There are Recent Customer Complaints with Broker Robert Dechick in Firm D.h. Hill Securities, Lllp

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Dechick (Dechick), currently associated with D.h. Hill Securities, Lllp, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Dechick recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on November 05, 2024.

Claimants allege unsuitable recommendation and misrepresentation of product sold in Nov 2020

FINRA BrokerCheck shows a settled customer complaint with a damage request of $25,000.00 on October 28, 2024.

Claimants have been clients of representative from December 2011 to current.  Claimants allege unsuitable recommendation and misrepresentation of product purchased in August 2020.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on November 06, 2023.

Claimants have been clients since early 2015.  Claimants allege misrepresentation, negligence, unsuitable recommendations, and failure to supervise.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $20,000.00 on July 26, 2023.

Claimant alleges representative made unsuitable recommendation of a single product in 2014.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $499,000.00 on July 10, 2023.

Claim alleges representative made unsuitable recommendations and overconcentrated in non-liquid investments during time period as clients, 2011 to present.

Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated ‘Regulation Best Interest (Reg BI)‘ which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.

Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. Material information always includes information concerning the investor as well as the cost of the recommendation. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.

In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. So, a brokerage firm should not depend solely on the issuer for data about a company instead of performing its own thorough review.

Another protective measure for investors is the requirement for brokers to disclose. FINRA requires the broker to disclosure events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on their public BrokerCheck reports. FINRA has recognized that recent studies offer evidence showing that brokers with a past history of regulatory and customer complaint issues are more likely to have such issues in the future. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.

Dechick entered the securities industry in 2000. Dechick has been registered as a Broker with D.h. Hill Securities, Lllp since 2009.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.

 

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