Another Lawsuit Alleges Unsuitable Investment Recommendations in iCap
The White Law Group announces the filing of a FINRA Arbitration claim submitted on behalf of two Massachusetts residents, alleging violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. complex, non-traded alternative investments, including the following:The claim alleges that Advisory Group Equity Services LTD unsuitably invested its clients in a variety of
ICAP Pacific Northwest Oppty. & Income Fund GPB Holdings II, LP GPB Automotive Portfolio, LP Shopoff Commercial Growth & Income Fund II, LP Shopoff Land Fund III, LP King Royalty Masters Property Inc
The FINRA claim seeks damages in an amount between $100,000 and $350,000.
It is further alleged that the broker that was involved with the accounts at issue is Ronald David Birnbaum.
Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.
Advisory Group Equity Services – FINRA Claims
According to D. Daxton White, managing partner of The White Law Group, “It is possible that many more investors have suffered devastating losses due to the broker-dealers’ failure to supervise and don’t realize they have recovery options.” Brokerage firms are required to supervise their brokers to ensure that they are complying with FINRA rules. If it can be determined that the financial advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.
FINRA Arbitration Attorneys – The White Law Group
FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. ?It provides investors with an opportunity to attempt to recoup their investment losses without filing such claims in court.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
With offices in Seattle, Washington and Chicago, Illinois, the firm reviews securities fraud cases throughout the country. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.