PITTSBURGH, PA, USA, September 12, 2023/EINPresswire.com/ — National investment loss lawyers KlaymanToskes encourages customers of Coastal Equities who have suffered investment losses due to unsuitable Alternative Investment recommendations to contact the firm immediately at 888-997-9956.
KlaymanToskes reports the firm has filed a FINRA arbitration claim (no. 23-02376) against Coastal Equities, Inc. on the behalf of an 89-year-old widow who seeks to recover $300,000 in connection with her late husband being recommended to invest in unsuitable alternative investments including CIM Commercial Trust Corporation and GWG L Bonds.
According to the claim, the customer and her husband sought low risk, fixed income investments to help support them through their retirement years. However, Coastal Equities, through its registered representatives, Andrew Pravlik (CRD# 2360456) and Michael Battalini (CRD# 3204878), recommended high risk and speculative investments that lacked liquidity.
KlaymanToskes’ investigation found that Coastal Equities and its advisors failed to explain the risks of investing in Alternative Investments to the customers. For example, the GWG L Bonds recommended to the customers were misrepresented as safe and low risk bonds, despite being unlisted and not traded on any stock exchange. The CIM Commercial Trust investment was also illiquid and did not trade on the open market.
Despite receiving a thorough explanation of the customers’ financial needs, Coastal Equities, through its registered advisors Pravlik and Battalini, allegedly solicited the customer to invest in alternative investments. The advisors explained that the recommended investments did not correlate with the risk of the stock market and would provide income followed by the return of principal at maturity.
Following the death of her husband, the 89-year-old widow learned that the GWG L Bonds had stopped paying interest and principal payments. She contacted Coastal Equities and was ensured that the L Bonds would recover and that her principal was safe. These representations by Coastal Equities were false and misleading. The customer remains concerned about supporting herself due to no longer receiving interest payments from the bonds and no longer having access to the principal investment.
Investors who suffered losses at Coastal Equities due to unsuitable investment recommendations are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free and confidential consultation to discuss legal options. We do not collect attorney’s fees 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.
Contact
Lawrence L. Klayman, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
lawrence@klaymantoskes.com