According to a recent Award with the Financial Industry Regulatory Authority (FINRA), J.J.B. Hilliard, W.L. Lyons was accused of breach of fiduciary duty, negligence/negligent misrepresentation and omission, breach of contract, restitution, common law fraud, and negligent supervision by a client couple. The couple alleged that Hilliard Lyons and a Hilliard Lyons broker sold the client’s blue chip stocks and invested all of the funds in their joint account and an IRA of one of the clients in a highly speculative oil and gas company, Breitburn Energy Partners Limited Partnership. The couple alleged that the lack of diversification in their portfolio exposed them to massive risk, which was contrary to their conservative investment objectives and low-risk tolerance level. This is according to the FINRA award. The panel found that the firm was liable for more than $450,000 in losses. If you suffered losses in Breitburn Energy because of a recommendation from your Hilliard Lyons broker, you may be able to recover your losses in the FINRA arbitration forum on a contingency fee basis. Please call our Chicago-based law offices today at 312-332-4200 to speak with an attorney. The call is free with no obligation. Attorneys are standing by.
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