John Lemak Allegedly Violated His Fiduciary Duties

John Lemak (CRD #: 845891), a broker registered with Axiom Capital Management, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on September 20, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On July 29, 2024, an investor alleged that John Lemak breached his fiduciary duty. The investor further alleged he engaged in negligence and violated securities laws and FINRA rules. 

The investor is seeking $475,000. 

Fiduciary Duties

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

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Investors who believe their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information 

John Lemak has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 79TO Investment Banking Registered Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 3 National Commodity Futures Examination 
• Series 7 General Securities Representative Examination

He is a registered broker in nine states and is a registered investment adviser in Texas. 

During his 46 years of experience, John Lemak has registered with seven firms: 

• Axiom Capital Management (CRD #: 26580) 
• Sandor Advisors (CRD #: 121031) 
• WFG Advisors (CRD #: 125073) 
• WFG Investments (CRD #: 22704) 
• Morgan Keegan & Company (CRD #: 4161) 
• Kidder, Peabody & Co. (CRD #: 7613) 
• Kidder, Peabody & Co. (CRD #: 488) 

Kurta Law Can Help 

If you worked with John Lemak and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.