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N Cal Attorney
N Cal Attorney, Attorney
Category: Business Law
Satisfied Customers: 9368
Experience:  Since 1983
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Can a person with a SEC license be liable for recommending

Customer Question

Can a person with a SEC license be liable for recommending an investment to their friends and the investment becomes a complaint in lawsuit where the SEC license holder is a defendant in? If so, do you have case law?
Submitted: 1 year ago.
Category: Business Law
Expert:  KJLLAW replied 1 year ago.
Customer: replied 1 year ago.
Is your response of N a ("No") to my inquiry?
Expert:  KJLLAW replied 1 year ago.
I'm having a computer issue and that was not a response. I'll opt out when in back up.
Expert:  N Cal Attorney replied 1 year ago.

Thank you for your question.

A broker or investment adviser may be liable to a client for making bad investment recommendations but would not be liable for making a bad recommendation to a non-client friend. Peope make mistakes and I'm sure you regret this one, but you had no duty to your friends if they were not clients.

I hope this information is helpful.

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