Frank Briseno III, (CRD#: 1177246) and FSC Securities Corporation continues to face customer disputes for allegedly making unsuitable recommendations to invest in non-traded real estate investment trusts (“REITs”). The most recent complaint requested damages of $100,000, and a previous complaint in 2018 was settled by FSC Securities Corporation for $3.5 million.
If you believe that you have suffered losses as a result of Mr. Briseno’s or FSC Securities Corporation’s negligence or intentional wrongdoing, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action.
When making investment recommendations, financial professionals such as investment advisors and stockbrokers must recommend a transaction or investment strategy that is suitable for each customer based on the customer’s profile, including their age, other investments, financial situation, tax status, investment objectives, and risk tolerance.
Making unsuitable recommendations is a violation of FINRA Rule 2111. When clients suffer damages, those clients may be able to recover their damages through a Financial Industry Regulatory Authority (“FINRA”) arbitration. Briseno and FSC Securities Corporation were alleged to have made recommendations to invest in high-risk REITs and to have violated FINRA’s suitability rule.
If your stockbroker, financial advisor, or investment professional makes unsuitable recommendations, the company that he or she works for might be liable to you for resulting damages. Brokerage firms, such as FSC Securities Corp. are required to supervise their brokers and financial advisors under FINRA Rule 3110.
According to FINRA BrokerCheck, FSC Securities Corporation is alleged to have failed to reasonably supervise, maintain, or enforce a supervisory system resulting in over 52 disclosures and fines paid over $8 million. Failure to supervise, which results in losses to a customer, may result in the brokerage firm being held liable and responsible for customers’ damages.
Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email firstname.lastname@example.org for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
Levin Law is a premier national securities and class action law firm with significant experience. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $100,000,000 through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.