According to an article in Investment News this week, two broker-dealers, Triad Advisors and Arkadios Capital, paid a total of $535,000 to settle claims related to former broker James Walesa, who allegedly sold unsuitable and illiquid alternative investments. Triad Advisors, which is merging into the Osaic broker-dealer group, settled two claims in July for $435,000, while Arkadios settled a claim in August for $100,000.
“Those settlements from over the summer are unrelated to the $34 million claim,” said Dax White, the plaintiff’s attorney in that multimillion dollar claim. That larger lawsuit is scheduled to start in November 2025.
Walesa, who left the securities industry in 2021 after a long career, did not personally contribute to the settlements. These settlements follow a larger $6.5 million settlement Triad paid last year over similar claims and a pending $34 million lawsuit scheduled for arbitration in 2025, which alleges Walesa recommended investments he had a conflict of interest in.
Read the Investment News article here.
Last modified: September 20, 2024
