Voya Lawsuit Alleges Unsuitable Investment Recommendations
The White Law Group recently announced that it has filed a FINRA Lawsuit against Voya Financial Advisors on behalf of a Bolingbrook, IL couple, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
The Statement of Claim alleges Voya Financial Advisors unsuitably invested his clients in the following business development companies and high risk non-traded REITs:
Business Development Corporation of America (BDCA)
FS Investment Corporation II
North Star Real Estate Income Trust
CION Investment Corporation
The claim seeks damages between $100,000.00 and $500,000.00.
According to D. Daxton White, managing partner of The White Law Group, “It is unfortunate, but we believe that many more investors have suffered devastating losses due to the broker-dealer’s failure to supervise and don’t realize they have recovery options.”
“Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that the financial advisor in question violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.”
According to the statement of claim, Voya Financial Advisors allegedly failed to perform the necessary due diligence on these investments prior to recommending them to this particular investor.
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 Franklin, Tennessee.
The firm has handled more than 600 FINRA arbitration claims alleging claims for unsuitable investment recommendations, conversion, breach of fiduciary duty, selling away, fraud and other issues.
For more information The White Law Group and the claim filed against Voya Financial Advisors, please contact the offices at 1-888-637-5510 or visit https://www.whitesecuritieslaw.com.