SONORA, CA, USA, October 25, 2023 /EINPresswire.com/ — National investment loss lawyers KlaymanToskes encourages customers of Robert Vance who suffered investment losses at Moloney Securities Co., Inc. to contact the firm immediately at 888-997-9956.
KlaymanToskes reports the firm has filed a FINRA arbitration claim (no. 23-03092) against Moloney Securities and its registered financial advisor Robert Vance, on the behalf of a retired couple who are seeking to recover damages of up to $1,000,000 in connection with being recommended to invest in unsuitable alternative investments, including GWG L Bonds.
While planning for their retirement years, the customers sought low risk investments that would provide income with little risk to their principal. Despite the customers’ clearly conservative investment objectives, Moloney Securities broker/advisor Robert Vance (CRD# 1887560) recommended high risk, illiquid Alternative Investments known as GWG L Bonds.
The risks of the Alternative Investments were not disclosed to the customers, as the L bonds were unlisted and highly speculative. Further, Vance misrepresented to the customers that they would receive their principal back upon the bond’s maturity, in addition to monthly income.
In addition to making unsuitable recommendations, Moloney and its representative concentrated all of the customers’ retirement savings in illiquid L Bonds. Under the firms’ policy, Alternative Investments can only represent a percentage of a client’s liquid net worth, however, Moloney allowed the high risk investments to occur, and continued to promote L Bonds as safe, low risk investments to the customers.
Customers of Moloney Securities who suffered investment losses with Robert Vance and/or any other broker/advisor, 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