ATTENTION PRO ATHLETES: National Investment Fraud Lawyers KlaymanToskes Warns Against Financial Advisor Fraud

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National investment fraud lawyers KlaymanToskes advise the NBA, MLB and other professional athletes to protect themselves against securities fraud in light of ongoing fraud schemes affecting athletes today .

According to securities attorney Lawrence L. Klayman, Esq., “With the record amount of money in sports, professional athletes are increasingly becoming a bigger target for financial fraud. Brokerage firms have a duty to supervise the conduct of their financial advisers, including those who manage the accounts of professional athletes, and their failure to do so may result in their liability.”

Unfortunately, common fraud schemes, such as unauthorized investments, undisclosed conflicts of interest, and inappropriate endorsements, continue to impact today’s professional athletes, many of whom lack the time and experience to guard against financial misconduct. For example, in December 2021, FINRA banned former Morgan Stanley (NYSE:MS) broker Darryl M. Cohen for failing to cooperate with its investigation into allegations of account mismanagement and “moving money suspicious,” according to a disclosure on its BrokerCheck file. . The securities regulator investigated Cohen after several clients complained, many of whom were current and former professional athletes.

The sole purpose of this release is to investigate the sales practices of full-service brokerage firms regarding professional athlete accounts for FINRA violations, including failure to supervise. NBA, MLB, and other professional athletes who have information about how their financial advisors manage their accounts are encouraged to contact Lawrence L. Klayman, Esq., at 888-899-2034, and download our report special for investors.

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KT is a leading national securities law firm that practices exclusively in the area of ​​securities arbitration on behalf of retail and institutional investors worldwide in large and complex securities matters. KT recovered more than $228 million for investors in FINRA arbitrations. KT has offices in California, Florida, New York and Puerto Rico.

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