Merrill Lynch Advisors Asked to Resign

Tuesday, September 23rd, 2014

According to InvestmentNews, Bank of America Merrill Lynch asked two veteran advisors, James Goetz and Stephen Brown, to resign for allegedly recommending clients invest outside the firm. It is alleged that Goetz and Brown encouraged some clients to invest directly in a hedge fund the two managed rather than through Merrill Lynch’s investment platform.

Reportedly, Goetz and Brown were part of Merrill Lynch’s Private Banking and Investment Group that managed approximately $2.5 billion in assets. The firm was called the Brown Group. The advisers reportedly catered to wealthy investors with at least $10 million in assets.

When a financial advisor sells securities outside of their firm or without the firm’s permission that act can be considered selling away. The Financial Industry Regulatory Authority (FINRA) prohibits selling away. It is unclear from the report if FINRA is investigating the situation.

The foregoing information, which is available on the InvestmentNews website, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call the firm at (312)238-9650. For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit www.WhiteSecuritiesLaw.com.

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Investigation into Advanced Blast Protection

Monday, September 22nd, 2014

Have you suffered investment loss in Advanced Blast Protection, Inc.? If so, the White Law Group may be able to help you recover your losses through a FINRA arbitration claim against the brokerage firm that sold you the investment.

According to filings with the Securities and Exchange Commission (SEC), Advanced Blast Protection is described as a company formed to acquire, integrate manage and grow companies and products in the bullet and blast-resistant arming and armor of systems and marketplace, primary armored vehicles, up-arming kits and ballistic glass. The company was organized in 2007 and, upon information and belief, offered investors the opportunity to purchase promissory notes in the company.

Promissory notes are typically sold as a type of private placement. As such they are exempt from registration and therefore lack the same regulatory oversight as more tradition investments, such as stocks and bonds.

Unregistered securities carry considerable risk and are not suitable for most investors. Unfortunately, some brokers that sell promissory notes do not adequately disclose the risks to investors.

Brokers that mislead investors or make unsuitable investment recommendations can be liable for investment losses. To determine whether you may be able to recover investment losses incurred as a result of your purchase of a Advanced Blast Protection promissory note, please contact the securities attorneys of The White Law Group at 312-238-9650 for a free consultation.

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.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

 

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Investigation into Labock Technologies

Monday, September 22nd, 2014

Have did you suffer losses investing in Labock Technologies? If so, The White Law Group may be able to help recover your losses through a FINRA arbitration claim against the broker that sold the investment.

According to files with the Securities and Exchange (SEC), Labock technologies is a corporation organized in 2002. the company conducts “research, development and manufacturing company that produces bullet proof glass, tactical vehicle (armored and non-armored) armor modular kits for vehicles, armored buses armored vans for military, law enforcement and civilian use.” Convertible notes were offered to investors interested in investing with the company.

Investment notes, like Labock Technologies, are sold as private placements. Private placements are exempt from registration and therefore lack the same regulatory oversight compared to more traditional investments such as stocks and bonds. They are often high risk products that are intended for sophisticated and institutional investors.

Brokerage firms have a fiduciary duty to their customers to perform due diligence on any investment prior to recommending it for sale and to ensure that the investment is appropriate. Brokerage firms also are responsible for determining whether an investment is appropriate in light of a particular investor’s age, investment experience, and investment objective.

If you believe your broker made unsuitable investment recommendations and would like to speak to a securities attorney about your litigation options, please call our Chicago office at (312)238-9650 for a free consultation.

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 Vero Beach, Florida.

For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

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Investigation into NNN Oak Park Office

Thursday, September 18th, 2014

Did you invest in NNN Oak Park Office and suffer losses? If so, The White Law Group may be able to help. The firm is investigating the potential recovery of investment losses through FINRA arbitration claims against the brokerage firms that recommended the investment.

According to the SEC, NNN Oak Park Office is a limited liability company organized in 2004 for the purpose of owning an office building. The filing indicates the company offered $9,850,000 in membership interests with $7,649,000 for real estate.

Private placement investments, especially in real estate, are complex, high risk securities products. Unfortunately some brokers tout the potential income stream the investments may produce and can fail to adequately disclose the risks and potential liquidity problems to investors.

Broker dealers have a responsibility to perform adequate due diligence to determine that the investment is sound and has a reasonable likelihood of success. They also have a responsibility to make suitable investment recommendations to investors. Given that most private placements lack regulatory oversight, are high risk, and often illiquid investments, they are arguably unsuitable for most investors.

Broker dealers that mislead investors or make unsuitable investment recommendations can be liable for investment losses.

If you suffered losses investing in NNN Oak Park Office and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.

 

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Recovery of Geneva Exchange Fund XXII Investment Losses

Thursday, September 18th, 2014

Have you suffered losses investing in the tenant-in-common (TIC), Geneva Exchange Fund XXII? The White Law Group is investigating potential FINRA arbitration claims to recover investment losses.

According to files with the Securities and Exchange Commission, Geneva Exchange Fund XXII was a TIC in two commercial properties, a Holiday Inn hotel and Wild Wood Water Park, organized in 2004. The filings indicate the properties were purchased for approximately $1.3 million and included the assumption of a construction loan for more than $11 million.

Often investors are attracted to TIC investments, like the Geneva exchange Fund, because of the potential income stream and tax benefits the investment can produce. Although TIC’s may seem like straightforward investments, providing individuals with the opportunity to co-own a piece of commercial real estate, they are much more complex. Since their success is dependent on the performance of the underlying real estate properties and the overall health of the real estate market, TICs are considerably high risk investments.

Unfortunately, some brokers fail to adequately disclose the risks and liquidity problems associated with TICs to investors. Brokers that mislead investors or make unsuitable investment recommendations may be liable for investment losses.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of Geneva Exchange Fund XXII, please contact The White Law Group at 312-238-9650 for a free consultation.

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 Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

 

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