According to FINRA, Phil Donahue was fined $2,500 and suspended for 30 days for recommending that retired customers invest 90% of their account in a single energy-sector mutual fund. The non-diversified fund invested substantially in energy companies, subjecting the customers to substantial risk. Four years later, the fund decreased by over 50%. After transferring to another broker-dealer, customers sold and realized a substantial loss. The recommendation was unsuitable for retired customers in their sixties. Concentrated sector positions create excessive risk. Investors should maintain diversification across sectors and asset classes.