Investor Lawyers Blog

New York Elder Financial Abuse Lawyers

Published on: May 8, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Our New York Elder Financial Abuse Lawyers Represent Older Investors and Their Families Who Have Broker Fraud Claims

Elder financial abuse is a crime that involves a perpetrator stealing money or assets from an older person. It is often committed by someone that the victim knows, such as a relative, a close friend, a caretaker, or a trusted professional. At Shepherd Smith Edwards and Kantas (investorlawyers.com) we represent elderly New York investors and their families who have been the victims of broker misconduct or negligence. In the most egregious instances, this can involve deliberate elder financial exploitation.

Older seniors are one of the most vulnerable groups when it comes to financial abuse. By this point in life, many elderly investors will have accrued a nest egg after years of hard work. This means that they have money for bad brokers to misappropriate. Not only that, but as a person ages, they may develop memory problems or decreased mental function, including Alzheimer’s or dementia, and this can make it easier to take advantage of them.

Non-Traded REIT Fraud Law Firm

Published on: May 8, 2024 | by Shepherd Smith Edwards & Kantas, LLP

California Senior Files 6-Figure Moody National REIT II Loss Lawsuit Against Centaurus Financial. Our Non-Traded REIT Fraud Law Firm Are Representing This Claimant

A Newport Beach, CA investor is suing Centaurus Financial for up to $500K because of losses she sustained in real estate investment trusts (REITs), including Moody National REIT II. This claimant is an octogenarian semi-retiree and inexperienced when it comes to investing. She looked to this brokerage firm for investment guidance while making it clear she did not want to take on any undue risk.

Shepherd Smith Edwards and Kantas (investorlawyers.com) are representing this elderly investor. In her FINRA arbitration case, she is accusing Centaurus of allegedly unsuitably recommending illiquid, high-risk, non-traded REITs, including Moody. She also is claiming breach of contract, failure to properly supervise, breach of fiduciary duty, and more. Our client contends that Centaurus broker Gregory Scott Kinkead made misrepresentations and omissions about the risks involved with real estate investment vehicles.

FINRA Arbitrator Lawyers

Published on: May 7, 2024 | by Shepherd Smith Edwards & Kantas, LLP

GWG L Bonds Unsuitable For “Perhaps Anyone” Declares FINRA Arbitrator. Investor Awarded Almost $100K Against Greenberg Financial Group

The FINRA arbitrator who ordered brokerage firm Greenberg Financial Group and its longtime financial advisor David Michael Sherwood to pay $102K (including damages, fees, and interest) to a claimant called GWG L Bonds “not a suitable investment for the {client} or perhaps anyone.” These high-risk junk bonds, issued by GWG Holdings, were marketed and sold by approximately 40 regional brokers to retail investors, including retirees and seniors, all over the United States.

GWG, which filed for Chapter 11 bankruptcy protection in 2022, is accused of operating a more than $1.6B Ponzi scam. Meanwhile, L Bond investors, who thought they were buying into safe life settlement bonds, have found themselves with significant losses.

Chicago Elder Financial Abuse Law Firm

Published on: May 1, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Chicago Elder Financial Abuse Law Firm Represents Older Illinois Seniors and Retirees In Recouping Their Investment Losses From Broker-Dealers

For more than three decades, Shepherd Smith Edwards and Kantas (investorlawyers.com) have been known as one of the most dedicated Chicago-area elder financial abuse law firms when it comes to advocating and fighting for elderly investors and their families who have fallen victim to stockbroker fraud. We represent clients throughout the state against local and regional broker-dealers, as well as the largest brokerage firms on Wall Street.

Unfortunately, elder financial abuse happens. The National Council on Aging says this crime collectively costs victims up to $36.5B each year. This type of financial exploitation of an older person is often committed by someone that they know, such as a family member, a friend, or a caregiver. It is also carried out by bad brokers and investment advisers seeking to take advantage of an elderly investor, including those suffering from dementia, Alzheimer’s, or other health issues.

Non-Traded REIT Loss Lawyer

Published on: May 1, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Family Seeks Up to $1M in Damages From Cetera Investment Services Over Non-Traded REIT Losses in Cole Capital, Arc Realty Finance

Another Cetera Broker Accused of Using Shared Cultural Affinity To Gain Trust of Investors of Chinese Descent

More investors of Chinese descent are suing broker-dealer Cetera because of losses they sustained in allegedly unsuitable investments. The claimants, who live in California, are seeking up to $1,000,000 in damages. They contend that their Cetera Investment Services broker John Yin (Haiguang Yin), whom they met through East West Bank, used their mutual cultural affinity to gain their trust. He then allegedly overconcentrated all of their assets in high-risk, illiquid private placements that were unsuitable for them given their low-risk tolerance level.

Financial Advisor Misconduct Attorneys

Published on: May 1, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Couple Sues Charles Schwab After Broker Purportedly “Chased Returns” That Led To Serious Life Savings Losses. Our Financial Advisor Misconduct Attorneys Represent Seniors and Retirees Investors Against Broker-Dealers

Two California investors are seeking up to $500K in damages from Charles Schwab & Co. over significant losses they sustained while working with the brokerage firm. While the broker-dealer is most known for offering a platform for those seeking to direct their own investment decisions and self-manage their accounts, these two older investors entrusted their money to one of the firm’s lesser-known divisions, which provides discretionary management of customer accounts.

These claimants, whom Shepherd Smith Edwards and Kantas (investorlawyers.com) are representing, contend that during the last years of working with Schwab, one of the broker-dealer’s financial advisors used a purported needlessly risky strategy that involved turning over these investors’ accounts allegedly to chase returns. In their FINRA lawsuit, our clients are claiming misrepresentations and omissions, gross mismanagement, negligence, and breach of fiduciary duty that we believe led to not just lost savings but also lost growth of said savings during a period when the markets reached all-time highs.

HJ Sims Investment Loss Recovery Lawyer

Published on: May 1, 2024 | by Shepherd Smith Edwards & Kantas, LLP

A Significant Amount of HJ Sims Reg D Bonds May Now Be Worthless. Investing Regulation D Private Placements Often Lead To Serious Losses.

According to SLCG Economic Consulting, a large number of Regulation D offerings issued by Herbert J. Sims (HJ Sims) have defaulted and may be “virtually worthless.” The broker-dealer sold 93 private placement bonds over 10 years. It was the only brokerage firm that sold 84 of them. These alternative investments were worth $2.2B.

Not only that, but SLCG alleges that HJ Sims executives may have created and controlled nearly all of the Reg D issuers. The financial economics consulting firm contends that these executives only risked bearing a “small portion” on any losses while standing to make substantial profits on any gains, in addition to commissions and fees from the sales. Also, there have been accusations that the broker-dealer inflated bond prices on account statements.

REIT Loss Attorneys

Published on: May 1, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Shepherd Smith Edwards and Kantas Continue to Investigate Peakstone Realty Trust Losses. Our REIT Loss Attorneys Are Looking Into Allegations of Broker Misconduct

For the past year, Shepherd Smith Edwards and Kantas (investorlawyers.com) have been speaking to investors who suffered losses in Peakstone Realty (NYSE: PKST), which is a publicly registered real estate investment trust (REIT). It was formerly the non-traded REIT Griffin Realty Trust (also, before that, Cole Office & Industrial REIT (CCIT II) and Griffin Capital Essential Asset REIT). Over the past few years, investors of this latest iteration, and its previous ones, have expressed concern about significant portfolio losses.

It was in April 2023 that Peakstone Realty Trust REIT joined the New York Stock Exchange. Its net asset value dramatically plunged. There was also a reverse stock split that happened. Yet, rather than these developments benefiting investors, some reported paying more to purchase their shares than what they are now worth while others allege that they suffered a near-total loss of equity.

L Bond Loss Recovery Law Firm

Published on: April 30, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Retired Washington Couple Sues Arete Wealth Management Over GWG L Bonds

Claimants Worked With A Center Street Securities Broker Prior to That Firm’s Acquisition By Arete

Two senior investors are seeking up to $500K in damages from brokerage firm Arete Wealth Management over losses they sustained in GWG L Bonds. They contend that their former broker James Joseph Toddy allegedly unsuitably recommended GWG Holdings to them while providing no meaningful disclosure of the many risks involved. This is considered making misrepresentations and omissions. Now, the Washington State couple is seeking up to $500K in damages from Arete.

Florida Broker Fraud Attorneys

Published on: April 30, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Shepherd Smith Edwards and Kantas Florida Broker Fraud Attorneys Continue To Investigate Former Merrill Lynch Broker William King

Ex-Vero Beach, FL Financial Advisor Now Has At Least 28 Customer Complaints

For the past year, our seasoned Florida broker fraud attorneys have been looking into claims of investor losses involving William Worthen King, who resigned from Merrill Lynch Pierce, Fenner & Smith after 37 years with the firm. He left after his former customers filed more than a dozen FINRA lawsuits.