September 23, 2024 / Los Angeles, CA / National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of financial advisor Raymond Lent, following customer allegations that he sold high-risk GWG L Bonds, and a settlement with the Securities and Exchange Commision (“SEC”) related to allegations that he failed to provide accurate disclosures to customers while recommending high-commission variable annuity investments. The law firm urges all customers who suffered investment losses with Raymond Lent to contact the firm immediately at 888-997-9956.
KlaymanToskes reports that the firm is investigating financial advisor Raymond Lent, who is currently employed with Portsmouth Financial Services, and reportedly doing business as The Putney Financial Group in San Rafael, CA. The law firm has been contacted by a former customer of Lent who is seeking to recover investment losses related to unsuitable recommendations to invest in GWG L Bond investments.
According to Lent’s FINRA BrokerCheck report, he has been the subject of six customer complaints which have all been settled in favor of the investors. Five of the complaints have alleged unsuitable recommendations to invest in GWG L Bonds. Additionally, Lent and his firm recently settled charges with the SEC. The SEC found that despite available lower-cost, fee-based annuities with the same features, Putney allegedly recommended higher-commission products, leading clients to pay more than they would have with the lower-cost options.
Furthermore, Putney reportedly steered clients into more expensive money market funds tied to revenue-sharing agreements, without disclosing the existence of lower-cost alternatives. This practice reportedly created a conflict of interest that went undisclosed for several years.
Current and former customers of financial advisor Raymond Lent who suffered investment losses in GWG L Bonds, or any other investments, are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation 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.
Steven D. Toskes, Esq.
888-997-9956
investigations@klaymantoskes.com
www.klaymantoskes.com