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Zamansky LLC announces that it is investigating potential securities fraud claims for investors in Commonwealth Bankshares Inc. (CWBS) against its former officers. CWBS was the public parent corporation of Bank of Commonwealth which failed in September 2011, and was liquidated by the Federal Depositors Insurance Corporation. CWBS also filed for bankruptcy.

On January 10, 2013, the Securities and Exchange Commission (SEC) filed a civil complaint against the Bank’s former CEO Edward J. Woodard Jr., CFO Cynthia A. Sabol and VP Stephen G. Fields, who also face criminal charges.  The SEC charged these bank officers with knowingly making false and misleading statements about the health of the Bank’s deteriorating mortgage loan portfolio.  The Bank eventually wrote off $150 million in losses from its loan portfolio.

CWBS’s stock price fell from over $21 per share to $0.  Investors who held CWBS stock while it collapsed likely did so based on false and misleading statements made by the Bank’s officers.  If you were an investor in CWBS who suffered a loss, please contact  our securities fraud law firm for an evaluation of your rights.  You can contact investment fraud lawyer Jake Zamansky by telephone at (212) 742-1414 or by email at

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“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
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