David Wilkie (CRD# 467130) was terminated from his employment with Voya Financial Advisors (“Voya”) and has been fined and suspended from working as a financial advisor for six months. His suspension results from his contributions to a customer’s life insurance policy and his being named a beneficiary of that policy.Read More
David Thomas Hixon has been indefinitely suspended from working as a financial advisor as of July 20, 2022, according to a recently issued FINRA Disciplinary Proceeding. His suspension results from his failure to provide complete responses to FINRA’s requests for documents and information connected with a FINRA investigation.Read More
In November 2020, KlaymanToskes launched an investigation into whether, David Lerner Associates failed to supervise the sales and marketing of its proprietary products to risk averse investors, such as retirees or other conservative investors, that were seeking income and capital preservation. Furthermore, the investigation focuses on whether David Lerner Associates and its financial advisors misrepresented material facts relating to the risks associated with illiquid, concentrated investments in the Oil & Energy sector and the associated higher fees and costs. 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. This investigation has been ongoing.Read More
For over 20 years, National Investment Fraud lawyers KlaymanToskes has pursued claims involving many type of securities. Many of these investments involve costs and penalties that are not clearly understood by investors but impact how your financial advisor is compensated, such as alternative investments, business development companies, REITs, and, as of recent date, SPACs. Back in 2008, one particular security type caused havoc on financial markets: Auction Rate Securities (ARS).Read More
National investment fraud lawyers KlaymanToskes seeks Microsoft employees who feel the brokerage houses that handled their stock options gave them a bum steer after the market crash of 2000, costing them millions of dollars. KlaymanToskes alleges that employees of the software giant could claim that they received bad financial advice from their margin or brokerage firm based on “the contention that brokerage firms are under a duty to provide only suitable investment advice to their clients.”Read More
In the early 2000’s, WorldCom was the world’s largest telecoms company. However, scandal soon embroiled the corporate behemoth. After investigating WorldCom’s accounting, the SEC determined that the company overstated its assets by $11 billion, and the rest was history: a $2.25 billion settlement, executives being indicted on securities fraud charges, and the filing of a Chapter 11 bankruptcy. Perhaps worst of all, Worldcom employees who held stock options were devastated by the company’s fall.Read More
Twenty years ago, major corporate accounting scandals and the tech wreck caused havoc on financial markets. Angry investors quickly followed, and law firms like KlaymanToskes helped champion investor rights in lawsuits against Wall Street brokerage firms.
Between stock option cases involving Microsoft, WorldCom and Merrill Lynch, dozens of claims were filed by KlaymanToskes in the National Association of Securities Dealers’ arbitration forum, which was the precursor to the Financial Industry Regulatory Authority (“FINRA”) dispute resolution forum.