What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: September 2, 2016

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert M. Lyons, a former registered broker with Cambridge Investment Research, was accused of executing 14 unsuitable mutual fund switches in three customer accounts. Allegedly from January 2011 until December 2013, Lyons made the mutual fund switches in three customer accounts, switching customer assets from shares in one fund family to shares in a different fund family. He recommended that his customers purchase Class A shares that were only advantageous if the customers held them on a long-term basis. These are typically held for several years or longer. Lyons held the shares for less than 12 months, and did not have a reasonable basis to recommend the shares, nor to liquidate him. The customers were made to pay fees for these transactions and Lyons made commissions because of the transactions. For this, Lyons was fined $5,000 and suspended for 15 business days. A broker must have a reasonable basis to recommend and/or sell a security to a customer, and must take into account a customer’s age, net worth, investment savvy and investment objectives. If he does not, his firm may be responsible for investment losses.

Robert Lyons, according to his FINRA online BrokerCheck profile, was registered with The Robinson-Humphrey Company, Walnut Street Securities, Buckhead Financial Corp., Capital Research Corp., Allen C. Ewing & Co. and Cambridge Investment Research in Augusta, Georgia from December 2001 until October 2014. He is not currently registered with any member firm. Please call us today to speak to an attorney about your options of suing Cambridge for your investment losses on a contingency fee basis in the FINRA arbitration forum.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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