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

February 19, 2022 Active Cases & Investigations

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.

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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.

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Mike A.
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