New York, New York (PRWEB) August 21, 2013
Zamansky LLC has filed a FINRA arbitration against Citigroup Global Markets, Inc. ("Citigroup") on behalf of a 91 year-old investor from Detroit, Michigan who was sold a speculative investment strategy which included structured products called equity-linked securities or "ELKs". The case is FINRA No. TN 1300930.
The Statement of Claim alleges that Citigroup recommended and sold to a 91 year-old woman an investment strategy concentrated in stocks and structured products. The Statement of Claims alleges that the strategy represented a materially flawed and unsuitable asset allocation for this investor who needed to conserve principal. The Statement of Claim asserts claims for unsuitable investment sales, breach of fiduciary duty, fraud and other legal claims, and seeks $200,000 in damages.
According to stock fraud attorney Jake Zamansky, structured products such as equity-linked securities or ELKs (sometimes also known as reverse convertibles) can be highly risky and speculative. Zamansky states that these investments are not appropriate for conservative investors under any circumstances. Any investor who was sold a structured product from a brokerage firm who has concern that it might not be suitable or appropriate, or that the risks were not fully disclosed should have the investment reviewed by a professional, Zamansky believes. There can be risks imbedded or buried in these products which are not apparent to investors, he says.
In a separate structured products case, Zamansky LLC successfully represented former president of the Philadelphia 76ers Pat Croce. As reported by Rueters, on June 13, 2011, an arbitration panel found UBS liable for $2 million in damages plus interest. The case was FINRA No. 2010-00361.
What Investors Can Do
If you were Citigroup brokerage customer who suffered a loss from a structured product including equity-linked security, or you invested in a structured product that you wish reviewed, 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 a leading investment fraud law firm specializing in securities arbitration and securities class actions. Our stock fraud attorneys represent both individual and institutional investors. Our stockbroker fraud 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