South Florida Financial Advisor Faces Investor Complaint for Breach of Fiduciary Duty, Negligence

Peter Lewis Goffin (CRD#: 1617710) is an actively registered broker and investment advisor. Since October of 2003, this financial advisor has been an associate of Newbridge Securities — based out of a branch office in Boca Raton, FL. Records from the Financial Industry Regulatory Authority (FINRA) indicate that Mr. Goffin holds securities licenses in 16 U.S. states, including in Florida.

FINRA Arbitration Claim: Peter Goffin of Newbridge Securities 

Recently, a customer filed a complaint against financial advisor Peter L. Goffin alleging illegitimate investment losses. Among other things, the investor argues that Mr. Goffin should be held liable for breach of fiduciary duty and broker negligence. In the FINRA arbitration claim, the customer is seeking compensation for $150,000 in financial damages.

As of June of 2019, this complaint has not yet been resolved, it is listed as ‘pending’ by FINRA. It is worth noting that Newbridge Securities representative Mr. Goffin has offered a response to the claim: he denies the allegations against him and states that he plans to defend the case.

What You Need to Know About Financial Advisors and Fiduciary Duties  

A fiduciary duty is the highest standard of care under American law. A fiduciary has a legal responsibility to look out for the best interests of the party that they are representing. This means putting their clients’ best interests ahead of their own best interests. However, there is a considerable amount of confusion regarding financial advisors and fiduciary duties. Many investors are not aware of the fact that some, but not all, financial advisors are fiduciaries. While registered investment advisors (RIAs) have fiduciary obligations to their clients, brokers (stockbrokers) do not.

If your financial advisor is a fiduciary, they have a legal duty to put your best interests first. If a financial advisor with a fiduciary fails to live up to that obligation, then they can be held responsible for any resulting financial damage suffered by the client. In contrast, a broker is regulated primarily by FINRA’s suitability rule. Brokers must give investment guidance that is reasonably suitable for their clients. Put another way, a broker does not necessarily have to ensure that investment advice or investment recommendations are always in your best interests — instead, they simply must give guidance this is reasonably appropriate given your objectives, experience, and level of risk tolerance. The bottom line: you need to have a solid understanding of your relationship with your financial advisor.

Get Help From Our Miami-Dade County Breach of Fiduciary Duty Lawyers Today

At ​Carlson & Associates, P.A., our Miami breach of fiduciary duty lawyers have the skills and legal experience needed to handle the full range of breach of fiduciary duty claims. If your financial advisor failed to follow their legal obligations, we are available to help. To arrange a fully confidential initial consultation, please call our Miami law office today. We serve investors in communities throughout Florida.

Resource:

brokercheck.finra.org/individual/summary/1617710