We are investigating a securities fraud claim on behalf of an elderly investor involving Wachovia Securities, LLC, Wachovia financial advisor Francis Xavier Schiavetti, and Wachovia Bank banker Karvet Samuels. In our client’s case, Samuels allegedly introduced the client to Schiavetti and advised Schiavetti that our client was looking for a conservative investment. Instead, Schiavetti invested our client in the Claymore Securities Strategic Income Series 13 Unit Investment Trust. In order to induce our client to purchase the Claymore investment, Schiavetti appears to have misrepresented the true nature of the Claymore investment, including failing to disclose the inherent risks associated with such an investment. Specifically, it appears that Schiavetti represented to our client that the Claymore investment was a two-year bond and that at the end of two years all of the principal (plus interest) would be paid back.
It appears that FINRA is currently investigating Wachovia and Schiavetti for similar inappropriate recommendations to other investors in the Florida area related to the same Claymore investment.
If you have any information that may assist us in our investigation on behalf of our client, please contact The White Law Group at 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit http://www.whitesecuritieslaw.com.