Loren Morrison, Stifel Nicolaus Broker, Allegedly Breached Fiduciary Duty
Loren Morrison (Loren Justin Morrison CRD# 4578161) is a broker and investment advisor currently registered with Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Southfield, MI. His previous employers include Echotrade LLC (CRD# 42239) of Phoenix, AZ, and UBS Financial Services Inc. (CRD# 8174) of Birmingham, MI. He has been in the industry since 2002.
In his CRD, Morrison has three currently pending customer disputes:
- Filed on 12/2/2022, the customer alleges “violation of Michigan Uniform Securities Act and Consumer Protection Act, unsuitable recommendations, breach of contract, common law fraud, breach of fiduciary duty and negligence.” No damages listed.
- Filed on 8/19/2022, the customer alleges “negligence, breach of contract, breach of fiduciary duties, failure by respondents to know their customer and unsuitable investments.” The client requests damages of $1,843,116.64.
- Filed on 6/14/2022. The customer alleges “failure to conduct adequate due diligence prior to making a recommendation, unsuitable recommendation, negligence, excessive trading, unauthorized trading, breach of fiduciary duty, and breach of contract. No damages listed.
Morrison also has two tax liens in his CRD filed on 2/23/2023 totaling $134,496.94. No additional information is available.
What Is A “Breach Of Fiduciary Duty?”
Of the many allegations against Morrison is one we see frequently: the failure of someone to act in the best interests of another individual. This frequently comes up in the context of brokers, financial advisors and others in the financial services industry. It may also occur in the context of an executor to a deceased person’s estate.
A fiduciary duty refers to the obligation and responsibility to act in the utmost best interests of another person. The individual entrusted with this duty, within a fiduciary relationship, is known as a fiduciary.
Regular readers of our securities blog know that Morrison isn’t the first to allegedly breach that fiduciary duty and failing to act in the best interest of his clients. In these complaints, the clients allege that his actions all point to breaching his individual fiduciary duty to each of them. In one case, this led to significant financial losses.
If you believe your broker or investment advisor breached his or her fiduciary duty, we’ll be happy to discuss your account with you.
Did You Invest With Loren Morrison?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.