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Stockbroker "misrepresentation" is simply a legal term for stockbroker "lies.” At times, these cases arise from “boiler room” operations, in which teams of unscrupulous brokers make large numbers of “cold calls” and use high-pressure sales tactics.
Under the law, even a prediction or opinion offered by an investment broker can be a fraudulent misrepresentation, when it has no reasonable basis. Common lies include claims by brokers that they know the price that a stock will reach, that their own firm controls the stock price, that they have inside information from the company, that profits are “certain,” or that they are selling stock to you from a hot public offering.
These statements rarely have a reasonable basis and may represent investment broker fraud.
Similarly, a broker has an obligation to tell the whole truth about a potential investment. In other words, the broker cannot promote the positive features of an investment and withhold the negative aspects or risks. Omission of material facts is a form of unlawful misrepresentation.
Many types of false or misleading statements can be the basis for a claim, if an individual reasonably relied upon them in making a losing investment.
If you believe that you have been the victim of investment fraud or broker misconduct, it is important to talk with a Michigan investment fraud lawyer today. Please submit a simple, free and confidential legal consultation form now.
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