Articles Tagged with Misrepresentation

Chicago-based Stoltmann Law Offices has represented investors who’ve suffered losses from dealing with RBC brokers who have oversold energy stocks and other energy-related investments. Although these days energy stocks are among the worst investments to own – the pandemic and oil & gas glut have severely depressed demand — prior to this year brokers had been aggressively pitching petroleum-producing companies. Brokers who aggressively sold energy stocks knew how volatile the energy sector has become, yet filled investors’ portfolios with oil and gas issues. Thousands of investors have legitimate claims against their advisors for overselling unsuitable investments.

Companies that once were opening drilling operations at a breakneck pace are facing bankruptcy as the slump in the industry worsens. Investors who bought individual energy stocks, exchange-traded or mutual funds are feeling the pain.Most recently, investors filed claims against RBC brokers Joseph Ijong Chu and Christopher Lawrence Phillips, who worked at the firm’s Stamford, Connecticut, office. The brokers face investor claims of more than $2 million for reportedly selling “unsuitable investments in oil-producing and industrial metals & materials stocks leading to an over-concentration in those sectors.”

One claim against Chu alleges the broker sold $1.6 million in energy investments to a client between Sept. 18, 2018, through Jan. 20, 2020. The complaint states that the stocks not only declined in value, but were “outside their [customers’] investment objectives.” A separate, $500,000 claim against Chu, filed in July, 2020, alleged he “misrepresented the risk of allocation in energy and material sectors investments and over concentrated the Claimant’s accounts in highly volatile investments.”

AdobeStock_194438920-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Westport Capital Markets broker Emil Skyba violated securities laws. Skyba was barred from the industry because he failed to respond to an investigation against him. This results in an automatic bar. According to his online, FINRA BrokerCheck report, Emil Skyba was previously registered with Paine, Webber, Jackson & Curtis, Hornblower & Weeks, Shearson Hayden Stone, Lehman Brothers, UBS, and Westport Capital Markets in Westport, Connecticut from February 2015 until September 2017. He has four customer disputes against him and one regulatory matter. They allege unsuitable investments, unsuitable trading, excessive margin trading, misrepresentation, and other things. He is not currently registered as a broker. Please call our Chicago-based securities law firm today to find out how you may be able to sue Westport Capital Markets on a contingency fee basis for Emil Skyba losses.

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