Sagepoint Lawsuit Alleges Unsuitable Investment Recommendations

The White Law Group recently announced that it has filed a FINRA claim against Sagepoint Financial Inc. on behalf of a Hayden Lake, Idaho resident, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.

The Statement of Claim alleges Sagepoint unsuitably invested its client in the following high risk oil and gas private placement investments:

Atlas Series 30
Atlas Series 32
Atlas Series 33

The claim seeks damages between $100,000.00 and $250,000.00.

According to D. Daxton White, managing partner of The White Law Group, “It is unfortunate, but we believe that many more investors have suffered devastating losses due to the broker-dealer’s failure to supervise and don’t realize they have recovery options.”

“Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Sagepoint violated FINRA rules, it can be held responsible for any resulting losses in a FINRA arbitration claim.”

According to the statement of claim, Sagepoint Financial allegedly failed to perform the necessary due diligence on these investments prior to recommending them to this particular investor.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

The firm has handled more than 600 FINRA arbitration claims alleging claims for unsuitable investment recommendations, conversion, breach of fiduciary duty, selling away, fraud and other issues.

For more information The White Law Group and the claim filed against Sagepoint Financial, please contact the offices at 1-888-637-5510 or visit?http://whitesecuritieslaw.com.