DALLAS, May 9, 2012 (GLOBE NEWSWIRE) -- Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, have recently filed a claim on behalf of a client of First Allied Securities, Inc. and Sean Agahi. The client, a 64 year old retiree, entrusted Agahi and First Allied with his retirement savings which, according to the allegations, were invested completely inappropriately. As a result, the money the client needed to live off of was decimated.
According to the claim, Agahi invested in a variety of non-traditional securities, such as limited partnerships and private placement Real Estate Investment Trusts ("REITs"). These types of investments typically pay larger commissions than traditional securities like stocks, bonds, and mutual funds. These types of investments also subjected the client to increased risks far in excess of those he wanted or expected.
Generally, retired individuals should be invested far more conservatively than younger, working people. They are generally drawing income from their investments to live off of, which means that the money they need to pay their daily bills becomes threatened in a market downturn if their portfolio declines drastically. At the same time, they are usually completely unable to replace any money that they lose in the market. This is why investments like those Agahi selected for this client are very often unsuitable for older or retired individuals. If you are a client of First Allied Securities or Sean Agahi, or any other broker, and you suffered a similar experience, feel free to contact the law firm of Shepherd, Smith, Edwards & Kantas LLP. All communications will be kept strictly confidential, and you will not be billed in any way for establishing contact.
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.