Our securities fraud lawyers at Shepherd Smith Edwards and Kantas, LLP recently filed a number of securities fraud cases against three broker-dealers and their representatives on behalf of investors. If you are a client of Merrill Lynch, Pierce, Fenner, & Smith, First Allied Securities, Inc., or Purshe Kaplan Sterling Investments and you feel that you too may have suffered losses because of broker misconduct, please contact our stockbroker law firm right away and ask for your free case evaluation.
Our securities fraud lawsuit against Merrill Lynch, Pierce, Fenner, & Smith involve allegations of overconcentration against David Zeng. The broker allegedly over-concentrated client accounts to the point that they only held a few stocks that didn’t represent very many market sectors (precious metal mining, pharmaceuticals, casinos, and online media). Many were foreign stocks from Canada and China. Shares included Focus Media Holding Ltd. (FMCN), Goldcorp Inc. (GG), MGM Resorts International (MGM), Silver Wheaton Corp. (SLW), Delcath Systems, Inc. (DCTH), Teck Resources LTD (TCK), and Sina Corp. (SINA).
Our investment over-concentration lawyers believe that there are other Merrill Lynch investors that may have lost money on their investments because of Zeng.
Shepherd Smith Edwards and Kantas is also pursuing an elder financial fraud case against First Allied Securities, Inc. The investor, a 64-year-old retiree, lost his retirement, which he’d entrusted to the financial firm and investment advisor Sean Agahi. The client’s money was allegedly inappropriately invested in non-traditional securities that were way too risky for his age and the fact that he was retired.
Per the allegations, Agahi primarily chose to invest this retiree’s money primarily in placement Real Estate Investment Trusts (“REITs”) and limited partnerships that were not suitable for this client. (REITs pay higher commissions than bonds, stocks, and mutual funds)
Unfortunately, there are retirees and other elderly seniors in this country who continue to suffer losses on their investments because a broker allegedly decided not to make the investor’s best interests the priority. Our elder financial fraud lawyers would be happy to help you explore your legal options against First Allied Securities, Agahi, or another broker.
Our REIT fraud lawyers are also seeking financial recovery for more than 20 clients of Purshe Kaplan Sterling Investments and two of their brokers. The investors blame the defendants’ for the huge losses sustained by their retirement savings.
Per their securities fraud allegations, longtime clients of an investment advisory company were persuaded by William Leitch and Corey Casilio to go with them after they decided to leave the financial firm in 2011. The investors contend that misrepresentation occurred because they did not realize that this meant they would no longer be working with financial firm. Rather than availing of their original investment advisory company’s recommendations, the investors allegedly sustained huge losses because of the many unsuitable investment recommendations made by Casilio and Leitch.
For example, some of their money was placed in private placements in REITs,” which they claim were misrepresented as bond or fixed income equivalents. Many of these REITs failed to meet the clients’ investment goals, risk tolerance levels, or time horizons.
If you believe that your broker or investment advisor failed to meet their legal obligations to you—the investor—and that this may have caused you to sustain financial losses, please contact one of our securities fraud lawyers at Shepherd Smith Edwards and Kantas, LTD, LLP today.
More Blog Posts:
David Lerner & Associates Ignored Suitability of REITs When Recommending to Investors, Claims FINRA, Stockbroker Fraud Blog, June 8, 2011
KBS Cap Markets Non-Traded REITs May Be Too Risky for Some Retail Investors, Stockbroker Fraud Blog, January 29, 2012
SEC Changes to Enforcement Have Led to Enhanced Results, Says Khuzami, Institutional Investor Securities Blog, May 4, 2012