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Dharmi is an excellent securities lawyer who understands the law as it pertains to these cases. She is extremely proactive and represents her clients well. I highly recommend Jacko and Dharmi.
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Danielle Martin
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I’ve had the privilege of working closely with this firm in my role as Chief Compliance Officer and I can confidently say they are an exceptional compliance partner. Their depth of experience is immediately evidentand they bring a level of practical knowledge. What I truly enjoy is their ability to translate complex regulatory requirements into plain English, often using real, everyday examples that make implementation far more manageable. They are also incredibly responsive and reliable. In a field where timing matters, their prompt communication and thoughtful guidance have been invaluable. If you’re looking for a compliance attorney who combines expertise, clarity, and professionalism, I highly recommend them.
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Curt Rocca
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Michelle and the team at Jacko Law Group have helped guide through a variety of critical circumstances as we ventured through the uncharted and unfamiliar territory of becoming and successfully operating as an RIA. I have particularly appreciated Michelle's personal involvement and genuine caring about us and our organization. She has been responsive and her counsel has been consistently on-point and helpful. She artfully guided us through our initial filing process and first SEC exam process - which went very well. Very grateful to Michelle and her team.
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Nicholas Di Paolo
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Michelle and her team were excellent to work with, front to back. They helped me to understand the challenges ahead and were always proactive in their consultation through every step of my transition. JLG truly know the wealth management industry very well and did a great job of understanding the challenges unique to my business. Without them, I can confidently say I would not have felt as comfortable through the transition as I did. Fortunately, that's not something that stops there - Michelle and her team have kept in touch to ensure that I'm on top of certain administrative issues, trends, and simply showing me that they care about my business and success. I look forward to continuing to work with them for many years to come.
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Margery Neis
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Dharmi Mehta was extremely helpful when my business partner and I transitioned to a new RIA firm. She and her staff were all very professional. Her guidance during our transition was invaluable. I highly recommend Dharmi and Jacko Law Group.
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Joseph Burwell
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Dharmi and Amandeep were a delight to work with. They assisted me with a claim and stuck with me the entire way through. Dharmi's advice was invaluable, and I was most impressed by her clear and professional communication. From beginning-to-end, both Dharmi and Amandeep kept me well informed. Their entire team are proud of their work and rightfully so. Thank you!
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Faruk Jaffer
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My mentor once told me that a good attorney is worth their weight in gold — and that couldn't be more true of Michelle and Amanda. Their expertise, professionalism, and responsiveness were top notch every step of the way. It's rare to find legal partners who are not only sharp and thorough, but also genuinely invested in your success. I’m grateful for their guidance and highly recommend them to anyone seeking trusted legal counsel.
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everistus etafo
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It is my great Privilege to share my Review of what Atty Dharmi Mehta of Jacko Law Group did for me and by extension for my family. From the first time complimentary conversation we had having spoken to several other Lawyers ,l knew she was the right person for the Job .Because of her background as a former RR ,she was professional,kind, Empathetic,listened and was focused on fighting for me. From a potential of been terminated with cause ,l was able to walk away with a clean U5 with a validation that l did nothing wrong except what was in the best Interest of my clients. I hope nobody ever has to go through what l have Experienced, but if you do ,you want Dharmi Mehta beside you .Rest assured your service Deserve 10 stars but this forum only allows 5. Me and my family are forever grateful and will make sure that any RR who needs an advocate will know about you . Everistus Etafo
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Karen Althaus
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I have worked with Jacko Law Group for 2 different business situations that necessitated an attorney. In both cases, the team was very thorough & competent. Their attention to our situation and the extra effort they put into our case(s) was very much appreciated. I would highly recommend Jacko Law Group!
One of the more complicated aspects of fiduciary responsibility rests with a firm's ability to adequately identify and disclose potential conflicts of interest. What may not appear to be a conflict can nevertheless violate securities laws whether it be a material misstatement or omissions in reports filed with the Securities and Exchange Commission (SEC).
In June, the SEC charged Fieldstone Financial Management Group LLC and its principal Kristofor R. Behn, of Foxboro, Mass., with defrauding retail investment advisory clients by failing to disclose inherent conflicts of interest.
The conflicts were related to Fieldstone's recommendations to invest in securities issued by affiliates of Oregon-based Aequitas Management LLC. The SEC also charged Behn with fraudulently misusing approximately $500,000 of one investor's funds to pay personal expenses. Read the entire SEC press release here.
The Violations
The SEC found that the above described conduct violated:
Sections 206(1) and 206(2) of the Advisers Act, which prohibit fraudulent conduct by an investment adviser.
Section 17(a)(2) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder, which prohibit fraudulent conduct in the offer or sale of securities and in connection with the purchase or sale of securities.
Section 207 of the Advisers Act which makes it "unlawful for any person willfully to make any untrue statement of a material fact in any registration application or report filed with the Commission . . . or willfully to omit to state in any such application or report any material fact which is required to be stated therein."
When Competing Interests Collide
Investment advisors are responsible for the success of their business. They also have a fiduciary duty to put the interests of their clients first. These separate loyalties often create areas where interests compete and conflicts arise.
Not all conflicts of interest are easy to detect or clearly define. But the mere perception of a conflict of interest can imperil an advisor's reputation and have serious effects. As an example, clients who allege harm by a conflict of interest can bring lawsuits.
It's important to recognize and consider the many situations in which conflicts of interest can occur. While early detection of an apparent conflict can mitigate potential harm, knowledge of what can create conflicts, the implementation of related policies, and an ongoing commitment to supervise and enforce those policies are the best preventatives.
Common Areas of Conflict
Here are a few of the related pitfalls investment advisors must safeguard against in terms of potential conflict of interest:
Self-dealing occurs when an advisor has outside conflicting interests and acts in their own interest rather than the best interest of their client. It arises when someone in a position of trust violates that trust. An example would be advising a client to invest in financial products that are too expensive or unsuitable to earn a bigger commission.
All trading activity by employees in their personal accounts should require pre-approval. This prevents the perception that employees have traded in their personal accounts based on their knowledge of client trading. Pre-approval also eliminates the possibility of employee insider trading based on public non-material information.
Client favoritism is a conflict of interest that manifests in a variety of ways. Some of the biggest problem areas are giving incentives, additional services, or fee discounts to clients with higher assets under management. A notable exception is when a mutual fund offers breakpoints in the form of a reduction in front-end sales charges for larger investments.
A major area of concern is the potential for investment advisors to favor certain clients or service providers by providing excessive gifts or entertainment. Best practices to prevent these inherent conflicts of interest and implementing policies that provide for specific limits and requiring pre-approval on all related expenses.
Let Our Knowledge and Experience Work for You
Jacko Law Group has worked with investment advisers to identify, eliminate, and mitigate conflicts of interest. If it's time to file the annual update of your firm's Form ADV Part 2A, we can assist in the review of disclosures to assess whether they provide enough transparency and information about the circumstances surrounding conflicts of interest and how they are handled.
For more information, contact one of our attorneys here.
Jacko Law Group provides tailored legal services and effective strategies for success, delivering exemplary solutions to complex legal and regulatory challenges to ensure that both business efforts and compliance obligations are satisfied.
