Legal Question in Business Law in Florida
Is it illegal to state you have a PHD in Finance when you have none at all. This person also works at a law firm and on their website and his business cards he has PHD. He gives financial advice. Sells annuities, etc. The attorneys at the practice do not know that the PHD does not exist.
2 Answers from Attorneys
Depending on the nature of the use of the alleged Ph.D., the damage caused by such misrepresentation, advertising claims of the individual, any related disclaimers employed by the individual, and other factors, the individual claiming to have a Ph. D. could be liable for damages caused by such misrepresentation, including investment decisions, business decisions, etc. Such misrepresentation can be an element of fraud which is a criminal law violation. Any firm employing such individual could also be liable for negligence because of an apparent failure to verify credentials. If the individual claims to have state-issued professional certificates such as C.F.A., C.P.A., or other licenses, the person could be guilty of violating state licensing law. This counsel is based on the described situation. In fact, it is difficult to comprehend how such situations could exist for any significant period.
As a Franchise Attorney I agree with the other attorney answer and only add the following. The attorneys at the firm in question should be told about, or at least recommended to investigate the alleged Ph.D. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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