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The Securities Arbitration Law Firm of KlaymanToskes announced today that it is investigating claims on behalf of Lincoln Financial Network, National Planning Corp., SagePoint Financial Inc. and FSC Securities Corp. customers who were solicited to invest in Foresee Strategies Insurance Fund and Foresee Strategies 3(c)(1) Insurance Fund, including annuities that had exposure to these Funds. These firms reportedly sold variable annuities with subaccounts invested in hedge funds which were the Foresee Strategies Insurance Fund and the Foresee Strategies 3(c)(1) Insurance Fund, LP. These funds were part of SALI Multi-Series Funds 3(c)(1) and 3(c)(7), L.P. The general partner of the Foresee Strategies Funds was SALI Fund Partners LLC, and the investment manager was SALI Fund Management LLC. Lincoln Financial Network is reported to have had the most clients in the products, with the average investor losing about $500,000.
In mid-2010 the Foresee Strategies Funds lost virtually all of their value, reportedly as a result of trading options in the S&P 500, using both put and call options, known as a strangle. A strangle options strategy is created when an investor holds a position in both a call and put with different strike prices but with the same maturity and underlying asset.
On November 28, 2012, a FINRA arbitration panel rendered a $283,000 award against SagePoint Financial on behalf of a client who sustained losses in SALI Multi-Series Fund and the SALI Multi-Series Fund 3(c)(1) LP. The Award represented 100% of the amount requested by the Claimant at the close of the hearing. Further, FINRA is reportedly investigating six independent broker-dealers that sold variable annuities with subaccounts invested in the Foresee hedge funds that resulted in $18 million in client losses during the credit crisis.
If you sustained losses in these investment products, please contact our law firm to explore your legal rights and options, toll free at 888-997-9956.
KlaymanToskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.