New Jersey Widow Sues Cambridge Investment Research Over Alternative Investment Losses
Elderly Investor Seeks Up to $500K For LJM Preservation and Growth Fund, FS Energy & Power Fund, Highlands REIT, InvenTrust PPTYS, and Other Losses
If you suffered losses in alternative investments that were recommended by your financial advisor, contact the Shepherd Smith Edwards and Kantas Alternative Investment Loss Attorneys (investorlawyers.com) today. These high-risk, illiquid investments are unsuitable for many conservative and elderly retirees. Yet, many brokers continue to market and sell them to these investors in order to earn high commissions.
Recently, our seasoned alternative investment loss attorneys filed a broker fraud claim seeking up to $500K damages on behalf of a New Jersey widow against Cambridge Investment Research. She contends that the brokerage firm’s then-Connecticut financial advisor John Stephen Pronovost allegedly unsuitably recommended a number of high-risk alternative investments. Among these were an inverse exchange-traded fund (ETF) looking to “short” US Treasuries, a “Long Short” mutual fund, unit investment trusts (UITs), the LJM Preservation and Growth Fund, FS Energy & Power Fund, Highlands REIT (real estate investment trust), and InvenTrust PPTYS. These investments were sold to this older investor who made it clear from the start that she and her husband didn’t want to take on significant risk.
Not only were these complex, illiquid investments but also some of them may have already been in trouble. We believe Cambridge Investment Research’s alleged supervisory failures and mismanagement cost this investor hundreds of thousands of dollars in lost opportunities.
In her FINRA lawsuit seeking up to $500K in damages, this New Jersey retiree is also alleging elder financial abuse, breach of contract, breach of fiduciary duty, broker fraud, negligence, gross negligence, misrepresentations and omissions, unjust enrichment, and more.
John Pronovost is now an Osaic Institutions stockbroker. Since 2018, he has been named in 18 customer disputes. Most have resulted in settlements and one award.
Contact Our Trusted Elder Financial Abuse By A Broker Attorneys Today
Financial advisors owe their clients certain duties of care. For over 30 years, Shepherd Smith Edwards and Kantas have helped thousands of seniors and retirees who have sustained significant portfolio losses because of broker misconduct or negligence. We have the skills, resources, and knowledge to pursue the damages you are owed.
We understand how catastrophic it can be to sustain significant losses to your savings or retirement, especially at this point in life. The first step is to assess whether you have grounds for an elder financial abuse lawsuit by a broker is contact us today for your free initial assessment.
Call (800) 259-9010