CHICAGO, May 15, 2014 (GLOBE NEWSWIRE) -- The securities arbitration law firm of Stoltmann Law Offices announces it has filed two FINRA arbitration Statements of Claim against Rockwell Global Capital and Robert E. Lee. The complaint centers around investment losses and conversion claims against financial advisor Robert E. Lee.
According to the Statements of Claim, Lee solicited the clients to invest in shares of Twitter prior to the IPO as well as Rite-Aid. In reality, the funds were converted by Lee. The Statements of Claim also allege the accounts were aggressively traded, or churned, for the benefit of Lee and Rockwell.
According to Chicago investment fraud attorney Andrew Stoltmann, "We have alleged there were multiple supervisory red flags that should have alerted Rockwell to Robert Lee's scheme. Robert Lee had a checkered past in the securities industry. At least 11 customer complaints were filed against him or his employer for various conduct over the years. He was fired from a previous employer. He had at least five liens filed by either the IRS or the state of Connecticut. His recent arrest by the FBI on wire charges is simply the culmination of a long, checkered career in the securities industry."
According to Chicago securities fraud attorney Stoltmann: "Rockwell Global Group had a duty to supervise the handling of accounts by Robert Lee. Failure to do so can make the firm liable for any of the losses sustained by the investors." Stoltmann has handled close to 1000 FINRA arbitration claims in the last 14 years alleging claims for unsuitable investment recommendations, fraud, conversion, breach of fiduciary duty, selling away and other related issues.
If you wish to discuss this announcement or wish to file a lawsuit or arbitration claim against Rockwell for claims involving Robert E. Lee, Douglas Guarino or Lawrence Lee, please contact Andrew Stoltmann of Stoltmann Law Offices at 312.332.4200 or visit www.CanISueMyAdvisor.com.