Texas Fiduciary Rule Lawyer Represents People That Have Lost Retirement Funds by Texas Fiduciary Rule Lawyer and Texas Lost Retirement Lawyer

Texas Fiduciary Rule Lawyer Represents People That Have Lost Retirement Funds Through Financial Advisors, Brokers, and Other Financial Professionals Who Have Committed Fraud or Violated Their Fiduciary Duty by Texas Fiduciary Rule Lawyer and Texas Lost Retirement Lawyer Jason S. Coomer

The Department of Labor (DOL) Fiduciary Rule is a new ruling, originally scheduled to be phased in from April 10, 2017 to Jan. 1, 2018, but now delayed until June 9, 2017 including a transition period for the applicability of certain exemptions to the rule extending through Jan. 1, 2018.   The rule expands the investment advice fiduciary definition under the Employee Retirement Income Security Act of 1974 (ERISA). If this sweeping legislation (1,023 pages in length) is not stopped outright, it will automatically elevate all financial professionals who work with retirement plans or provide retirement planning advice to the level of a fiduciary, bound legally and ethically to meet the standards of that status. While the new rules are likely to have at least some impact on all financial advisors, it is expected that those who work on commission, such as brokers and insurance agents, will be impacted the most.

This Fiduciary Rule is designed to protect investors from financial advisors, brokers, and other financial professionals who are looking out for their own interests over the interests of their clients.  If you have lost your retirement funds, life savings, or a large amount of money through misappropriation of funds by a financial professional including broker fraud, broker negligence, careless investment advice, deceptive investment advice, inadequate risk warnings, churning, or other unethical broker wrongful acts, it is important to understand your potential options of recovery and investigate if fraud, breach of fiduciary duty, or negligence has occurred.  For more information on this topic, please go to the following web page: Texas Fiduciary Rule Lawyer and Texas Lost Retirement Fund Lawyer.

Texas Courts Have Already Ruled for the Department of Labor Regarding The Fiduciary Rule 

A Texas federal trial court has already ruled in favor of the Labor Department's Fiduciary Rule and this Fiduciary Rule is likely to become the law in Texas as well as throughout the United States.  In the Texas case, the Texas court found that in "the Employee Retirement Income Security Act, Congress did speak clearly, and assigned the DOL the power to regulate a significant portion of the American economy, which the DOL has done since the statute was enacted."  In other words, the Texas Court has ruled that Congress gave the DOL broad discretion to use its expertise and to weigh policy concerns when deciding how best to protect retirement investors from conflicted transactions.  In this case, the DOL has decided to protect retirement investors from financial professionals who are putting their own interests before their investors.

In addition to the Fiduciary Rule, the SEC has set up Whistleblower Bounty Actions to protect investors from securities and investment fraud.  Below is an explanation of these rules.

SEC Whistleblower Bounty Actions Are Designed to Encourage Persons With Knowledge of Investment Fraud and Significant SEC Violations To Confidentially Expose Fraud By Offering Large Financial Rewards For People That Are The Original Source of Information That Expose The Fraud

SEC Fraud Whistleblower Lawsuits or SEC Bounty Actions are a product of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  These laws were designed to create bounties that can be collected by whistleblowers that properly report SEC violations, financial fraud, securities fraud, commodities fraud, and stimulus fraud that result in monetary sanctions over one million dollars ($1,000,000.00).  The SEC can award the whistleblower up to 30% of the money collected.

Persons that report this fraud through an attorney can remain anonymous and still collect a large reward through their attorney.  By creating anonymous whistleblower bounties, the SEC expects investors and people with specific information of fraud to expose hard to detect fraud and to help regulate the financial market and prevent large investment corporations, banks, hedge funds, and other large corporations from committing financial fraud of billions of dollars.  For more information, please feel free to contact Bounty Action Lawyer Jason S. Coomer or go to the following web page, SEC Bounty Action Lawsuits.