NEW YORK, March 12, 2010 (GLOBE NEWSWIRE) -- The law firm of Napoli Bern Ripka, LLP announced today that a claim was filed with Financial Industry Regulatory Authority, otherwise known as FINRA, against Shay Financial Services, Inc., Roger Shay and Roger D. Shay Jr. The claim was filed on behalf of a local bank that seeks damages for losses sustained as a result of Shay's recommendation to purchase Asset Management Funds. The AMF Funds include the U.S. Government Mortgage Fund (ASMTX), Intermediate Mortgage Fund (ASCPX), Short U.S. Government Fund (ASITX), Ultra Short Mortgage Fund (ASARX), and the Ultra Short Fund (AULTX).
The Claimant alleges that AMF Funds suffered severe losses due to over-concentrated investments in speculative illiquid assets and leveraged structured products. According to the claimants, Shay violated federal and state securities laws, fraud, unsuitability, breach of fiduciary duty, breach of contract, over-concentration, failure to supervise, and misrepresentations and omissions relating to the firm's failure to properly disclose the risks associated with the investments made in the AMF Funds.
Napoli Bern Ripka, LLP is a recognized leader in advocating for defrauded investors. Napoli Bern Ripka, LLP has been successful in cases involving complex structured products. The firm is currently seeking institutional investors of the AMF Funds. The firm does not charge a legal fee unless it recovers money for its clients. Investors can obtain a free legal consultation by contacting the securities department at (212) 267-3700.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.