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Notice to Michael J. Valenta Customers: Over $800k in Unsuitable Oil and Gas Investment Complaints Filed

If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*

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Updated on: March 3, 2023

Investment Losses with Michael J. Valenta at Cambridge Investment Research? KlaymanToskes Has Recovery Options

National investment fraud lawyers KlaymanToskes is investigating Michael J. Valenta (CRD# 1386978). The Westminster, Colorado-based broker and investment advisor, registered with Cambridge Investment Research, Inc., received three investor complaints alleging unsuitable oil and gas investment recommendations and over $800,000 in collective investor damages. 

Investors that suffered losses with Michael J. Valenta may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your legal options at no cost.

Michael J. Valenta’s Unsuitable Oil & Gas Investor Complaints 

According to Michael J. Valenta’s FINRA Brokercheck, the Cambridge Investment Research broker and investment adviser has six public disclosures including three pending customer complaints alleging unsuitable oil and gas investment recommendations. Additional public disclosures include a settled customer complaint and two closed complaints.

  1. Investor alleges an oil and gas investment recommendation was made for the purpose of generating high commissions and fees and that they were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

    (Pending – Alleged Damages $800,000)
  1. Investor alleges oil and gas investment recommendations were made that did not align with their suitability. (Pending – No specific damage amount is alleged; Investor requests actual and economic damages, punitive damages, costs, attorney fees and prejudgment/post judgment interest.) 
  2. Investor alleges an oil and gas investment recommendation was made for the purpose of generating high commissions and fees and that they were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio. (Pending – No specific damage amount is alleged; Requested damages include compensatory damages, statutory damages, interest, attorney’s fees, expert fees, forum fees, punitive damages and any other relief available to Claimants.) 
  3. Investors alleged unauthorized trading, breach of fiduciary duty, and that their registered representative did not explain how moving accounts would change their contract, and that sales proceeds reinvested, or were set to reinvest, when they were not supposed to be.
  4. Investors alleged that the VUL policy purchased was unsuitable. They claim to have asked for a policy that would allow them to begin drawing cash withdrawals in 13 years. The policy has a large death benefit, which they did not want, and a longer surrender period. (Settled in favor of the investors for $20,000)
  5. Investors alleged they invested in a variable annuity product that was unsuitable, and that the representative misrepresented the product and that the monthly premiums were too expensive.

Unsuitable Investment Recommendations: What Can Investors Do?

Under FINRA (Financial Industry Regulatory Authority) suitability requirements (FINRA Rule 2111) brokers and brokerage firms have a duty to recommend suitable financial products and trading strategies based on their client’s financial interests. Brokers and investment advisers must consider important information in order to meet the “reasonable diligence” requirement of FINRA’s suitability rule.

Factors such as an investors’ liquidity needs, age, employment status, tax status, investment objectives and experience, risk tolerance, and other investments they may be holding must be considered by the financial professional to determine the suitability of a particular investment or investment strategy for a particular investor. KlaymanToskes can help you determine if your investment loss is due to unsuitable investment advice. 

Contact attorney Lawrence L. Klayman today for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options. Depending on your circumstances, you may be entitled to recover losses through FINRA arbitration. KlaymanToskes works on a contingency basis, meaning we do not collect a fee unless we are able to obtain a financial recovery for you. 

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration 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.

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KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com

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