SANTA FE, N.M., May 1, 2012 (GLOBE NEWSWIRE) -- Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, have recently filed claims on behalf of clients of David Zeng and Merrill Lynch, Pierce, Fenner, & Smith, Inc. It is alleged in the lawsuit that these clients lost a substantial portion of the money invested in their accounts held with Merrill Lynch, which had represented much of their life savings.
David Zeng was the broker with Merrill Lynch that managed these investors' accounts. It is alleged that Zeng over-concentrated his clients' accounts such that they only held a few different stocks, many of them foreign stocks from China and Vancouver. These stocks also only represented a few market sectors, including pharmaceuticals, precious metal mining, online media, and casinos. Specifically, the allegations include Zeng purchasing shares of Delcath Systems, Inc., Focus Media Holding Ltd., Goldcorp Inc., MGM Resorts International, Silver Wheaton Corp., Sina Corp., and Teck Resources LTD.
It is believed that many other investors could have been taken advantage of by Zeng in a similar way. If you are or were a client of David Zeng and you lost money, we would like to hear from you.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.