Zamansky LLC Announces The Filing Of A FINRA Arbitration Against NFP Securities
Zamansky LLC announces that it filed a FINRA arbitration on behalf of a 78 year-old widow who was a securities customer against brokerage firm NFP Securities Inc. The case seeks damages of $1.2 million for allegedly unsuitable investments in illiquid, non-public funds engaged in financing, leasing and oil/gas royalties.
Zamansky LLC has filed a FINRA arbitration on behalf of 78-year-old woman investor with a brokerage account at NFP Securities Inc. (“NFP”). The case is FINRA No. 12-3799.
The Statement of Claim in the arbitration alleges that NFP recommended that this elderly former school teacher invest a large percentage of her retirement accounts into risky, non-public funds, including the Hennessey Financing Fund, ICON 12 leasing fund and Noble oil/gas royalty funds. The Statement of Claim alleges that these private funds were too risky and too speculative for the Claimant who needed to be conservative, and that they were unsuitable for her. The Statement of Claim also alleges that NFP recommended investment in the Hennessey Fund which later became TrueNorth Finance and was sued by the SEC. The case is SEC v. True North Finance Corporation, f/k/a CS Financing Corporation, et al., U.S. District Court, Minnesota, No. 10-3995-DWF.
According to Jake Zamansky, “Financial advisors have duties to recommend suitable investments to customers, and brokerage firms have duties to supervise these recommendations.” “If any investor is placed in an investment that is not public and has no transparency or that they do not understand, the investor should get their brokerage account reviewed,” Zamansky contends.
What Investors Can Do
If you invested through NFP and would like to have your brokerage accounts reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is one of the leading law firms specializing in securities fraud, FINRA arbitration and class action litigation. Our FINRA attorneys represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
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New York, NY 10004
Jake Zamansky, 212-742-1414