Sandlapper Securities Lawsuit Alleges Unsuitable Investment Recommendations
The White Law Group recently announced that it has filed a FINRA Lawsuit against Sandlapper Securities LLC on behalf of a La Quinta, California couple, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
The Statement of Claim alleges Sandlapper Securities LLC unsuitably invested his clients in the following alternative investments, high risk non-traded REITs and pharmaceutical stocks:
United Development Fund IV
MVP REIT II Inc.
Benefit Street Partners Realty Trust
Highland Income Fund
Lightstone Value Plus REIT II
United Development Fund IV
MVP REIT II Inc
Direxion Shares ETF Trust
Nordic American Tanker LTD
Progenics Pharmaceuticals Inc.
T2 Biosystems Inc.
Dynavax Technologies Corp. New
ETF Ser TR I Infracap Active MLP
Portola Pharmaceuticals Inc.
Aratana Therapeutics Inc.
CSI Compressco LP
Oxford Lane Capital Corp
Protalix Biotherapeutics Inc.
The claim seeks damages between $100,000.01 and $500,000.00.
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 the financial advisor in question 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.”
According to the statement of claim, Sandlapper Securities LLC allegedly failed to perform the necessary due diligence on these investments prior to recommending them to this particular investor.
Free Consultation with a Securities Attorney
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 Sandlapper Securities LLC, please contact the offices at 1-888-637-5510 or visit https://www.whitesecuritieslaw.com.
Tags: Aratana Therapeutics Inc., Benefit Street Partners Realty Trust, CSI Compressco LP, Direxion Shares ETF Trust, Dynavax Technologies Corp. New, ETF Ser TR I Infracap Active MLP, finra cliam, finra lawsuit, GWG holdings, Highland Income Fund, Lightstone Value Plus REIT II, MVP REIT II Inc., Nordic American Tanker LTD, Oxford Lane Capital Corp, Portola Pharmaceuticals Inc., Progenics Pharmaceuticals Inc., Protalix Biotherapeutics Inc., Sandlapper Securities complaints, T2 Biosystems Inc., United Development Fund IV Last modified: December 10, 2019