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Investment Losses at LPL Financial Due to Unsuitable Investment Advice? Contact KlaymanToskes Immediately
LPL Financial Holdings Inc. (NASDAQ:LPLA)
NEW YORK, NY, USA, August 13, 2024 /EINPresswire.com/ -- National investment loss and securities attorneys KlaymanToskes is investigating LPL Financial (NASDAQ: LPLA) on behalf of its clients, after the brokerage firm’s recommendations of illiquid alternative investments caused a group of investors to suffer over $100,000 in damages. The law firm urges all customers of LPL Financial who suffered losses in alternative investments to contact the firm immediately at 888-997-9956.
KlaymanToskes reports the firm has filed a FINRA arbitration claim (no. 24-01699) against LPL Financial on the behalf of a family who are seeking to recover damages in excess of $100,000, in connection with being recommended to invest in unsuitable alternative investments, including Griffin American Healthcare REIT IV and NorthStar REIT (a/k/a Colony NorthStar Credit Colony).
According to the lawsuit filed by KlaymanToskes, the family had a history of conservative investing and never invested in alternative investments prior to the recommendation from LPL Financial. LPL and its financial advisors recommended the alternative investments as safe, low risk, fixed income investments, however, the investments remained illiquid for many years.
KlaymanToskes’ investigation found that the representations made by LPL and its advisors regarding the risk of these investments were false and materially misleading. The lack of transparency on the value of the alternative investments prohibited the investors from discovering the unsuitable recommendations. Further, over the years, LPL led the customers to believe that everything was fine with their alternative investments, and that they should continue to hold and stay the course.
Brokerage firms and their registered brokers/investment advisors have a responsibility to disclose and fully explain the risks associated with alternative investments prior to making recommendations to customers, as they are often high-risk, have limited liquidity, and carry high expenses and fees.
Investment firms may be held liable for any losses incurred by their customers in the event of unsuitable investment recommendations, misrepresentations or omissions of material facts, and/or an overconcentration of the customer’s portfolio in one particular investment, class, or market sector. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
Current and former customers of LPL Financial who suffered investment losses are encouraged to contact attorney Steven D. Toskes, Esq. at (888) 997-9956 or by email at [email protected] in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
[email protected]
