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Zamansky LLC Has Filed A FINRA Arbitration Against Citigroup Global Markets For Alleged Unsuitable Sales of Equity-Linked Securities or ELKs

August 22, 2013 Blog

Zamansky LLC has filed a FINRA arbitration against Citigroup Global Markets, Inc. (“Citigroup”) on behalf of a 91 year-old investor from Detroit, Michigan who was sold a speculative investment strategy which included structured products called equity-linked securities or “ELKs”. The case is FINRA No. TN 1300930.

Zamansky LLC has filed a FINRA arbitration against Citigroup Global Markets, Inc. (“Citigroup”) on behalf of a 91 year-old investor from Detroit, Michigan who was sold a speculative investment strategy which included structured products called equity-linked securities or “ELKs”. The case is FINRA No. TN 1300930.

The Statement of Claim alleges that Citigroup recommended and sold to a 91 year-old woman an investment strategy concentrated in stocks and structured products. The Statement of Claims alleges that the strategy represented a materially flawed and unsuitable asset allocation for this investor who needed to conserve principal. The Statement of Claim asserts claims for unsuitable investment sales, breach of fiduciary duty, fraud and other legal claims, and seeks $200,000 in damages.

According to stock fraud attorney Jake Zamansky, structured products such as equity-linked securities or ELKs (sometimes also known as reverse convertibles) can be highly risky and speculative. Zamansky states that these investments are not appropriate for conservative investors under any circumstances. Any investor who was sold a structured product from a brokerage firm who has concern that it might not be suitable or appropriate, or that the risks were not fully disclosed should have the investment reviewed by a professional, Zamansky believes. There can be risks imbedded or buried in these products which are not apparent to investors, he says.

In a separate structured products case, Zamansky LLC successfully represented former president of the Philadelphia 76ers Pat Croce. As reported by Rueters, on June 13, 2011, an arbitration panel found UBS liable for $2 million in damages plus interest. The case was FINRA No. 2010-00361.

What Investors Can Do

If you were Citigroup brokerage customer who suffered a loss from a structured product including equity-linked security, or you invested in a structured product that you wish reviewed, you may, without obligation or cost to you, email jake@zamansky.com or call the law firm at (212) 742-1414.

About Zamansky LLC

Zamansky LLC is a leading investment fraud law firm specializing in securities arbitration and securities class actions. Our stock fraud attorneys represent both individual and institutional investors. Our stockbroker fraud practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.

Contacts

Zamansky LLC
50 Broadway – 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414
jake@zamansky.com

Client Reviews

“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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