National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of financial advisor Thomas Hamlin (CRD# 2208505) and Somerset Securities after several customer complaints were filed with the Financial Industry Regulatory Authority (“FINRA”). The law firm urges customers who suffered investment losses with Thomas Hamlin to contact the firm immediately at 888-997-9956.
KlaymanToskes reports that the law firm is currently preparing to file a FINRA arbitration claim against financial advisor Thomas Hamlin and Somerset Securities, following allegations of unsuitable recommendations to invest in iCap Equity, which has since filed for bankruptcy (Case No. 2:23-bk-01243). Recent allegations by iCap’s third-party restructuring firm, Paladin, suggest that iCap may have operated a Ponzi-like scheme, using investor funds to repay earlier investors while neglecting its promised real estate projects.
KlaymanToskes’ investigation has led the firm to believe that Somerset Securities and its financial advisors may have misrepresented the risk-factors related to investments in iCap, in addition to failing to conduct due diligence on iCap’s investment offerings, leading to unsuitable recommendations. iCap investors may be entitled to a financial recovery through the filing of a FINRA arbitration claim.
Financial advisors and their firms may be held liable for any losses incurred by their customers in the event of 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. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
Current and former customers of Thomas Hamlin and/or any other financial advisor who suffered investment losses at Somerset Securities 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