National investment loss lawyers KlaymanToskes is investigating Ross Hoffman (CRD# 803445) of Hoffman & Associates following the filing of a customer complaint alleging $637,000 in investor damages due to unsuitable investment recommendations in a Pacific Life Indexed Universal Life insurance policy.
According to FINRA BrokerCheck, Ross Hoffman is currently registered as a broker/investment advisor with Fortune Financial Services, Inc., doing business as Hoffman & Associates in Ventura, CA.
Investors that suffered losses with Ross Hoffman may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman for a free consultation at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we obtain a financial recovery for you.
According to FINRA BrokerCheck, Ross Floyd Hoffman has three public disclosures including one pending customer complaint disclosed. Hoffman’s customer alleges he recommended a new Pacific Life Indexed Universal Life insurance policy that was not suitable. The customer alleges $637,000 in damages and that the premium financing recommended was not suitable, along with excessive loan payments.
Hoffman was previously discharged from M Holdings Securities Inc. as a result of allegations that he engaged in unapproved private securities transactions involving a variable universal life policy. In addition, the disclosure states that “M securities detected that Mr. Hoffman was engaging in what appeared to be a potential selling away transaction.”
“Selling away” in private securities transactions occurs when a broker or investment advisor engages in selling an investment to a firm customer that is not offered by the executing brokerage firm, and without the approval of the brokerage firm. When brokers and financial advisors choose to offer their customers securities that are unapproved by their firm, they may be subject to FINRA Arbitration claims and/or FINRA sanctions.
Brokerage firms and their brokers/financial advisors have a fiduciary responsibility to provide their customers with suitable investment advice that is in the customers’ best interest which meets their investment needs/goals. Investors that have suffered losses as a result of their advisor’s violations of securities rules may hold their brokerage firm and financial professional liable through a FINRA arbitration claim.
Firms and their registered representatives may be liable for a breach of fiduciary duty and/or failure to supervise in the event of non-compliance with the securities industry standards of care for the handling of customer accounts. Investors can learn more about securities violations by visiting our account activity violations and account related violations pages.
Contact KlaymanToskes today at (888) 997-9956 or lawrence@klaymantoskes.com to learn more about the FINRA arbitration process and to discuss recovery options. Consultations are free and we offer legal services on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com