CHAMP WARREN Give You Bad Investment Advice?

Soreide Law Group is evaluating possible investor claims of suitability against Champ Warren (CRD#: 2401114, Houston, Texas). Warren is a securities representative who joined Merrill Lynch on November 30, 1993. Namely, the Financial Industry Regulatory Authority (“FINRA”) shows on Warren’s BrokerCheck Report that a client complained about his investment recommendations.

Merrill Lynch Client Files Complaint Suggesting Champ Warren Made Bad Recommendations

Evidently, the BrokerCheck Report for Champ Warren shows the Merrill Lynch client complained on January 16, 2019. According to the client, Warren gave unsuitable recommendations between March 2018 through year-end 2018. Supposedly, Champ Warren gave the client unreasonable investment advice for the client’s Merrill Lynch In-House Money Manager account. As a result, on April 9, 2019, Merrill Lynch agreed to pay the client $68,923.27 in damages to resolve the matter.

What Does It Mean When Brokers Make Unsuitable Recommendations?

 
As FINRA points out, suitability obligations are important for ensuring investor protection. Mainly, under FINRA Rule 2111, securities brokers including Champ Warren must have a “reasonable basis” in believing that their recommendations are suitable (i.e. appropriate) for investors. For this reason, when making recommendations, securities brokers must take into account the client’s investment profile. Principally, this includes the client’s age, current investments, needs, financial situation, experience, objectives, investment time horizon and tax status. Brokers who fail to do reasonable due diligence on investments, or excessively trade investments, typically violate suitability rules.

Experienced losses by investing with Merrill Lynch securities broker Champ Warren, who is also known as Champ D. Warren III? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced legal counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.