CHICAGO, Oct. 21, 2011 (GLOBE NEWSWIRE) -- Stoltmann Law Offices continues to represent investors in FINRA arbitration claim on behalf of Linsco Private Ledger (LPL) clients who sustained losses because of investments made in a bogus real estate Individual Retirement Account.
According to the Statement of Claims, former LPL representative Amrita Holden solicited the Claimants to invest in real estate in Oklahoma in the summer of 2008. In order to facilitate this purchase, the Claimants were told to take money out of their regular LPL brokerage account and transfer it to a "real estate IRA." The Claimants were promised and assured of a 15% annual return. The Claimants were given a document purporting to show a 25% interest in a building in Stillwater, Oklahoma called Fox Run Apartments. Eventually, the Claimants suffered a complete loss on their investment.
According to her CRD, Ms. Holden was terminated "for cause for violation of LPL policies and procedures relative to client signatures and improper access and use of client funds and for alleged involvement in misappropriation of client funds." Ms. Holden also was named as a defendant in at least six lawsuits and has had at least five tax liens filed against her. In addition, she has filed for bankruptcy at least twice since 1998.
According to Chicago attorney Andrew Stoltmann, "We believe the reason these activities were allowed to flourish was because of the horrible supervision of Ms. Holden. FINRA Conduct Rules require reasonable supervision by brokerage firms. Class action lawsuits and FINRA arbitration claims involving theft, ponzi schemes, unsuitable investment recommendations, misrepresentations and omission, investment fraud and the financial exploitation of the elderly are increasing in recent years. We anticipate filing additional arbitration claims in the near future against Linsco Private Ledger and we encourage other victims to contact us to discuss their legal options."