NOTICE TO CLIENTS OF KEVIN MCCALLUM WITH LPL FINANCIAL: Klayman & Toskes, P.A. Commences Investigation of Former LPL Broker Kevin McCallum in Light of FINRA Suspension

NOTICE TO CLIENTS OF KEVIN MCCALLUM WITH LPL FINANCIAL: Klayman & Toskes, P.A. Commences Investigation of Former LPL Broker Kevin McCallum in Light of FINRA Suspension

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation in light of the recent Letter of Acceptance, Waiver and Consent (No. 2019062569501) submitted by Kevin McCallum (“McCallum”) to FINRA, who worked at LPL Financial (“LPL”) from May 2012 to July 2019. McCallum was also with Cadence Bank during the same time period in Birmingham, Alabama. According to FINRA, from May 2017 through June 2017, McCallum made unsuitable recommendations to 12 customers, resulting in their overconcentration in a high-risk, publicly traded business development company. During the same time period, McCallum sent emails to certain customers about the business development…

BDC INVESTOR ALERT: KlaymanToskes Investigates Investor Losses in Response to Medley Capital  Bankruptcy Filing Attributed to Portfolio Loan Losses Related to the COVID Pandemic

BDC INVESTOR ALERT: KlaymanToskes Investigates Investor Losses in Response to Medley Capital Bankruptcy Filing Attributed to Portfolio Loan Losses Related to the COVID Pandemic

KlaymanToskes (“KT”), announces their investigation on behalf of investors into Business Development Companies (“BDCs”), Medley Capital and Sierra Income Corp.  On March 7, 2021, Medley Capital Corp. (NYSE: MCC), a direct subsidiary of Medley Management Inc. (NYSE: MDLY), filed for Bankruptcy Protection in the U.S. Bankruptcy Court for the District of Delaware (Case: 21-10526-KBO).  Medley Management Inc., is an “alternative asset management firm offering yield solutions to retail and institutional investors” that manages Medley Capital and Sierra Income Corp., a non-traded BDC. Business Development Companies invest in loans made to non-public companies that do not have access to the traditional…

BDC INVESTOR ALERT: Medley Capital Corp Files for Bankruptcy Protection in the Wake of Portfolio Loan Losses Attributed to the COVID Pandemic

BDC INVESTOR ALERT: Medley Capital Corp Files for Bankruptcy Protection in the Wake of Portfolio Loan Losses Attributed to the COVID Pandemic

On March 7, 2021, Medley Capital Corp. (NYSE: MCC), a direct subsidiary of Medley Management Inc. (NYSE: MDLY), filed for Bankruptcy Protection from creditors – mostly investors.  Medley Management Inc., is an “alternative asset management firm offering yield solutions to retail and institutional investors” through two Business Development Companies (“BDCs”), Medley Capital and Sierra Income Corp., a non-traded BDC. Medley Capital Corp and Sierra Income Corp, invested in non-public companies, under the direction and advice of Medley Management’s affiliate SIC Advisors, LLC.  The two BDCs made loans to non-public companies that did not have access to the traditional publicly traded…

FSKR INVESTOR ALERT: KlaymanToskes Continues Investigation into Full-Service Brokerage Firms for Recommended Investments in Excess of $250,000 in Franklin Square KKR Capital II Fund Predecessors Prior to the IPO

FSKR INVESTOR ALERT: KlaymanToskes Continues Investigation into Full-Service Brokerage Firms for Recommended Investments in Excess of $250,000 in Franklin Square KKR Capital II Fund Predecessors Prior to the IPO

New York–(BUSINESS WIRE)–National investment fraud law firm, KlaymanToskes (“KT”), continues its investigation into full-service brokerage firms for the unsuitable recommendations to purchase non-traded Business Development Companies (“BDCs”) including:  FS Investment Corp II (“FSIC II”), FS Investment Corp III (“FSIC III”), FS Investment Corp IV (“FSIC IV”), and Corporate Capital Trust (“CCTII”).  These four BDCs merged into the Franklin Square KKR Capital II Fund (NYSE:FSKR) on December 18, 2019.   On June 17, 2020, FSKR announced the listing on the NYSE.  These investments, and other non-traded BDCs, may have been marketed and sold to investors who were risk averse, such as retirees…

FSKR INVESTOR ALERT: KlaymanToskes Investigates Full-Service Brokerage Firms for Unsuitable Investment Recommendations Regarding Franklin Square KKR Capital II Fund

FSKR INVESTOR ALERT: KlaymanToskes Investigates Full-Service Brokerage Firms for Unsuitable Investment Recommendations Regarding Franklin Square KKR Capital II Fund

National investment fraud law firm, KlaymanToskes (“KT”), announces an investigation into full-service brokerage firms for the unsuitable recommendations to purchase non-traded Business Development Companies (“BDCs”) including:  FS Investment Corp II (“FSIC II”), FS Investment Corp III (“FSIC III”), FS Investment Corp IV (“FSIC IV”), and Corporate Capital Trust (“CCTII”).  These four BDCs merged into the Franklin Square KKR Capital II Fund (NYSE:FSKR) on December 18, 2019.   On June 17, 2020, FSKR announced the listing on the NYSE and that “J.P. Morgan, Morgan Stanley, Keefe, Bruyette & Woods, A Stifel Company, and SunTrust Robinson Humphrey are serving as lead advisors to…

NOTICE TO FRANKLIN SQUARE ENERGY & POWER FUND INVESTORS: KlaymanToskes Announces Investigation into Investor Losses at Full-Service Brokerage Firms

NOTICE TO FRANKLIN SQUARE ENERGY & POWER FUND INVESTORS: KlaymanToskes Announces Investigation into Investor Losses at Full-Service Brokerage Firms

KlaymanToskes (“KT”) announces an investigation of full-service brokerage firm sales practice violations of Financial Industry Regulatory Authority (“FINRA”) rules and regulations related to recommended investments in Franklin Square Energy & Power Fund.  According to securities attorney, Lawrence L. Klayman, “our investigation relates to whether brokerage firms’ recommendations represented unsuitable investment advice, and whether financial advisors failed to disclose all relevant facts, including the risks associated with concentrated investments in the energy sector.” According to Franklin Square Energy & Power Fund (FSEP), “FSEP is a non-traded business development company (BDC). The fund invests primarily in the debt and, to a lesser…

NOTICE TO SIERRA INCOME FUND INVESTORS: Investment Fraud Lawyers KlaymanToskes Comment on Recent Temporary Suspension of Distributions Payments to Investors

NOTICE TO SIERRA INCOME FUND INVESTORS: Investment Fraud Lawyers KlaymanToskes Comment on Recent Temporary Suspension of Distributions Payments to Investors

KlaymanToskes (“KT”), comments on recent Sierra Income Corporation (“Sierra”) announcement of the “temporary suspension” of cash and reinvestment plan distributions beginning with the month ending April 30, 2020.  According to securities attorney, Lawrence L. Klayman, “The suspension of cash distributions to investors has occurred after a prolonged decline in the quality of Sierra Income Fund’s investment loan portfolio, which is evidenced by the drop in the Fund’s Net Asset Value.”  On May 5, 2020, Sierra announced the merger agreement between Sierra and Medley Capital (NYSE:MCC) was terminated citing “the changed circumstances and the unpredictable economic conditions resulting from the global…

ATTENTION WELLS FARGO CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

ATTENTION WELLS FARGO CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of investors with Wells Fargo & Company (NYSE:WFC) accounts who sustained losses from investments in the Energy Sector, High Yield Debt, and investments tied to the Alerian MLP Index, including Master Limited Partnerships (“MLPs”), Exchange Traded Funds (“ETFs”), Exchange Traded Notes (“ETNs”), and Business Development Companies (“BDCs”).  These investments may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks. Investments in Oil & Gas are historically risky during times…

ATTENTION UBS CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

ATTENTION UBS CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of investors with UBS (NYSE:UBS) accounts who sustained losses from investments in the Energy Sector, High Yield Debt, and investments tied to the Alerian MLP Index, including Master Limited Partnerships (“MLPs”), Exchange Traded Funds (“ETFs”), Exchange Traded Notes (“ETNs”), and Business Development Companies (“BDCs”).  These investments may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks. Investments in Oil & Gas are historically risky during times of volatility and/or…

ATTENTION MORGAN STANLEY CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

ATTENTION MORGAN STANLEY CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of investors with Morgan Stanley (NYSE:MS) accounts who sustained losses from investments in the Energy Sector, High Yield Debt, and investments tied to the Alerian MLP Index, including Master Limited Partnerships (“MLPs”), Exchange Traded Funds (“ETFs”), Exchange Traded Notes (“ETNs”), and Business Development Companies (“BDCs”).  These investments may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks. Investments in Oil & Gas are historically risky during times of volatility…

ATTENTION MERRILL LYNCH CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

ATTENTION MERRILL LYNCH CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of investors with Merrill Lynch (NYSE:BAC) accounts who sustained losses from investments in the Energy Sector, High Yield Debt, and investments tied to the Alerian MLP Index, including Master Limited Partnerships (“MLPs”), Exchange Traded Funds (“ETFs”), Exchange Traded Notes (“ETNs”), and Business Development Companies (“BDCs”).  These investments may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks. Investments in Oil & Gas are historically risky during times of volatility…

Department of Labor Fiduciary 60-Day Rule Delays Financial Industry Crunch Time

Department of Labor Fiduciary 60-Day Rule Delays Financial Industry Crunch Time

The new Department of Labor (DOL) Fiduciary Rule that was enacted and scheduled to begin this month on April 10th has been postponed 60 days to June 9th.  Brokerage Firms and Financial Advisors are responsible for compliance with the rules as they are now written.  Keeping in mind that the requirements may be modified or eliminated based on the what happens during the 60-day delay. Klayman & Toskes, P.A. is monitoring the developments and will keep investors posted and provide further updates as they become available. Best Interest Contract (BIC) Brokerage firms and financial advisors who recommend investment of retirement funds…

Notice to Franklin Square Energy and Power Fund Investors: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Launches Investigation into Potential FINRA Sales Practice Violations by Brokerage Firms

Boca Raton (Globe Newswire) – April 7, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, announces that it is conducting an investigation into potential Financial Industry Regulatory Authority (FINRA) sales practice violations by brokerage firms for solicited investments in Franklin Square Energy and Power Fund (“FSEP”), a non-traded Business Development Company (“BDC”). FSEP assets, with assets in excess of $3.6 billion, are invested primarily in senior secured loans made to private companies focused in oil industry infrastructure for drilling and exploration. FSEP investors have experienced a decline in the value of the non-traded BDC…