National investment loss lawyers KlaymanToskes reports a Financial Industry Regulatory Authority (“FINRA”) arbitration panel has ordered Concourse Financial Group Securities (formerly known as ProEquities) to pay $1,214,308 in compensatory damages in connection with Concourse’s sales of unsuitable investments including Noble Royalty Access Fund 15, Walton Land Fund 4, Inland REIT and Security Benefit equity indexed annuities.
According to the arbitration award, the customer’s original complaint related to allegations that a registered representative of Concourse Financial Group Securities recommended and misrepresented the nature of the investments in three high-risk private, illiquid alternative investments and in two equity-indexed annuities, which were unsuitable based on the customer’s financial circumstances as well as his needs and objectives.
If you suffered investment losses due to unsuitable investment recommendations, and/or have concerns regarding your investment portfolio at Concourse Financial Group Securities (formerly known as ProEquities), contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation to discuss your recovery options.
According to FINRA, brokerage firms such as Concourse Financial Group Securities (formerly known as ProEquities) are responsible for the supervision of all of the activities of their registered financial advisors. Investors may be entitled to a financial recovery if their firm failed to supervise the representative managing their account, and/or if their financial advisor made unsuitable investment recommendations.
Brokers/investment advisors and their firms are responsible for providing suitable investment advice and must act in the best interest of their customers. Further, Investment firms may be held liable for any losses incurred by their customers in the event of fraudulent or unsuitable investment recommendations, misrepresentations or omissions of material facts, and/or an overconcentration of the customer’s portfolio in one particular investment, class, or market sector.
Potential conflicts of interest may arise when issuers incentivize brokers/investment advisors with substantial commissions to promote their financial products. A problem often associated with alternative investment recommendations is the high sales commissions brokers typically earn for selling these investments, which can be as high as 15%. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
If you suffered investment losses at Concourse Financial Group Securities (formerly known as ProEquities), contact attorney Lawrence L. Klayman for a free consultation at 888-997-9956 or investigations@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
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.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com