Chatham investors who are the victims of securities fraud now have a law firm dedicated to them. The local securities litigation firm of Lubiner, Schmidt & Palumbo stands ready to assist Chatham investors whose securities accounts have been mishandled. Lubiner, Schmidt & Palumbo has practiced securities law for over three decades. Among the experienced securities litigation and regulatory attorneys at the firm are a former New York City Assistant District Attorney, a former stockbroker and a former in house attorney at a large Wall Street securities firm. The experienced securities fraud attorneys at Lubiner, Schmidt & Palumbo appear in securities matters in courts in New York, New Jersey and Florida. The firm’s securities group has also handled hundreds of customer arbitrations administered by the Financial Industry Regulatory Authority (“FINRA”). Lubiner, Schmidt & Palumbo attorneys have extensive experience handling securities matters and have a deep and detailed knowledge of the securities laws and regulations that govern the conduct of brokerage firms and their financial advisors. If your brokerage and/or retirement accounts have been mishandled, the securities group at Lubiner, Schmidt & Palumbo can assist you.
Securities fraud takes many forms and the experienced securities fraud attorneys at Lubiner, Schmidt & Palumbo have seen them all. Excessive trading/churning, failure to supervise and overconcentration in an investment portfolio are just a few examples of inappropriate and illegal conduct on the part of brokers that Chatham investors may experience. Other examples of actionable misconduct which Lubiner, Schmidt & Palumbo may assert on behalf of a Chatham investor includes:
Misrepresentation/Omission - As one would expect, brokers are always obligated to be truthful to their clients in recommending and discussing securities with their clients. Unfortunately, not all brokers adhere to that standard. If a broker inaccurately describes the characteristics of a particular investment, and what the risks inherent in the investment are, that broker may be misrepresenting that investment to the client. Additionally, if a broker doesn’t tell the client about the increased back end sales charges involved with the early liquidation of certain classes of mutual fund shares or annuities, that broker has omitted to disclose an important fact to the client. The client may seek to recover money from the broker and brokerage firm if damaged, in either scenario;
Negligence – The term “securities fraud” refers to the affirmative decision of a broker to deceptively induce a customer to make a securities purchase, resulting in harm to the client. However, as in life in general, Chatham investors can be financially injured by the negligent actions (or failure to act) of their financial advisors. Well-intentioned brokers may make mistakes; mistakes that, while unintentional, nevertheless result in harm to the client. In such a situation, customers may be entitled to recoup any losses occasioned by the negligent actions of their broker;
Elder Abuse – Elder abuse in the securities industry remains a constant concern. See here, here, here and here. Do you have an elderly parent, relative or friend who may be a victim of elder abuse regarding the handling of their securities accounts and/or retirement funds? The experienced securities fraud attorneys at Lubiner, Schmidt & Palumbo can assist you to ascertain if an elderly loved one has been victimized.
Another significant challenge that may face Chatham investors is the proliferation of complex investment products. Many of these products, originally intended for sophisticated and wealthy investors, are now being sold to ordinary retail investors. Many such investors may not have the investment knowledge or experience to fully appreciate the operation and risks involved with these investments.
Some of the complex investment products available to ordinary investors include:
Exchange Traded Funds (“ETFs”) – ETFs are similar to mutual funds in that they are comprised of an underlying basket of stocks, bonds, etc., usually of a specific sector of the economy. They trade like mutual funds. However, what should be of concern to potential Chatham investors are related products: inverse ETFs and leveraged ETFs.
By using securities derivatives, inverse ETFs are structured to perform opposite to the basket of underlying securities. Leveraged ETFs use margin to borrow more securities to increase the size of the underlying basket. This creates the possibility of greater profits – but also the possibility of increased losses. Again, these products may be unsuitable for many investors.
Lubiner, Schmidt & Palumbo has the securities fraud experience to review your accounts, your trading history and the types of investments you have made to determine if your broker has handled your account properly and in accordance with the securities industry’s rules and regulations. l Lubiner, Schmidt & Palumbo if you have questions or concerns about your brokerage accounts or financial advisor.