How Broker Fraud Attorneys Recover Lost Retirement Savings

Florida Investors Sue United Planners’ Financial Services of America for Up to $1 Million in Damages

Couple Sustained Losses in Creative Media and Community Trust REIT and Priority Income Fund, as well as other Unsuitable Investment Recommendations

Shepherd Smith Edwards and Kantas Broker Fraud Attorneys (investorlawyers.com) are representing a Florida couple who are suing United Planners’ Financial Services of America A Limited Partnership (United Planners’) for up to $1,000,000 over the customers’ investment losses they sustained.

As alleged in the Statement of Claim filed with FINRA, these Claimants are inexperienced, older investors whose trust was abused by United Planners and its registered representative, Aaron Pierce Sevigny.  As discussed in the Statement of Claim, these senior investors made it clear from the start that they were not interested in being aggressive with their savings and would need to be able to access their money since they were retiring, and this was the majority of their liquid assets.

As explained in the Statement of Claim we filed for them, these investors have since learned that they were unsuitably invested in high-risk, often illiquid, speculative, and opaque securities that were misrepresented to the investors. These wrongfully sold investments included Dallas-based real estate investment trust company Creative Media & Community Trust (CMCT), which has since lost 99% of its value, so that it is now worth less than $4 when the company’s shares previously traded at over $400.   Another investment wrongfully sold to these investors is the Priority Income Fund, which is a non-traded fund comprised of private loans in private businesses. The Priority Income Fund says that it invests at least 80% of its assets in junk-rated bonds.

Claimants in the case we filed contend that when they spoke to Sevigny about the investments, Sevigny reassured them that everything was fine. When the customers’ investment losses became more obvious, Sevigny still assured the customers they would get their money back and, according to the Claimants, eventually grew angry and defensive.

This senior couple has now discovered that essentially no gains were made during their time working with United Planners and Sevigny. Instead, these retirees suffered serious losses in CMCT, the Priority Income Fund, and other investments.  Incredibly, all of this happened at a time when the stock market was performing very well, which means the Claimants should have been making hundreds of thousands of dollars rather than the value of their retirement dropping significantly.

In their FINRA arbitration claim, our Clients are alleging breach of contract, misrepresentations and omissions, unsuitability, fraud, breach of fiduciary duty, negligence, gross negligence, negligent misrepresentations and omissions, unjust enrichment, failure to supervise, and more.

We Are Investigating United Planners’ Broker Aaron Sevigny

Sevigny has already been the subject of several other customer disputes in which former customers have alleged unsuitability, breach of fiduciary duty, negligence, breach of contract, and more.  At least three of these investor claims resulted in settlements, potentially allowing the brokerage firm to avoid paying massive judgments.

Why Work With Our Trusted Broker Fraud Attorneys?

Our investment loss recovery law firm has been fighting for investors for more than 35 years. Our team of seasoned broker fraud lawyers, legal assistants, consultants, and others has more than 100 years of collective experience in securities law and the securities industry.  More than 90% of our clients have secured full or partial financial recovery.

Shepherd Smith Edwards and Kantas Broker Fraud Attorneys are offering free, no obligation case consultations to other investors who worked with Sevigny and suffered serious losses. Call (800) 259-9010 or fill out this online contact form so we can help you explore your legal options.