Are people sued for giving bad financial advice?

Specifically advice between friends, not advice from licensed advisers.Are people sued for giving bad financial advice?
no. if you were representing yourself as an absolute authority, or charging for your services and then giving illegal advice, then you might be found criminally negligent. but if it's just some advice from a friend, there is no expectation of quality.





so, are people sued for giving bad advice to a friend? yes, maybe. are they found liable? not in a million years.Are people sued for giving bad financial advice?
They can try to sue.....but they won't win the case. It's 'your own fault for following advice of non professional and not doing your own research to verify validity of advice' type of a thing. Basically, common sense.
Nope. Anyone who follows advice given by a non-professional friend deserves exactly what they get.