National investment loss lawyers KlaymanToskes is investigating broker Michael Rudio (CRD# 6322313) formerly of LPL Financial. Broker Michael Rudio is currently associated with Purshe Kaplan Sterling Investments.
According to FINRA BrokerCheck, broker Michael Rudio is currently involved in a customer complaint alleging unsuitable recommendations to invest in structured products and breach of fiduciary duty.
Investors that suffered losses with broker Michael Rudio are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Financial advisor Michael Rudio of Purshe Kaplan Sterling Investments, and formerly of LPL Financial, is currently facing a customer complaint alleging unsuitable investment recommendations in structured product investments and breach of fiduciary duty. According to FINRA BrokerCheck, broker Michael Rudio was employed with LPL Financial from August 2017 to August 2021 in Atlanta, GA. Rudio is currently registered with Purshe Kaplan Sterling Investments.
A previous customer complaint filed in January 2024 alleged that the representative recommended unsuitable investments in structured products, and was settled in favor of the investor.
The broker’s comment for the settled disclosure states: “This arbitration is ongoing between the complainant and LPL Financial. We adamantly deny any wrongdoing based on the allegation. The claim of unsuitable investments in Structure Products is completely unfounded and without merit. Our firm and Broker Dealer have always taken a high standard approach to product suitability with all our clients. Structured products are complex in nature, that is why we take the time to fully explain the strategy and the risks associated with these products. We had several meetings discussing the client’s allocation strategy, of which we did an educational overview on structured products prior purchase. Furthermore, the clients signed structured product documentation (Structured Products Agreement) covering credit risk, principal risk, liquidity and market risk, and reverse convertible / exchangeable risk considerations. We followed all Broker Dealers guidelines for product training, suitability, risk tolerance, allocation weighting, and investment experience. During our involvement with the clients, they participated in multiple Structured Note offerings through to maturity without any concern. In conclusion, we studiously maintain product training and follow our broker dealer’s suitability, due diligence, and compliance guidelines before making any recommendations. Structured products are complex in nature which is why we take additional time to fully explain the strategy and the risks associated with these products. LPL (our broker dealer at the time) had strict compliance guidelines that we followed prior to placing clients into Structure Products to include: – Signed Documentation that the clients understand and are willing to accept all risks associated with these products. – Due diligence on the terms and conditions of the Structured Note offerings. – Allocation percentage of Clients overall investable assets. We strive to maintain the highest standards and always put the client’s concerns before ours, which is why we employ such a thorough process.”
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Michael Rudio, or have concerns regarding your investment portfolio at LPL Financial, PKS Investments, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.