Coral Gables, Florida (Vocus) December 11, 2009
The Securities Law Firm of Tramont Guerra & Nunez, P.A. (TGN) makes an announcement to all Provident Royalities LLC investors concerning the class action lawsuit (Case No. 09 CV 00613) filed on November 25, 2009, in the United States District Court for the District of Idaho.
The class action lawsuit was filed on behalf of investors in Provident Royalties, LLC (“Provident”) private placement who suffered investment losses recommended by Securities America, wholly owned by Ameriprise Financial. The class action alleges Provident The lawsuit further alleges Defendants violated Regulation D rules concerning the solicitation of private placement investments through “numerous solicitations of unaccredited investors, including sales pitches for Provident Securities delivered at seminars, meetings and dinners to which attendees were invited without reference to their status as accredited investors. Prospective class members should consider whether an individual securities arbitration claim filed with the Financial Industry Regulatory Authority, (FINRA) is more effective than a class action for recovery of their investment losses in Provident.
Many investors were advised by their financial advisors that an investment in Provident was a suitable investment. In some instances, individuals invested a disproportionate amount of their funds in Provident which resulted in a concentrated position which may have exposed investors to unnecessary and uncompensated risk. Brokerage firms are obligated to give, and investors are entitled to rely upon, brokerage firms for competent, suitable investment advice in accordance with the FINRA Sales Practice Rules and Regulations. Recommendations of an unsuitable investments and/or concentrated investments in the financial sector are both causes of action that form the basis for individual securities arbitration claims filed with FINRA. In some cases, shareholders must “opt-out” as a class member in order to pursue a securities arbitration claim, otherwise this legal option is not available.
The Securities Law Firm of Tramont Guerra & Nunez, PA is a nationally recognized, Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for Ben Fernandez, Esquire.