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The Securities Arbitration Law Firm of KlaymanToskes (http://www.recoverlaerocfundlosses.com) announced today that it filed a securities arbitration claim against LPL Financial (NasdaqGS: LPLA) (“LPL”) on behalf of an investor to recover losses sustained in LaeRoc 2005-2006 Income Fund, LP (“the LaeRoc Fund”). The claim, filed with the Financial Industry Regulatory Authority’s (“FINRA”) Arbitration Department, seeks damages of $500,000. The LaeRoc Funds include LaeRoc 2002 Income Fund, LaeRoc 2004-2005 Income Fund, LaeRoc 2005-2006 Income Fund, LaeRoc Edge Fund, and LaeRoc Income Fund 2007.
According to the Statement of Claim, while LPL sold the LaeRoc Fund as a safe, conservative, stable, diversified, non-correlated investment which would have predicable income and a growth component achieved through asset appreciation, the firm and its financial advisors failed to perform the proper due diligence and misrepresented the multiple and substantial risks of the LaeRoc Fund to the Claimant. Moreover, while LPL Financial and its financial advisors received an estimated $35,000 in syndication fees and commissions on the Claimant’s investment in the LaeRoc Fund, the Claimant sustained damages of approximately $500,000 and seeks the rescission of its investment.
Investors who purchased LaeRoc Income Funds from a full-service brokerage firm, including LPL, can contact KlaymanToskes to explore their legal rights and options, at 888-997-9956, or visit us on the web at http://www.recoverlaerocfundlosses.com