Daniel Lundquist Allegedly Breached Fiduciary Duty
Daniel Lundquist (CRD #: 2784929), a broker registered with Ausdal Financial Partners, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 16, 2023. Keep reading if you have questions about this dispute.
On September 6, 2023, an investor alleged that Daniel Lundquist breached his fiduciary duty and engaged in negligent misrepresentation. They further alleged a violation of Regulation Best Interest. The investor is seeking $50,000.
Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.)
Negligence can take many forms, including misrepresentation. FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.
Daniel Lundquist has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is a registered broker in 18 states and is a registered investment adviser in Illinois and New York.
During his 27 years of experience, he has registered with nine firms:
- Ausdal Financial Partners (CRD #: 7995)
- LPL Financial (CRD #: 6413)
- Independent Financial Partners (CRD #: 125112)
- Sheridan Road Advisors (CRD #: 136198)
- NRP Advisors (CRD #: 141430)
- NRP Financial (CRD #: 103717)
- AXA Advisors (CRD #: 6627)
- The Equitable Life Assurance Society of the United States (CRD #: 4039)
- CitiCorp Investment (CRD #: 23988)
Kurta Law Can Help
If you worked with Daniel Lundquist and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.