Posts tagged ‘SagePoint Financial investment fraud’

Ongoing Investigation into Sala-Multi Series Fund and Foresee Strategies Insurance Fund

The White Law Group continues to investigate potential FINRA arbitration claims against the broker-dealers that may have improperly sold Sala-Multi Series Fund and Foresee Strategies Insurance Funds.

The hedge funds, Foresee Strategies Insurance Fund, were issued by Sun Life Financial as variable annuity subaccounts to Sala-Multi Series Fund and than sold to investor by various broker-dealers such as SagePoint Financial Inc, Geneos Wealth Management Inc, Lincoln Financial Network, National Planning Corp, and FSC Securities Corp.

Foresee Strategies Insurance Fund suffered devastating losses and was shut down in 2010. According to Investment News, “FINRA is investigating half a dozen independent broker-dealers that sold variable annuities with subaccounts invested in hedge funds that resulted in $18 million in client losses during the credit crisis.”

In addition, Sun Life Financial, according to their own web site is in the processes of selling their U.S. annuity business to Delaware Life holdings.  Sun Life Financial president, Dean A. Connor stated that “This transaction represents a transformational change for Sun Life. It significantly advances our strategy of reducing Sun Life’s risk profile and earnings volatility, focuses our U.S. operations on our areas of greatest strength and opportunity, and crystallizes future earnings and capital releases that will further support our growth and shareholder value creation. “

Upon information and belief many investors were unaware of risks or mislead by the broker-dealer that sold them the annuity investment. However, investors may be able to recovery their losses through FINRA arbitration against their broker-dealer or financial advisor.

Arbitration claims against broker- dealers often involve unsuitability, misrepresentation, and omission of facts. Broker-dealers and financial advisors have a fiduciary duty to make investment recommendations that are suitable for potential clients based on such factors as age, risk tolerance, and financial need.

Broker-dealers and financial advisors are legally obligated do disclose all the risks of the investment, and perform a reasonable investigation of the investment prior to making recommendations.

If you invested in the Sala-Multi Series Fund or Foresee Strategies Insurance Funds Financial would like to speak to a securities attorney about your litigation options, please call 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.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Recovery of Foresee Strategies Insurance Funds Investment Losses

Have you suffered investment losses in the Foresee Strategies Insurance Funds?  If so, The White Law Group may be able to help you recover your losses through FINRA arbitration claims against the brokerage firm or financial professional that recommended the investment.

The Foresee Strategies Insurance Funds sustained massive losses and then were ultimately closed in May of 2010. It appears that a high-risk strategy of naked options trading on the S&P 500 led to investors losing all or most of their investment and the funds’ demise.

The Foresee Strategies Insurance Funds were a part of the larger Sali Multi-Series Funds LP which is an associated entity of Sali Fund Partners LP.  Sali Fund Partners is still operating and just recently filed with the SEC for 4 new funds and they have reportedly raised $2.1 billion for one of those funds.

The Foresee Strategies Insurance Funds appeared to have been tied to an annuity offered through Sun Life Financial and then were sold to investors through registered broker-dealers such as SagePoint Financial, Inc. and others.

Brokerage firms have a fiduciary duty to its clients to perform due diligence on any investment prior to offering it for sale to ensure that the investment is appropriate for a client in light of the client’s age, investment experience, and investment objectives.

As such, The White Law Group is investigating how the funds were sold and represented to investors by brokers.  If a financial professional did not adequately disclose the risk of the Foresee Strategies Insurance Funds investment then investors may be able to able to recover their investment losses through the FINRA dispute resolution process.

If you invested in the Foresee Strategies Insurance Funds through SagePoint Financial or another FINRA registered broker dealer and would like to speak to a securities attorney about your ability to recover your losses, please call 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.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.