1-800-856-3352

Report – 6/30/17

1 – Onwallstreet.com on 6/29/17 reported that the SEC is now probing Morgan Stanley and Barclays bankers on Puerto Rico bonds and the SEC may take action for their roles in Puerto Rico bond sales before a worsening financial crisis sent Puerto Rico hurtling toward bankruptcy. If you are an investor who has suffered losses with Morgan Stanley, Barclays, or UBS relating to Puerto Rico bonds, please contact the Investment Loss Recovery Team at the Ciklin Lubitz & O’Connell Law Firm at 1-800-856-3352 for a no-cost consultation and review.  

2 – SLCG.com recently updated its report on Puerto Rico securities arbitration cases.  As of 6/9/17, a total of 1,974 arbitration filings related to Puerto Rico securities were filed and thus far they have resulted in $274 million in settlements and awards.  The majority of cases involve UBS Financial Services, but cases have also included Santander Securities, Popular Securities, Oriental Financial Services, and Merrill Lynch.  Approximately 922 cases have been settled for $203.9 million and 34 cases have proceeded to a final hearing resulting in 28 customer awards totaling $69.7 million.  At a 28 to 6 win/loss rate, customers prevailed in over 82% of the Puerto Rico cases at final hearings. If you are an investor who has suffered losses with UBS, Santander Securities, Oriental Financial Services or Merrill Lynch relating to Puerto Rico securities, please contact the Investment Loss Recovery Team at the Ciklin Lubitz & O’Connell Law Firm at 1-800-856-3352 for a no-cost consultation and review.  

3 – Michael Jay Sharenow was registered with Wells Fargo Advisors and previously registered with RBC Capital Markets (among other firms).  Sharenow is believed to be the subject of multiple customer complaints, one or more of which includes allegations relating to unsuitability, over-concentration, and/or inappropriate securities.  See: FINRA brokercheck.  If you are an investor who has suffered losses with Sharenow at Wells Fargo, or RBC Capital Markets, relating to unsuitable investments, over-concentration, or inappropriate securities, please contact the Investment Loss Recovery Team at the Ciklin Lubitz & O’Connell Law Firm at 1-800-856-3352 for a no-cost consultation and review.  

4 – James Lynn was registered with Voya Financial Advisors and prior to that with Brookstone Securities and Capital Investment Group.  Lynn is believed to be the subject of several customer complaints, one or more of which is alleging unsuitable investment recommendations relating to variable annuities (VAs) and/or real estate investment trusts (REITs).  See: FINRA brokercheck.  If you are an investor who has suffered losses with Lynn, Voya Financial Advisors, Brookstone Securities or Capital Investment Group relating to variable annuities, REITs or any other investments, please contact the Investment Loss Recovery Team at the Ciklin Lubitz & O’Connell Law Firm at 1-800-856-3352 for a no-cost consultation and review.  

5 – In June 2017, Kiplinger.com reported on “Why Your Financial Advisor Doesn’t Text You” and the article noted that while test messages are otherwise common in this digital age as an efficient and convenient means of communication, many financial advisors are limited to email, telephone calls and more old-fashioned methods of communication based on their firm’s written supervisory procedures which still often prohibit texting, especially from personal devices.  This is often done by firms to ensure that all communications are fully documented and properly supervised.  If a financial advisor is texting in violation of a firm’s written supervisory procedures it could be an early warning sign that a financial advisor is not conducting his/her business in a manner that is entirely consistent with the firm’s rules and procedures.  The article further noted that already in 2017, two advisors have been the subject of regulatory fines and/or suspensions based on these types of communications.  If you are an investor who has received text messages from your financial advisor and you are not sure whether or not the firm is reviewing or supervising those text messages and you have suffered losses based on recommendations from the firm or the financial advisor, please contact the Investment Loss Recovery Team at the Ciklin Lubitz & O’Connell Law Firm at 1-800-856-3352 for a no-cost consultation and review.  

6 – In Tullis v. Ameriprise Financial Services, Inc. FINRA Dispute Resolution Case No. 16-1261, Claimants recently received a Final Award of $191,772 based on what was proven to be an unsuitable investment strategy.  The investment strategy at issue included closed-end funds (CEFs) and unit investment trusts (UITs) and over 50% of the portfolio exposed to a single sector that was linked to oil prices. If you are an investor who has suffered losses with Ameriprise relating to closed-end funds, unit investment trusts, or a sector concentration issue, please contact the Investment Loss Recovery Team at the Ciklin Lubitz & O’Connell Law Firm at 1-800-856-3352 for a no-cost consultation and review.