Category: Suitability

Suitable investment recommendations.

LORDSTOWN MOTORS CORP CLASS ACTION ALERT: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Truck Manufacturer

LORDSTOWN MOTORS CORP CLASS ACTION ALERT: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Truck Manufacturer

Boca Raton, Florida — March 22, 2021 — The Securities Law Firm of KlaymanToskes (“KT”) provides a Lordstown Motors Corp. (NASDAQ:RIDE) Alert to shareholders concerning the Class Action Lawsuit (Case 21-CV-00616) filed March 18, 2021 in the United States District Court of the Northern District of Ohio, Youngstown Division, for the class period from August 3, 2020 and March 17, 2021.   Lordstown Motors Corp. is a nascent company with a limited history of operating as manufacturer of Electric Vehicle (EV) trucks.  According to the class action lawsuit, “Throughout the Class Period, Defendants made materially false and misleading statements regarding the…

FINRA Fines VALIC Financial Advisors $350,000 for Failure to Supervise Variable Annuity Sales Practices

FINRA Fines VALIC Financial Advisors $350,000 for Failure to Supervise Variable Annuity Sales Practices

On January 8, 2021, VALIC Financial Advisors agreed to a Letter of Acceptance, Waiver and Consent (AWC) (Case No. 2018060548501)  which included a Fine of $350,000 by the Financial Industry Financial Authority (FINRA), the securities industry regulator established to protect investors.  According to the agreement with FINRA, VALIC Financial Advisors “consented to the sanctions and to findings that it failed to establish a reasonably designed system and written procedures for the surveillance of rates of variable annuity replacements and for corrective action in the case of inappropriate replacements”.  FINRA also determined. “The procedures also failed to provide guidance as to…

NOTICE TO WORKHORSE GROUP SHAREHOLDERS: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Company

NOTICE TO WORKHORSE GROUP SHAREHOLDERS: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Company

Boca Raton, Florida — March 16, 2021 — The Securities Law Firm of KlaymanToskes (“KT”) provides notice to all Workhorse Group, Inc. (NYSE:WKHS) shareholders concerning the Class Action Lawsuit (Case 2:21-cv-02072) filed March 8, 2021 in the United States District Court of the Central District of California, for the class period from July 7, 2020 and February 23, 2021.   Workhorse Group is an Electric Vehicle (EV) stock which represents a highly speculative investment.  According to the class action lawsuit, “Defendants made materially false and/or misleading statements, and failed to disclose that: (1) the Company was merely hoping that USPS…

FINRA Orders Worden Capital Management LLC to Pay More than $1.2 Million in Restitution to Customers Whose Accounts Were Excessively Traded and Fined $350,000 for Failing to Reasonably Supervise Recommended Securities Transactions and Other Violations

FINRA Orders Worden Capital Management LLC to Pay More than $1.2 Million in Restitution to Customers Whose Accounts Were Excessively Traded and Fined $350,000 for Failing to Reasonably Supervise Recommended Securities Transactions and Other Violations

On December 31, 2020, FINRA announced today that it sanctioned Worden Capital Management LLC (WCM) more than $1.5 million, including approximately $1.2 million in restitution to customers whose accounts were excessively traded by the firm’s representatives, and a $350,000 fine for supervisory and other violations. As part of the settlement, WCM must also retain an independent consultant to conduct a comprehensive review of the relevant portions of the firm’s supervisory systems and procedures. According to the Acceptance, Waiver and Consent accepted and signed by Worden Capital Management, “FINRA found that from January 2015 to October 2019, WCM and the firm’s…

DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund

DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund

KlaymanToskes (“KT”) announces that it is preparing to file a claim against David Lerner Associates (“David Lerner”) on behalf of an investor who sustained losses due to investment and sector concentrations in proprietary products invested in non-traded Oil & Gas Investments offered exclusively to David Lerner clients.  Specifically, this case focuses on Spirit of America Fund (NASDAQ:SOAEX), one of three David Lerner proprietary funds that have recently seen a precipitous decline. According to the claim, the investor was seeking to preserve his investment principal, while earning supplemental income to provide for his growing family, including his children’s educations and other…

DAVID LERNER INVESTOR ALERT: KlaymanToskes Investigates Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000

DAVID LERNER INVESTOR ALERT: KlaymanToskes Investigates Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000

National securities fraud law firm, KlaymanToskes (“KT”), announces  its investigation into David Lerner Associates for the unsuitable concentration in proprietary products invested in non-traded Oil & Gas Investments offered exclusively to its clients.  The concentrated investments include the Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ:SOAEX).  In addition to the precipitous loss in value, most of the interest payments received by investors are now considered return of capital. According to securities attorney, Lawrence L. Klayman, “David Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.”  According to the Energy 11…

FINRA Barred, NPB Financial Group Ex-Broker, Cynthia Diane Cowden for Unsuitable Investment Recommendations in Illiquid Non-Traded Securities

FINRA Barred, NPB Financial Group Ex-Broker, Cynthia Diane Cowden for Unsuitable Investment Recommendations in Illiquid Non-Traded Securities

The securities industry watchdog, the Financial Regulatory Industry Authority (“FINRA”) barred, NPB Financial Group’s, Ex-Broker Cynthia Diane Cowden, for Unsuitable Investment Recommendations to a retired couple and an individual senior investor.  The recommended investments at issue were illiquid non-traded REITs and non-traded closed end funds.  According to FINRA, the barred broker’s recommendations resulted in unsuitable, securities concentration in illiquid securities that exceeded concentration limits established by the California State Regulations designed to protect investors. FINRA required that Cynthia Diane Cowden’s investment advice should have had reasonable basis for her recommendations, based on the investor’s “age, other investments, financial situation and…

ATTENTION CUSTOMERS WITH ACCOUNTS SERVICED BY FINANCIAL ADVISOR JOSEPH IJONG CHU – KlaymanToskes Files FINRA Arbitration Claim against Merrill Lynch and RBC Seeking $1,000,000 on Behalf of Investors

ATTENTION CUSTOMERS WITH ACCOUNTS SERVICED BY FINANCIAL ADVISOR JOSEPH IJONG CHU – KlaymanToskes Files FINRA Arbitration Claim against Merrill Lynch and RBC Seeking $1,000,000 on Behalf of Investors

KlaymanToskes (“KT”) announces that it recently filed a claim for breach of fiduciary duty seeking $1,000,000 against Merrill Lynch (NYSE: BAC) and RBC Capital Markets (“RBC”) on behalf of investors who had discretionary accounts mishandled by Joseph Ijong Chu (“Chu”).  A discretionary account is one that allows an authorized broker, in this case Chu, to buy and sell securities without client consent on each trade and is based on a client consent granting this authorization in writing.  This type of relationship is especially one of trust. According to the claim, the investors gave Chu discretion to invest their hard-earned savings…

ATTENTION UPS EMPLOYEES WITH MERRILL LYNCH ACCOUNTS: KlaymanToskes Continues to Investigate Claims for UPS Employees with Losses from Unsuitable Covered Call Writing Strategies

KlaymanToskes (“KT”) continues to investigate and pursue FINRA arbitration claims against Merrill Lynch on behalf of UPS (NYSE: UPS) current and former employees for losses sustained from an unsuitable recommendation to employ a covered call writing strategy. Many UPS employees were solicited to invest with Merrill Lynch after UPS stock went public in 1999.  Merrill Lynch and its financial advisors recommended to many UPS employees a covered call options writing strategy, sometimes recommending the Rampart Options Management Services Program (“Rampart”) to facilitate the strategy that would generate income to help cover the cost of the UPS employees’ hypo loans.  The…

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…

ATTENTION EXERCISE AND HOLD STRATEGY INVESTORS WITH EMPLOYER COMPANY STOCK: KlaymanToskes Commences Investigation into Full-service Brokerage Firms for Mismanagement of Concentrated, Leveraged Positions in Employer Company Stock

ATTENTION EXERCISE AND HOLD STRATEGY INVESTORS WITH EMPLOYER COMPANY STOCK: KlaymanToskes Commences Investigation into Full-service Brokerage Firms for Mismanagement of Concentrated, Leveraged Positions in Employer Company Stock

National investment fraud law firm, KlaymanToskes (“KT”), commences an investigation into full-service brokerage firms for the mismanagement of concentrated, company stock positions accumulated through employer sponsored plans.  The investigation focuses on whether full-service brokerage firm recommendations for an “exercise and hold” strategy represents unsuitable investment advice and a failure to supervise the management of concentrated, leveraged positions in employer company stock. Investment portfolios holding large concentrated stock positions carry significant downside risks, especially when leveraged by a margin loan.  Full-service brokerage firms whose customers hold large concentrated stock positions have a duty to ensure that their customers understand the risks…

GPB CAPITAL INVESTOR ALERT: KlaymanToskes Continues to Investigate and Pursue Millions of Dollars in FINRA Arbitration Claims for Investors

GPB CAPITAL INVESTOR ALERT: KlaymanToskes Continues to Investigate and Pursue Millions of Dollars in FINRA Arbitration Claims for Investors

National investor fraud law firm, KlaymanToskes (“KT”), continues to investigate and pursue FINRA arbitration claims on behalf of investors who were solicited to purchase millions of dollars of private placement securities in GPB Capital Holdings (“GPB”) in the form of notes.  Brokerage firms were required to perform due diligence prior to recommending GPB to their customers and the failure to do so may result in liability.  More than 60 broker-dealers sold GPB funds, including Ascendant Alternative Strategies, LLC, Royal Alliance Associates Inc., Sagepoint Financial Inc., FSC Securities Corp., and Woodbury Financial Services Inc. Investors who have lost more than $100,000…

ATTENTION CHESAPEAKE ENERGY EMPLOYEES: KlaymanToskes Continues Investigation into Damages of More Than $500,000 Sustained in Chesapeake Energy Stock with Full-Service Brokerage Firms

ATTENTION CHESAPEAKE ENERGY EMPLOYEES: KlaymanToskes Continues Investigation into Damages of More Than $500,000 Sustained in Chesapeake Energy Stock with Full-Service Brokerage Firms

National investment fraud law firm, KlaymanToskes (“KT”), continues its investigation into damages of more than $500,000 sustained by current/former employees who held large positions in Chesapeake Energy (NYSE:CHK) stock at full-service brokerage firms. Investment portfolios holding large positions can carry significant downside risks. The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of large concentrated positions that resulted in investors suffering substantial losses. Employees may have accumulated concentrated investments in Chesapeake Energy stock due to their participation in employer-sponsored plans or merger acquisitions.  No matter what the reason for maintaining a concentrated stock position, a…

CHK INVESTOR ALERT: KlaymanToskes Continues Investigation into Damages of More Than $500,000 Sustained in Chesapeake Energy Stock with Full-Service Brokerage Firms

CHK INVESTOR ALERT: KlaymanToskes Continues Investigation into Damages of More Than $500,000 Sustained in Chesapeake Energy Stock with Full-Service Brokerage Firms

National investment fraud law firm, KlaymanToskes (“KT”), continues its investigation into damages of more than $500,000 sustained by investors who held large positions in Chesapeake Energy (NYSE:CHK) stock at full-service brokerage firms. Investment portfolios holding large positions can carry significant downside risks. The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of large concentrated positions that resulted in investors suffering substantial losses. Investors may have accumulated concentrated investments in Chesapeake Energy stock, due to their participation in employer-sponsored plans, financial advisor recommendations, or merger acquisitions.  No matter what the reason for maintaining a concentrated stock…

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…

ATTENTION UPS EMPLOYEES WITH RAMPART ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate Claims for UPS Employees with Losses from Unsuitable Covered Call Writing Strategies

ATTENTION UPS EMPLOYEES WITH RAMPART ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate Claims for UPS Employees with Losses from Unsuitable Covered Call Writing Strategies

KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate and pursue FINRA arbitration claims against Merrill Lynch on behalf of UPS (NYSE: UPS) employees for losses sustained from an unsuitable recommendation to invest in the Rampart Options Management Services Program (“Rampart”). According to multiple FINRA claims, Merrill Lynch employed an unsuitable covered call writing strategy. After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch.  Merrill Lynch and its financial advisors recommended Rampart to facilitate the unsuitable investment strategy of selling covered call options on…

ATTENTION UBS CUSTOMERS WITH YES ACCOUNT LOSSES: KlaymanToskes Continues to Investigate and Pursue Claims to Recover Investment Losses

ATTENTION UBS CUSTOMERS WITH YES ACCOUNT LOSSES: KlaymanToskes Continues to Investigate and Pursue Claims to Recover Investment Losses

KlaymanToskes, www.klaymantoskes.com, continues to  investigate and pursue claims to recover investment losses suffered by investors in UBS’s (NYSE:UBS) Yield Enhancement Strategy (“YES”). KT believes that investor claims are meritorious as they relate to the marketing, offer, and sale of the YES strategy, including the sales presentation that was provided to customers. The YES program utilized an options strategy known as the Iron Condor, trading call and put options on the S&P 500. UBS characterized YES as a strategy that would have limited correlation to the market and as having downside protection. However, the YES strategy has shown significant correlation to…

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate FINRA arbitration claims for current and former UPS (NYSE: UPS) employees with accounts at Merrill Lynch, for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to multiple FINRA claims, Merrill Lynch employed an unsuitable covered call writing strategy. After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch.  Merrill Lynch recommended a call writing strategy, to earn stable income.  The strike prices that the call options were sold at were…

ATTENTION CHESAPEAKE ENERGY INVESTORS – KlaymanToskes Continues Investigation on Behalf of Chesapeake Energy Investors Who Sustained Losses in Excess of $250,000 as a Result of a Recommendation from their Financial Advisor

ATTENTION CHESAPEAKE ENERGY INVESTORS – KlaymanToskes Continues Investigation on Behalf of Chesapeake Energy Investors Who Sustained Losses in Excess of $250,000 as a Result of a Recommendation from their Financial Advisor

KlaymanToskes (“KT”), http://www.klaymantoskes.com, continues their investigation on behalf of investors who sustained losses in excess of $250,000 in Chesapeake Energy (NYSE:CHK) (“Chesapeake”) as a result of recommendations from their financial advisor including unsuitable asset allocations in the Energy sector.  This investment 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. Oil & Gas investments are historically risky during times of volatility and/or reduced demand.  These risks should be explained by financial advisors prior to recommending these…

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…

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