A Fool and His Money Are Soon Parted--but Only the Money Is Gone, the Fool Remains and This Time He's Suing

Stocks Go Down, Complaints Go Up Investors Increasingly Aim Anger at Advisers, Brokers By Elizabeth Razzi Special to The Washington Post Sunday, May 10, 2009 A lot of investors are blistering mad, not only about the sorry state of their portfolios but also about the investment advice they got on the way down. Their discontent drives a search for scapegoats -- someone to blame for lost wealth. But it goes even deeper: Many investors are finding grounds to formally accuse their brokers and dealers of bad behavior. The backlash against the investment professionals is so sharp that in recognition of public outrage, the financial planning industry is asking Congress to create a national organization to regulate its ranks. . . . The top complaint is breach of fiduciary duty, which requires a representative to act in the best interests of a client, with 946 cases filed through March. That's followed by 758 cases of alleged misrepresentation and 631 cases claiming negligence. She (Linda Fienb…