MINNEAPOLIS, MN, USA, May 9, 2024 /EINPresswire.com/ — National investment loss and securities attorneys KlaymanToskes is investigating Ausdal Financial Partners and financial advisor Randy Birkinbine, after his recommendations of high-risk alternative investments caused two investors to suffer up to $500,000 in damages. Customers of Randy Birkinbine who suffered investment losses at Ausdal Financial Partners should contact the law firm immediately at 888-997-9956.
KlaymanToskes reports the law firm has filed a FINRA arbitration claim (no. 24-00857) against Ausdal Financial Partners and financial advisor Randy Birkinbine (CRD# 2008599) on behalf of a retired couple who are seeking to recover damages of up to $500,000 in connection with being recommended to invest in unsuitable alternative investments, including the following:
– GWG L Bonds,
– CIM Real Estate Finance Trust,
– Coachman Energy,
– MCI Preferred Equity,
– Priority Income Fund,
– Terra Secured Income Fund 5,
– Bakken Income Fund, and
– Bakken Drilling Fund III and IV.
According to the lawsuit filed by KlaymanToskes, Ausdal Financial Partners, through its advisor Randy Birkinbine, represented to the customers that the alternative investments were safe, income producing investments that did not correlate with the stock market. Birkinbine allegedly explained to the customers that their principal was “guaranteed” and that these investments were low risk. The customers were unaware that the investments were speculative and incorporated significant risks.
Years after the initial purchase, the customers learned for the first time that they had sustained substantial losses. As an example, in January of 2022, the GWG L Bonds stopped paying monthly dividends and in April of 2022, filed for Chapter 11 Bankruptcy. As a result, the customers are unable to access their principal investment. KlaymanToskes has made substantial recoveries on behalf of GWG investors, following GWG Holdings’ bankruptcy filing in April 2022, and continues to currently represent many GWG L Bond investors throughout the country.
Financial advisors and their firms are responsible for providing suitable investment advice and must act in the best interest of their customers. Investment 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 Randy Birkinbine and/or any other financial advisor who suffered investment losses at Ausdal Financial Partners are encouraged to contact attorney Steven D. Toskes, Esq. 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.
Contact
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com