Short Hills Investors
Lubiner, Schmidt & Palumbo is a local law firm that has been handling securities litigation and regulatory cases, including securities fraud cases, for several decades. Short Hills investors who have incurred losses in their brokerage accounts need not look far to retain aggressive and knowledgeable securities litigation attorneys to represent them. Among the attorneys at the firm are a former Brooklyn, NY prosecutor, a former in house attorney at a financial firm and a former stockbroker. The securities fraud lawyers at Lubiner, Schmidt & Palumbo have appeared in courts across the country, including New York, New Jersey and Florida and handled hundreds of securities arbitrations conducted by the Financial Industry Regulatory Authority (“FINRA”). Short Hills investors in need of legal assistance will find that the experienced securities fraud attorneys at Lubiner, Schmidt & Palumbo will use their extensive knowledge of the securities industry best practices to help investors recover any damages caused by the improper actions of their investment advisors.
The experienced securities litigation attorneys at Lubiner, Schmidt & Palumbo have developed an in depth understanding of the brokerage industry. They know how branch offices, which are the primary contact with a brokerage firm’s customers, are supposed to operate and what industry rules they are obligated to follow. Lubiner, Schmidt & Palumbo securities lawyers know what internal policies brokerage firms are required to have to insure that stockbrokers properly handle their customers’ accounts and that branch managers properly supervise their brokers. Lubiner, Schmidt & Palumbo securities fraud attorneys know what types of records branch offices are required to create and what procedures internal compliance departments follow to insure the proper records are completed and maintained by brokerage firms.
Securities fraud is a broad term that describes multiple actions of brokers that can result in financial harm to their clients. Margin trading, excessive trading/churning and misrepresentations/omissions by brokers can lead to investors suffering losses in their accounts that may be recoverable. In order to properly investigate and prosecute such cases, aggrieved clients need the assistance of experienced securities litigation attorneys, such as those at Lubiner, Schmidt & Palumbo.
Unsuitable trading is a frequent and recurring claim asserted by financially injured clients in FINRA arbitrations. Under securities industry regulations brokers are required to “know their customer.” That is to say, brokers must develop a detailed understanding of their clients’ investment experience, financial background and investment objectives prior to making any investment recommendation. Unfortunately, brokers frequently present investments to their clients that may not be appropriate, or suitable, for those clients. The investment may not fit the client’s needs, consume too much of a client’s investable assets or be too risky for the client.
This problem is compounded today by the glut of complex investments currently available in the securities market. Brokerage firms now tout investments such as real estate investment trusts (“REITs”) to their clients. REITs are companies or associations that acquire income-producing properties, such as hospitals or hotels, and package them like a mutual fund. They are very liquid and trade on national exchanges. REITs are now very popular among investors and their brokers. However, brokerage firms also sell non-traded REITs. As the name implies, this type of REIT does not trade on exchanges and is very illiquid. It is not a suitable investment for most investors.
The experienced securities fraud firm of Lubiner, Schmidt & Palumbo is ready to assist any Short Hills investors who believe their brokerage accounts and/or retirement accounts have been mishandled. Contact us now for a free consultation.