The Green Firm recently filed a Statement of Claim through the FINRA arbitration process on behalf of our clients for losses in excess of $100,000 due to the alleged mismanagement of their account by Wells Fargo and its financial advisor. The broker and Wells Fargo allegedly misused long-term investment products like mutual funds for ultra-short term investing; and ultra-short term investment products like non-traditional ETFs for long-term investing.
Client Lost More Than $500K On Unsuitable, High Risk Securities
The Green Firm recently filed a Statement of Claim through the FINRA Arbitration Process on behalf of clients who lost more than $500K due to the alleged mismanagement of their accounts by their broker and LPL Financial. Our conservative clients' portfolio was allegedly overconcentrated in high-risk mutual funds; their risk was magnified by the addition of other high-risk and/or illiquid investments including REITs and an exotic private placement deal.
Broker Fails to Warn Client About Lack of Diversification
The Green Firm recently filed a Statement of Claim for compensatory damages against Morgan Stanley Smith Barney, the supervising brokerage firm of a broker who allegedly ignored our client’s overexposure to instability in the equities market by allowing her to keep all of her life-savings in Wachovia bank stock that crashed in 2008. Not only did the broker allegedly fail to warn our client about her lack of diversification, but when the stock crashed, he allegedly ignored his own company’s continual ratings downgrades of the stock. Our client was forced to alert the broker to the tremendous losses in her account, rather than vice versa!