New York, NY (PRWEB) May 11, 2013
Zamansky LLC has filed a FINRA arbitration on behalf of 50 year-old investor, and his late parents, to recover $750,000 in damages suffered in a brokerage account at NFP Securities Inc. ("NFP"). The case is FINRA No. TN1300435.
The Statement of Claim in the arbitration alleges that NFP recommended that this investor’s elderly parents invest a substantial portion of their retirement savings into risky, non-public funds, including the Hennessey Financing Fund, ICON 12 leasing fund and other private REITs. The Statement of Claim alleges that these private funds were too risky and too speculative for the elderly couple who needed to be conservative, and that they were unsuitable investments. The Statement of Claim also alleges that NFP recommended the Hennessey Fund, which later became TrueNorth Finance and was sued by the SEC, without doing proper due diligence. The case is SEC v. True North Finance Corporation, f/k/a CS Financing Corporation, et al., U.S. District Court, Minnesota, No. 10-3995-DWF.
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 is placed in an investment that is not public and has no transparency or that they do not understand, the investor should get their brokerage account reviewed,” Zamansky contends.
What Investors Can Do
If you invested through NFP, 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 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.
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414