Florida Securities Loss, Stock Broker Fraud, Mismanagement & Churning AttorneyOur Goal - To Help Investors Recover Their Stock & Investment Related Losses “These are dangerous times for seniors. They need education, they need protection." North American Securities Administrators Administration, September 4, 2003 Securities & investment fraud lawyer Gregory Tendrich is dedicated to helping you recover your losses from securities (stock) and investment fraud, churning, mismanagement and misconduct. From his office in Boca Raton, Florida, the lawyer serves clients throughout the State of Florida primarily in Dade, Broward and Palm Beach county, including Miami, Ft. Lauderdale, West Palm Beach, and the Florida Keys and serves all other cities in between. While most stock brokers, Certified Financial Planners (CFP), Registered Investment Advisors (RIA), Trust officers and other investment and financial advisors are honest in dealing with their clients, many are not. Many stock brokers, financial planners, investment advisors and trust officers see senior citizens, widows and inexperienced investors as easy and vulnerable targets. The North American Securities Administrators Association (NASAA) in September 2003 warned: “State securities regulators are deeply concerned that a perfect storm for investment fraud is brewing and our nation’s 35 million seniors are at risk.” These individuals, some of whom work for large stock brokerage firms, banks and trust companies, misrepresent and hype stocks, bonds, auction rate securities, mutual funds, fixed and variable annuities; execute unauthorized trades, or simply sell stocks, bonds, fixed and variable annuities, limited partnerships, CD's, promissory notes, mutual funds, hedge funds, unit investment trusts, auction rate securities and other types of investments that are inappropriate for a client considering their age, risk tolerance and investment objectives. Some brokers outright lie or steal from their clients. Other claims typically arises from unauthorized trading, mutual fund switching and "break point" violations, excessive buying and/or selling of one or more stocks (churning), switching from fixed annuities to variable annuities and/or the frequent buying and selling of different fixed or variable annuities that cause harsh penalties (surrender charges) and additional large commissions to be incurred. Losses typically are in a variety of different types of accounts, including individual, joint tenant, JTWROS, trust, corporate, UGMA, UTMA, Charitable Remainder Trusts, Individual Retirement accounts (IRA), Roth IRA accounts and custodial accounts. Recently, we have seen many claims involving Fannie Mae (FNM) and Freddie Mac (FRE) preferred stock, and auction rate securities and securities with sub-prime mortgage components that were sold to clients as safe, secure, conservative and liquid investment alternatives to CD's and money market accounts. Similarly, many individuals were placed in mutual funds that were misrepresented and sold as safe, conservative, income funds that have incurred drastic and devastating losses. These funds include: -
Schwab YieldPlus Fund Select Shares (SWYSX) -
Schwab YieldPlus Funds Investor Shares (SWYPX) -
Regions Morgan Keegan Select High Income (MKHIX, RHICX, and RHIIX) -
Regions Morgan Keegan Select Intermediate Bond Fund (MKIBX, RIBCX, and RIBIX) -
RMK High Income Fund (RMH) -
RMK Strategic Income Fund (RSF) -
RMK Advantage Income Fund (RMA) -
RMK Multi-Sector High Income Fund (RHY) We have also seen an increase in cases involving Ponzi schemes, the most notable being Bernard Madoff and Arthur G. Nadel and Scoop Management, Inc. (Viking Fund, Valhalla Fund and Scoop Fund). There have likewise been many reported cases of stock brokers using "boiler room" tactics to fleece investors of their life savings, including the recent case of Ross H. Mandell and Thornwater Co. LP and Sky Capital LLC. If you had any dealings, either directly or indirectly through an outside advisor, with Madoff, Nadel or Mandell and their various companies and funds, you may have a claim to recover your losses. CALL US IMMEDIATELY AS YOU MAY BE ABLE TO RECOVER YOUR LOSSES IN THESE INVESTMENTS. One of the latest techniques to obtain an account is through "free lunch" seminars. If you attend one of these seminars, think long and hard before you make any changes or switch your account from one broker to another. At these seminars, it is not uncommon that investors are convinced to sell low risk, safe and secure stocks, bonds, mutual funds and fixed annuities to purchase unsuitable variable annuities. Recently the SEC commenced an administrative proceeding against Gilman Ciocia Inc. and Prime Capital Services, Inc. alleging that supervisors (Michael P. Ryan, Rose M. Rudden, Christie A. Andersen and Matthew J. Collins) and registered representatives (Eric J. Brown, Kevin J. Walsh and Mark W. Wells) permitted and engaged in the recruitment of elderly investors in South Florida through "free lunch" seminars where the elderly investors were then offered and induced to purchase unsuitable variable annuities by means of material misrepresentations and omissions. Free Initial Consultation: Contact Florida investment and stock broker fraud lawyer Gregory Tendrich for a free evaluation of your case. Stock broker fraud lawyer Gregory Tendrich serves clients throughout Florida, primarily in Dade, Broward and Palm Beach counties, including Boca Raton, Boynton Beach, Daytona Beach, Destin, Delray Beach, Ft. Lauderdale, Ft. Myers, Ft. Walton, Gainesville, Hialeah, Jacksonville, Jupiter, Key West, Lakeland, Miami, Naples, Orlando, Panama City Beach, Pensacola, Pompano Beach, Port St. Lucie, St. Augustine, St. Petersburg, Sarasota, Spring Hill, Sunrise, Tallahassee, Tampa, Tarpon Springs, Vero Beach, Wellington, and Weston. The Law Office of Gregory Tendrich, P.A.
4651 North Federal Highway
Boca Raton, Florida 33431 Telephone: (561) 417-8777
Fax: (561) 417-8700
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