Florida Securities Loss, Stock Broker Fraud, Mismanagement & Churning Attorney
Our 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), Bank and 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."
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 can arise from trading in stocks, bonds, mutual funds and other investments that were not suitable based on your investment objectives and the financial information you provided; unauthorized trading; mutual fund switching; "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 are usually 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)
- Freddie Mac (FRE)
- Preferred stocks
- 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
- UBS/Lehman Principal Protected Notes
- Medical Capital Holdings Notes
- Provident Royalties
- Shale Royalties
- Citi Internotes
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.
We have also seen an increase in cases involving Ponzi schemes, the most notable being:
- Bernard Madoff
- Arthur G. Nadel and Scoop Management, Inc. (Viking Fund, Valhalla Fund and Scoop Fund).
Remember Our Goal is to Help You Recover Your Investment Related Losses
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.
Contact an Attorney
If you have any questions regarding the handling of your account, call us today for a FREE initial consultation. We will evaluate your case and give you an honest, fair and critical assessment of your potential case.
Contact Florida investment and stock broker fraud lawyer Gregory Tendrich for a free evaluation of your case.
