high-risk trading. Collective damages from settlements so far are nearly $3.8M, with more investor claims still pending.
Sterz, who was a B Riley Wealth Management investment adviser from 2020 to 2021, was allowed to resign following allegations that he did not follow firm policies and procedures. Before that the Southern California financial advisor was registered with Miracle Mile Advisors. He worked 12 years in the industry.
Can You Sue Even If Your Financial Advisor Is No Longer With the Firm?
Broker-dealers and investment advisers are supposed to properly supervise their registered representatives and the latter’s activities in customer accounts. Financial advisors are required to refrain from making unsuitable investment recommendations, overconcentrating a client’s account, making misrepresentations and omissions about the risks, excessively trading, engaging in unauthorized trading, or committing some other type of broker misconduct or negligence.
While some investment loss recovery claims are brought against the financial advisor and their firm, most investor lawsuits are made against the broker-dealer or investment adviser. The financial advisor doesn’t need to still be at the firm when this happens. Some may have even been fired, asked to resign, or even suspended or barred from the industry following allegations of wrongdoing.
The first step is to contact our financial advisor misconduct lawyers so that we can help you determine whether you have grounds for a legal claim.
Representing Investors For Over 30 Years
Shepherd Smith Edwards and Kantas Investor Lawyers have the skills, resources, and experience to represent investors against broker-dealers and investment advisers. We have many locations throughout the country and we work with clients both nationally and internationally against US-based brokerage firms and investment advisers.
Call our Investor Lawyers at (800) 259-9010 to schedule your free, initial case assessment. Please understand that not all investor losses involve financial advisor misconduct or negligence. That said, there have been many times in which we have been able to identify grounds for liability that might otherwise have gone undetected.