Articles Tagged with legal

AdobeStock_9577728-1-300x200Did you lose money with Mark Gassoso, currently associated with National Securities Corp? If so, the attorneys at Stoltmann Law Offices may be able to help you recover them on a contingency fee basis. Gassoso was accused of unsuitable investments, breach of fiduciary duty and misrepresentations, among other things. These are against securities laws and his firm, National Securities Corp may be responsible for them. Gassaso has been registered with National Securities Corp in Edison, New Jersey since November 2000. Please call our Chicago-based law firm today to find out how you can bring a legal claim against the firm for losses. We take cases on a contingency fee basis only. The call is free with no obligation.

Stoltmann Law Offices is interested in speaking with those investors who may have invested with KM Capital Management. KM Capital Management is being investigated for allegedly selling one or more of its clients promissory notes issued by Storehouse Lending LLC. These were supposed to pay 15% interest per year to the investors, with principal to be repaid within one year unless renewed. Storehouse has defaulted on at least one of these notes. Investments in promissory notes can be high risk and not suitable for all investors. If you were recommended these promissory notes by your KM Capital Management broker, please call our Chicago-based law firm at 312-332-4200 to speak to an attorney about your options of bringing a legal claim against the firm to recover your losses. We may be able to recover them on a contingency fee basis. The call to us is free with no obligation.

Jones Energy Inc (JONE) is an exploration and production company in the U.S. Mid-Continent.  Some brokers recommended this investment to their clients and didn’t disclose all the material risks of the investment including its almost exclusively concentration in oil and gas related investments.  This is a violation of the rules and regulations that govern financial advisors at brokerage firms in the US.  Please contact our investment fraud legal team to learn how these losses might be recoverable in the FINRA arbitration forum.

Seadrill Partners LLC is a limited liability company formed by Seadrill Limited (NYSE: SDRL) to own, operate and acquire offshore drilling rigs and operates as an offshore drilling contractor.  The investment currently trades on the NYSE for less than $5 a share.  Brokers at Morgan Stanley, Wells Fargo and UBS sold this investment to retail investors. If the firm didn’t disclose the full risks or failed to make a suitable, appropriate investment the losses can be recovered through the FIRNA arbitration process or class action lawsuits.  Please call our legal team in Chicago to hear about all legal options or visit www.InvestmentfraudTimes.com

 

 

We’ve been asked by clients in the last few weeks how long a FINRA arbitration claim will take for recovering investment losses in Selden Companies recommended by John Scott Elliot.  We have written on the Selden Companies investment in the past https://blog.stoltmannlaw.com/selden-companies-llc-recover-investment-losses/.  Usually FINRA arbitration claims against Ameriprise take approximately 8 to 12 months.  If a client is elderly, or retired, they can apply for “fast track” status at FINRA.  Those cases can take as little as 6 months to resolve.  If you invested in Selden Companies with John Scott Elliot, please call our investment fraud law firm in Chicago, Illinois for a no cost legal review by an attorney to see how Ameriprise can be held responsible for these losses.

On Tuesday, the House passed a bill for legislation that aims to help financial professionals reduce elder fraud by providing them safe harbor if the fraud is reported to state or Federal regulatory and law enforcement entities. The House passed the vote by voice on Tuesday. The bill specifically provides that banks, credit unions, investment advisers, broker-dealers and insurance companies and certain supervisory, compliance and legal employees would be protected from civil or administrative liability as long as these employees received training in how to spot and report predatory activity and disclose any possible exploitation of senior citizens to state or Federal regulatory law enforcement. The bill was introduced last year by Senator Susan Collins (R-Maine), and Senator Claire McCaskill (D-Missouri). They are the chairman and ranking minority member, respectively, of the Senate Special Committee on Aging. It is based on legislation enacted in Maine. The bill has the support of the National Association of Insurance and Financial Advisers (NAIFA), the Insured Retirement Institute (IRI), SIFMA and the North American Securities Administrator Association (NASAA). A 2011 study by MetLife found that seniors lose an estimated $2.9 billion each year to financial fraud.

We’ve been asked by clients in the last few weeks how long a FINRA arbitration claim will take for recovering investment losses in Selden Companies recommended by John Scott Elliot.  We have written on the Selden Companies investment in the past (see here for more information).  Usually FINRA arbitration claims against Ameriprise take approximately 8 to 12 months.  If a client is elderly, or retired, they can apply for “fast track” status at FINRA.  Those cases can take as little as 6 months to resolve.  If you invested in Selden Companies with John Scott Elliot, please call our investment fraud law firm in Chicago, Illinois for a no cost legal review by an attorney to see how Ameriprise can be held responsible for these losses.

Stoltmann Law Offices continues to investigate investor-related losses in oil and gas and commodities related investments. Investors may have legal options for these unsuitable investments if they were recommended by a broker. Your broker has a duty to recommend only suitable investments, by taking into account your age, net worth and investment objectives, among other things. Stoltmann Law Offices has been tracking investments in a number of leveraged master limited partnerships (MLPs). Among those being investigated is Neuberger Berman MLP Income Fund (NYSEMKT:NML) with $1 billion in assets. Over the past year, the fund has lost 60%.

In the past year alone, investors have lost $20 billion in publicly traded master limited partnerships and publicly traded oil funds. But big banks such as Citigroup, Barclays and Wells Fargo have made an estimated $1.1 billion in fees for selling these products. Brokers make large commission off of these products as well. MLPs may not be suitable for all investors, and investors can sustain losses. Please call us today for a free consultation with one of our attorneys.

We are currently suing brokerage firms who recommended the Cushing Royalty Income. Full service brokers sold this fund as an appropriate/suitable investment for retired, conservative and elderly clients who were seeking conservative income. In reality, the Fund was a non-diversified, leveraged sector fund that exposed unsuspecting investors to far greater risk than anticipated.  The recommendation of this Fund was unsuitable for many elderly, retired or conservative investors. We’ve been asked by clients how long a FINRA arbitration claim will take to recover these losses.  The simple answer is approximately 12 months.  This is the average lenght of time an action to recover these losses will take.  If the investor is 65 year old or older, “fast tracked” status can be applied for and its possible it could take less time.  To learn about all legal options for recovering Cushing Royalty and Income Fund (SRF) losses, please call our investment fraud law firm in Chicago, Illinois at 312.332.4200 or visit  http://cushingroyaltyfundlawsuits.com/.

The Financial Industry Regulatory Authority (FINRA) is seeking a significant fine from MetLife Inc.’s broker-dealer unit, because of their probe into possible violations in connection with variable annuities. MetLife allegedly violated securities rules including misrepresentations, suitability and supervision in connection with the sales and replacements of variable annuities and certain riders to those annuities. FINRA said it would recommend disciplinary action, according to a filing on September 25th. MetLife claims its legal costs in reserve was as much as $425 million this year.

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