Last Updated: January 2024 (Bingham Telegraph, MI)
Lance Vainik Investigation Summary
Here’s what you need to know about Bingham Farms, MI, stockbroker Lance Vainik:
- Name: Mr. Lance Kevin Vainik
- Current Employer: Raymond James Financial Services
- DBA: Viking Financial Group
- Previous Firms: Robert Thomas Securities
- Function: Stock Broker/ Financial Advisor
- Aliases: Lance Vainik
- Primary Location: Bigham Farms, MI
- CRD 1708526
- Can Lance Vainik be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Customer made a claim for losses that was denied by firm: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Lance Vainik As Your Stockbroker?
In 12/2023 a customer of Raymond James alleged that Lance Vainik placed them in unsuitable investments from 2013-2023. The firm “denied” the customers claim and at the time of this writing it does not appear that the customer has pursued the matter any further. See below for our recommendation should you have had a similar experience.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
See this for more information on REITs and Other Alternative Investments
Allegations of Broker Misconduct Against Lance Vainik
A customer of Lance Vainik havs alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Has Your Brokerage Firm “Denied” Your Claim for Damages Due to Stockbroker Malpractice?
It is quite common (and predictable as well) for brokerage firms to deny a customer’s complaint made directly to the company. Firms know that in many, if not most, instances telling the customer “we don’t think it’s our fault” will be the end to the problem.
Firms seldom, if ever, offer adequate resolution when a customer deals directly with the the brokerage firm. In the unlikely event the firm does discuss actually agree to discuss settlement , the firm will generally attempt to have you settle your case for a fraction of what it is actually worth.
If you think there is a problem with the way your account has been handled, or if you have had your claim “denied”, talk to an experienced securities attorney to learn your rights and to learn what the true value of your claim may be.
We do not charge to evaluate a case.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Lance Vainik, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
