New York, New York (PRWEB) July 04, 2013
Zamansky & Associates LLC announces that it has filed an Amended Statement of Claim in a FINRA arbitration against First Allied Securities Inc. (“First Allied”), on behalf of husband and wife investors to add them as claimants. The additional investor-claimants were clients of the same First Allied financial advisor located in Irvine, California. The case is FINRA No. 13-001781.
The Statement of Claim in the arbitration alleges that the First Allied financial advisor recommended and sold unsuitable private investments in venture capital funds offered by Advanced Equities Inc. ("AEI"), the defunct brokerage firm, in the form of AEI LLC interests. The Statement of Claim also alleged that the First Allied financial advisor recommended unsuitable tenants in common real estate partnerships, and the IMH Secured Leasing Fund. The Statement of Claim also alleges that First Allied financial advisor engaged in “selling away” violations by recommending risky mortgage refinances and the purchase of rental properties through which the advisor earned fees.
According to stock fraud attorney Jake Zamansky, “Private investments are risky and illiquid and often not suitable or appropriate for income-seeking retirees. They also are more ripe for abuse by aggressive brokers looking to earn fees and sales commissions, regardless of whether the investment is appropriate or not for the investor,” Zamansky states. Additionally, “Investors should be very cautious when financial advisors recommend mortgages or borrowing for the purpose of making investments,” Zamansky states.
What Investors Can Do
If you invested through First Allied Securities, and would like to have your account 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 securities fraud law firms specializing in securities class actions and FINRA securities arbitration. We are stock fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414