Retired Widower Goes Bust Thanks to Bad Real Estate Deal

The Green Firm recently filed a Statement of Claim through FINRA’s arbitration process to recover in excess of $25,000 on behalf of our client against Lawson Financial Corp., the supervising brokerage firm of a broker who may have been seeking higher commissions when he allegedly negligently steered a retired elderly widower into a private commercial real estate deal, Prestige Equity Partners No. 4 LLC, that went bust. Not only did the deal expose our client to undue risk, but it was completely unsuitable for him, since he was not an “accredited investor” who could withstand major losses and liquidity problems in his investment account, which was composed of his life-savings.

Broker abuses non-traditional ETFs

The Green Firm recently filed a statement of claim against LPL Financial, LLC whose employee financial advise abused what are called non-traditional ETFs was breathtaking. We allege that the broker in question lost our client, a very frugal and risk-averse small businessman, approximately 70% of his total account value as a result of investment misconduct by his broker in combination with a lack of supervisory oversight on the part of LPL Financial, LLC. 

Non-traditional ETFs are highly complex financial products which are typically unsuitable for retail investors and designed to be deployed in volatile markets for one trading day at a time. In this case, the broker held the non-traditional ETFs in the claimant's account for a period of several months.

Shocking as this abuse may sound, unfortunately it's all too common. Broker misconduct and the misapplication of sophisticated financial products are at the center of so many of the cases we see at The Green Firm.  If you have been the victim of similar conduct by LPL Financial, LLC or any other broker or brokerage firm, please contact us immediately for a free consultation to review your legal rights.