The White Law Group is investigating a possible securities fraud claim on behalf of an investor involving a recommendation made by Chase Investment Services that the investor invest in CIT InterNotes.
Specifically, we are investigating whether Chase Investment Services failed to make the proper disclosures regarding the CIT InterNotes and misrepresented that the CIT InterNotes were safe.
The sale of CIT InterNotes to individual retail clients resulted from institutional investors growing reluctance to lend to CIT Group Inc. as they became increasingly aware of CIT’s deteriorating financial condition. By selling to individual retail clients, CIT was able to effectively offload risk to individual investors.
While these investments appealed to many elderly and retired investors (because of the alleged safety and the “survivor’s option”), the investments were not suitable for retired investors and many investors have suffered catastrophic losses.
The sales of the CIT InterNotes by brokerage firms are now under scrutiny by FINRA. Specifically, FINRA is examining the sales practices of brokerage firms who sold CIT Internotes to their customers to determine whether the proper risk disclosures were made.
If you have any information that may assist us in our investigation on behalf of this investor, please contact our Chicago office 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. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.