New York, NY (PRWEB) September 25, 2013
Zamansky LLC announces the filing of a FINRA arbitration against Raymond James Financial for investors for alleged unsuitable over-concentration into risky oil and gas "Canadian Royalty Trust" stocks. The case is FINRA No. TN 1301072.
The Statement of Claim in the arbitration alleges that the investors who were a retiree in his 60s and his mother who is 90 years-old had brokerage accounts with Raymond James Financial Inc. The Statement of Claim alleges that their financial advisor recommended that they invest and hold risky oil and gas "Canadian Royalty Trust" stocks, known as Canroys. Canroy stocks are risky high-yield stocks that are not suitable for retirees due to the serious risk of principal loss, the Statement of Claim alleges. The Statement of Claim alleges that the Canroys recommended included Pengrowth, Penn West and Enerplus, and that these investors suffered substantial losses from holding large concentrations in these Canroy stocks which were too risky and unsuitable for them.
According to stock broker fraud attorney Jacob Zamansky, "Financial advisors and stock brokers have duties to recommend suitable investments for investors."
"The over-concentration of retired or conservative investors' accounts into risky stocks or stocks with substantial risk of loss to principal are not suitable or appropriate for these investors," according to Zamansky.
Any investor who suffered a loss from a stock or investment in their brokerage account who feels that the loss exceeded the amount of risk he or she was willing to bear, should have the investment reviewed for suitability by a professional.
What Investors Can Do
If you suffered a loss from an investment, 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 LLC
Zamansky LLC is one of the leading stockbroker fraud law firms specializing in stock market fraud cases through securities class actions and FINRA securities arbitrations. 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.
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414