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Breach of Fiduciary Duty

  1. What Is a Fiduciary Duty?
  2. Does My Broker/Advisor Owe Me a Fiduciary Duty?
  3. How Do I Know if My Broker/Advisor Breached the Duties It Owes Me?
  4. What Should I Do if It Seems That My Broker/Advisor Breached Its Fiduciary Duties?

What Is a Fiduciary Duty?

From Jenice's interview for the Masters of the Courtroom series on
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In the most basic terms, a fiduciary duty refers to the legal obligations that one party (the fiduciary) undertakes when it agrees to act in the best interests of another party (the beneficiary). Among these legal obligations includes a duty of care, a duty of loyalty, a duty of good faith, and a duty of confidentiality.

Duty of Care – A fiduciary must keep itself as informed as possible to ensure it is acting in the best interests of the beneficiary.

Duty of Loyalty – A fiduciary must put the interest of the beneficiary ahead of its own and must, at all times, act in the best interests of the beneficiary.

Duty of Good Faith – A fiduciary must abide by all laws, rules, and standards of conduct when acting on behalf of the beneficiary.

Duty of Confidentiality – A fiduciary must keep all information derived from or relating to the beneficiary confidential.

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Does My Broker/Advisor Owe Me a Fiduciary Duty?

You entered a fiduciary relationship with your broker/advisor as soon as you entered into an investment relationship with your broker/advisor. Accordingly, your broker/advisor owes you all the previously mentioned duties as well as other duties, including a duty of disclosure to disclose to you any information that may be pertinent to your specific investments or portfolio, generally.

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How Do I Know if My Broker/Advisor Breached the Duties It Owes Me?

There is a litany of ways a broker/advisor can breach the fiduciary duties it owes a customer. Common breaches of fiduciary duties in the investment relationship include: a broker engaging in self-dealing by prioritizing its own profits over those of the customer, a broker recommending investments that are not aligned with a customer’s investment objectives, a broker making guarantees about the anticipated performance of a security, or a broker failing to disclose relevant information about an investment to a customer.

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What Should I Do if It Seems That My Broker/Advisor Breached Its Fiduciary Duties?

If your broker/advisor has failed to act in your best interests, it is highly recommended that you consult an attorney with a background in Securities Law, like the ones at Malecki Law. Depending on the merits of your case, you may be able to recover losses that occurred as a result of your broker/advisor breaching the fiduciary duties it owed to you.

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I highly recommend Jenice and her team at Malecki Law. I had a challenging, and lengthly case. Jenice was professional, very knowledgeable, and a pleasure to work with. She managed to make the process far less stressful during a very difficult time. They care about their clients, and it definitely shows. Mario
Jenice is truly a miracle worker and one of the top securities lawyers. She handled a very difficult case for us, displaying her legal knowledge, intelligence, and savviness throughout the process. I cannot recommend her enough. The quality of work from her team rivals that of corporate law firms. She was always available, extremely professional, and made sure to know all the details of the case. We were very fortunate to have been referred to Jenice and highly recommend her for any securities related legal issues. Nathan A.
An excellent professional who represented us in trial regarding a bank fraud, an unexpected and difficult time. A professional that worked hard, persevering and who stood toe to toe against firms that had a team of excellent lawyers backing them up. Her unflinching determination really stands out, it makes you feel you have someone who really cares about trying to recover what you lost from the people that wronged you. Salomon Levi
It is difficult to thank you in words when gratitude comes from the heart, so I will try to link feelings with writing. It is essential for us to mention your excellence as a professional, your aptitude on legal fields, and your unavoidable persistence. All of these virtues that elevate the profession you exercise in such an admirable way, go hand in hand with your sense of ethics, your human warmth and the transparency in your actions. To sum up, thank you for being a listening ear and for having the right word while transmitting information about the legal process. Having you as our representative during such an adverse situation was a privilege and enough reason for our eternal gratitude. Angeles Aparain
To say that my securities litigation was complex would be a severe understatement. With multiple parties involved and spanning many years, trying to understand the issues was daunting to say the least. Jenice and her team broke down the transactions by segment and by party uncovering every hidden expense. In the end, I was more than happy and could not thank Jenice and her team enough. I would not hesitate to recommend Jenice to anyone. She is highly professional, incredibly knowledgeable, well connected to industry experts, has a tireless work ethic and is so pleasant and easy to communicate with. Five stars for sure! Andrew Loughrane