CHICAGO, June 13, 2014 (GLOBE NEWSWIRE) -- The securities arbitration law firm of Stoltmann Law Offices announced today that it has filed a FINRA Statement of Claim requesting damages for unsuitable investment recommendations, misrepresentations and omissions, failure to supervise and fraud against LPL Financial. The Statement of Claim alleges Beverly Hills, California based LPL Financial advisor Angelo Talebi, now with Royal Alliance Associates, made unsuitable investment recommendations by soliciting the purchase of high commissioned alternative investments like LEAF Equipment Finance Fund 4 and KBS REIT I.
According to Angelo Talebi's CRD report, he has 12 customer complaints. At least two of these complaints involve allegations of unsuitable recommendations of illiquid REITs and private placements. Some of the other complaints involve common and preferred stock and variable annuities.
According to Chicago securities attorney Andrew Stoltmann, "LPL Financial advisors heavily sold alternative investment products to customers. Many of these products have higher fees and commissions than traditional mutual funds. In some instances, these investments can be considered unsuitable and inappropriate for investors. For investors who were clients of LPL Financial, the FINRA arbitration claims process can be used to recover some, or all, of these investment losses." Stoltmann has handled close to 1000 FINRA arbitration claims in the last 14 years alleging claims for unsuitable investment recommendations, conversion, breach of fiduciary duty, selling away, fraud and other related issues.
If you wish to discuss this announcement or securities fraud claims against LPL Financial, please contact Andrew Stoltmann of Stoltmann Law Offices at 312.332.4200 or visit www.InvestmentFraud.PRO