Securities Lawyers Blog
According to BrokerCheck records financial advisor Robert Cavanagh (Cavanagh), currently employed by David Lerner Associates, Inc. (David Lerner) has been subject to at least five customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Cavanagh concern allegations of unsuitable investments, breach of fiduciary duty, and fraud.
In July 2018 a customer complained that Cavanagh engaged in unsuitable investments, made misrepresentations, breached his fiduciary duty, was negligent, and committed fraud in connection with Puerto Rico and Rochester Bond Fund. The customer alleged $100,000 in damages and the claim is currently pending.
In July 2017 a customer alleged unsuitable investments and misrepresentations and omissions of information causing $160,000 in damages. The claim is currently pending.