Banc of America Investment Services Sued By Former Investment Broker for Peddling Fraudulent Investments
Broker sues Bank of America Investment Services, Inc. for putting its own interests above that of their clients and concealing wrongful conduct.
(PRWEB) May 11, 2009 -- On May 9, 2009, the Financial Industry Regulatory Authority (FINRA) assigned Case No. 09-2485 to a lawsuit brought by Jason Schlesinger, a securities broker formerly with Banc of America Investment Services, Inc. ("BAIS"). Mr. Schlesinger filed suit, alleging that BAIS promoted sales of improper investments to its clients. The case is entitled Jason Schlesinger, v. Bank of America Investment Services, (a.k.a. Bais), William Mccoy, Bank of America, Daniel Mcnamara, Anne Cameron, Michael Cohn, Larry Alfieri, Mark Benson, Patricia Jagelski, Brian Moynihan, Ron Nuwth, Pat Phillips, and Does 1-100.
The 80 page complaint, prepared by Kevin Mirch of the Mirch Law Firm, and entitled "Claim for Relief and Request for Arbitration" seeks substantial monetary damages and expungement of a false U-5 filed by BAIS and/or its related entities against Mr. Schlesinger. The Claim for Relief alleges that BAIS engages in a repeated pattern of filing false charges against its Brokers in order to justify its sale of fraudulent products.
In this case, Mr. Schlesinger alleges that BAIS engaged in fraudulent practices which were in conflict with its investment clients, particularly with Collateral Debt Obligations or CDO's. When Mr. Schlesinger complained about the financial propriety of the "CDO's", he was constructively terminated with false statements being made to the very clients he was protecting from BAIS's fraudulent products. Many of the clients who were defrauded are located in the San Francisco Bay Area. The Schlesinger complaint alleges that upper level BAIS management gave specific instructions to its employees to conceal the fraud associated with all of BAIS's Collateral Debt Obligation investments including but not limited to failing to secure collateral; fraudulent overvaluing of collateral; and concealing puts related to derivative provisions in the investments.
Mr. Mirch commented that he believes there are many individuals who have fallen victim to Banc of America Investment Services' fraudulent conduct, and may be entitled to recover some or all of their lost investment. However, those victims may be reluctant to come forward due to the high cost of legal representation, and/or fear of retaliation or intimidation by Bank of America's corporate conglomerate. "Not all investments fall into the category of BAIS's fraudulent conduct, but BAIS customers who were involved in Collateral Debt Obligations which suffered a sudden decline or total loss in value should take a second look at their investments to determine if they have any recourse," Mirch said.
The MIRCH LAW FIRM has been repeatedly successful in expunging false statements made by Bank of America Investment Services and its related subsidiaries and procuring substantial rewards for Brokers and their clients. The "Mirch Law Firm" is located in San Diego, California and provides legal representation on a contingency fee basis to provide the working man access to the courts that otherwise may not be available.
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