The White Law Group announces that it has filed a Financial Industry Regulatory Authority (FINRA) arbitration statement of claim this week involving investment losses in various private placements, oil and gas partnerships, and real estate tenants-in-common investments. The claim, filed against DeWaay Financial Network, seeks recovery of investment losses of over $500,000.
The claim filed by The White Law Group was submitted on behalf of two farmers in Iowa (both in their 70’s) and alleges claims for fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that the investors were unsuitably invested in various private placements, oil and gas partnerships, and tenants-in-common real estate investments and that DeWaay Financial Network only selected these investments because of the commission generated as a result of the recommendation.
Broker-dealers have a fiduciary duty to research investments prior to recommending them for sale to its clients and to ensure that the investments in recommends are appropriate for the client in light of the clients age, investment experience, net worth, and investment objectives.
The claim alleges losses incurred in the following investments: DBSI, Waveland Oil and Gas, Bradford Energy, Cole REIT, Behringer Harvard REIT, and Ridgewood Fund.
For more information on the claim filed by The White Law Group, please contact the firm’s 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. For more information on the firm, visit the firm’s website at http://www.whitesecuritieslaw.com.