Wednesday, April 17, 2019 9:53:27 AM
Here is fiduciary duties basics.
https://www.thebalance.com/the-fiduciary-duty-for-investors-357219
“This is not to be taken lightly because, under the American legal system, a fiduciary duty is the highest duty owed to another person. It requires the fiduciary (the person with the obligation) to put the interest of the principal (the person to whom they owe the fiduciary duty) above their own.
This requirement to act in their best interest includes disclosing any conflicts of interest that may arise so they can be known ahead of time, leveling the playing field. Breaching the fiduciary duty can result in draconian punishments, including being barred from employment in certain fields, being banned from working with certain types of securities, being forced to pay significant civil and criminal penalties, the loss of employment, and, in some cases, felony conviction with accompanying jail time.
To put it bluntly the fiduciary duty has teeth.”
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