Failure to Supervise
A failure to supervise claim is brought against the broker’s manager and/or employer. Investment firms and their managers have a duty to supervise those who personally deal with investors. The rationale for this duty stems from the fact that the firm and any advisor or broker that it employs benefit directly from the activities of the representative, and that the customer relies on his or her representative for investment advice. The duty of supervision includes the responsibility to prevent and detect violations of securities laws and regulations by a customer’s broker, and to establish, maintain and enforce procedures to fulfill this responsibility. This claim may be brought even when the offending broker is no longer with the firm.
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