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Investigation Alert: Investor Losses at Harvest Group Wealth Management LLC and Purshe Kaplan Sterling Investments

February 19, 2022 Breaking News

Zamansky LLC Investigates Investor Losses at Harvest Group Wealth Management LLC and Purshe Kaplan Sterling Investments Due to Proshares Ultra QQQ  (QLD) and Proshares Ultra S&P 500 (SSO)

We are investigating potential legal claims on behalf of investors with accounts at Harvest Group Wealth Management LLC in Waltham, MA, and also Purshe Kaplan Sterling Investments, who have suffered losses from investments in Proshares Ultra QQQ (QLD) and Proshares Ultra S&P 500 (SSO).  Proshares Ultra QQQ (QLD) and Proshares Ultra S&P 500 (SSO) are leveraged ETFs and high risk investments designed for short-term use, not long-term investment.  Both QLD and SSO are down approximately 20% since December 2021.

On February 18, 2022, the Securities Division of Massachusetts Secretary of State William Galvin filed an administrative complaint against Harvest Group and Purshe Kaplan for unsuitable recommendation of these leveraged ETFs, QLD and SSO.   The complaint alleges that Harvest Group sold these investments to customers as long-term investments when they were designed for short-term use, and over-concentrated many customers in these investments.  The complaint also alleges that Harvest Group and Purshe Kaplan lacked reasonable supervisory procedures for overseeing its recommendation of these leveraged ETFS, QLD and SSO.

If you are a client of Harvest Group or Purshe Kaplan who has an investment loss in Proshares Ultra QQQ (QLD) and Proshares Ultra S&P 500 (SSO), you should contact Jake Zamansky at (212) 742-1414, or by email at jake@zamansky.com, for an evaluation of whether you have a legal claim.