New York, NY (PRWEB) May 03, 2013
Zamansky & Associates LLC has filed a FINRA arbitration on behalf of 82 year-old and two late 70s year-old investors with brokerage accounts at Investors Capital Corp. (“ICC”). The case is FINRA No. TN1300426.
The Statement of Claim in the arbitration alleges that ICC recommended that these elderly and retired customers invest a large percentage of their accounts into risky asset-backed and mortgage-backed securities. The Statement of Claim alleges that ICC made these recommendations despite the fact that the real estate and mortgage crisis was clearly underway, and alleges that ICC knew or should have know that MBS and ABS investments had become too risky for these retired investors. The Statement of Claim alleges that ICC’s recommendation was unsuitable for these investors, both at the time of the purchase and on an ongoing basis as the mortgage crisis got worse.
According to Jake Zamansky, “Financial advisors have duties to recommend suitable investments to customers, and brokerage firms have duties to supervise these recommendations.” “If any investor notices trading by a financial advisor that seems unsuitable or excessive for him or her, or notices an investment or loss from an investment that seems inappropriate, the investor should get their brokerage account reviewed,” Zamansky contends.
What Investors Can Do
If you invested in any MBS or ABS investment or invested through ICC, and would like to have your brokerage accounts reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud, FINRA arbitration and class action litigation. Our FINRA attorneys represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414