Skip to Content

Zamansky LLC’s Current Securities Fraud Investigations

January 12, 2016 Blog

On December 2, we announced our investigation of an apparent fraud scheme involving a promissory note broker in New Jersey. This marks our fifth active investigation into potential investor frauds across the United States and in Puerto Rico. These schemes have each cost investors many millions of dollars.

This article provides a brief summary of each of our active investigations. Click the links below to learn more.

UBS-Puerto Rico Bond Funds and Financial Advisors – Launched October 2013

Our long-standing investigation into UBS-Puerto Rico’s actions during the 2013 bond market collapse continues, and more investors who were harmed by UBS-Puerto Rico’s investment in leveraged bonds and their use of clients’ investments as collateral, as well as other improprieties continue to come forward. Earlier this year, we obtained a $3.1 million arbitration award – the largest to date arising out of the collapse – on behalf of one of our clients.

Sanofi U.S. Group Savings Plan – Launched March 2015

Our investigation into the Sanofi U.S. Group Savings Plan focuses on possible ERISA violations arising out of the company’s management of employees’ retirement plans. In October 2014, Sanofi announced that it was investigating a possible illegal kickback scheme involving the company’s CEO. When the CEO was eventually fired, Sanofi’s stock price dropped by 20 percent.

If Sanofi knew about the scheme and yet continued to invest employees’ retirement funds in company stock (which appears to be the case), affected employees may be entitled to compensation under ERISA.

Voya Financial Advisors – Launched June 2015

Zamansky LLC is investigating Voya Financial Advisors, a division of the company formerly known as ING U.S. Inc., over possible inadequate disclosures relating to its sale of “L share” variable annuities with guaranteed income and minimum benefits riders. According to the Financial Industry Regulatory Authority (FINRA), these investments are “presumptively unsuitable.” They also present a double-charging concern, since the riders may have been unnecessary for investors holding L shares.

Structured Notes Linked to Oil Prices and Foreign Market Indexes – Launched October 2015

Earlier this year, our attorneys began investigating potential claims involving the sale of structured notes linked to fuel prices and indexes that have since crashed – resulting in substantial investor losses. The notes, issued by brokerage firms such as Barclays, JPMorgan Chase & Co., and Bank of America Merrill Lynch, have lost as much as 40 percent of their value since being issued in 2014. An earlier investigation by the Securities and Exchange Commission (SEC) found that the investments were unsuitable, and that the firms in question had inadequately supervised their sale.

Cantone Research Inc. Certificates of Participation – Launched December 2015

Our latest investigation focuses on Cantone Research Inc., a New Jersey company that FINRA has accused of making misrepresentations about “certificates of participation” it sold for promissory notes issued by various elder care facilities. The alleged misrepresentations include failing to disclose that the facilities’ owner had previously been indicted for Medicare fraud and hiding the owner’s ongoing defaults in order to sell more notes.

Zamansky LLC | Securities Fraud Lawyers in New York City

Zamansky LLC, a leading securities fraud law firm, represents investors nationwide. If you have suffered losses in connection with any of the cases discussed above, we urge you to contact us for a free consultation.