Investment professionals or financial advisors and firms owe specific duties to their customers, including recommending appropriate, suitable investments. At Simmons Law Firm, we have represented customers in court and in arbitration proceedings to assist investors in recouping losses.
For example, Simmons Law Firm recently filed arbitration claims with the Financial Industry Regulatory Authority, Inc. (FINRA) on behalf of numerous South Carolina residents alleging that companies mismanaged their investment accounts by recommending high-risk and illiquid structured CDs, structured notes and non-traded REITs.
Structured products such as structured CDs and notes are very complicated and highly risky investments that are rarely suitable for most retail investors, in particular senior citizens. These investments often are sold as paying above-average yields. However, the promised rates are usually only in the first year, i.e. a teaser rate. In subsequent years, the income payments decline, and investors are locked into the product and will suffer significant losses if the investment is sold prior to maturity.
Structured CDs, notes, and non-traded REITs are often unsuitable for retirees with short time horizons and brokerage firms can be held responsible for recommending them to their customers.
Have you suffered financial losses that you believe resulted from improper advice of an investment advisor or firm? Bring your concerns to Simmons Law Firm as soon as possible, as there are strict laws that limit the time in which you can make claims. We offer you a free consultation to discuss your case, and once you agree to work with us, we can get to work preserving the evidence, and start the investigation on your case as soon as possible. Get started today by contacting us online or by calling 803-779-4600 or toll-free at 888-715-8818, or contact us online.