Broker Fraud Attorneys

Shepherd Smith Edwards and Kantas Broker Fraud Attorneys Are Representing This Claimant In FINRA Arbitration

A Las Vegas investor is suing LifeMark Securities after the brokerage firm recommended a private placement, a Limited Partnership known as Tasty Brands, as well as annuities, to her, even though she is a retiree with a disability.

Private placements are risky, unregistered investment products. They are particularly unsuitable for those who are no longer earning employment wages. They are illiquid and hard to resell. Annuities can also be illiquid and have lengthy surrender periods. They are unsuitable for many retirees.

As a result of these allegedly unsuitable recommendations, this Claimant has suffered serious losses. She is now seeking up to $500,000 from LifeMark Securities. Shepherd Smith Edwards and Kantas Broker Fraud Attorneys (investorlawyers.com) is representing this Las Vegas investor in FINRA arbitration.

Our Client is an inexperienced investor who relied entirely on this broker-dealer to keep her life savings safe. She made it very clear that she could not afford to sustain any losses and believed that LifeMark Securities would act in her best interests.

Instead, she alleges, the broker-dealer overconcentrated too much of her assets in Tasty Brands, LP, an illiquid, unproven private placement investment that paid a high commission to the firm.

She contends that LifeMark Securities also improperly recommended Ameritas annuities, which are also illiquid and paid high commissions. These investments had long surrender periods, low credit ratings, and poor long-term performance relative to inflation.

This investor claims that LifeMark Securities tried to persuade this investor to invest in GWG Holdings, but later told her the bonds were no longer available. GWG is now defunct and accused of being a more than $1.6B Ponzi scam. It is fortunate that our Client did not get involved in GWG and end up losing even more money.

In her FINRA lawsuit, this Las Vegas retiree is alleging supervisory failures, unsuitable recommendations, misrepresentations and omissions, negligence, gross negligence, breach of contract, breach of fiduciary duty, Regulation Best Interest violations, and more.

LifeMark Securities broker Patrick Christopher Durst acted as this Claimant’s registered representative. This Colorado broker is not a Respondent in this private placement loss lawsuit.

Why Work With Our Broker Fraud Attorneys?

Private placements and annuities can lead to serious losses, especially when unsuitably recommended to an investor by their broker. You want to work with an experienced securities law firm that understands these investments and the ways in which broker-dealers and their registered representatives may have breached their fiduciary duty to you in the alleged mishandling of your account.

Shepherd Smith Edwards and Kantas Broker Fraud Attorneys have been fighting for investors for decades. We have a collective more than 100 years of experience in securities law and the securities industry. More than 90% of our clients have received full or partial financial recovery through our knowledgeable and committed efforts.

Call our Broker Fraud Attorneys or annuity loss lawyers or (800) 259-9010 to schedule your free, initial case assessment. You can also contact us online.