NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- The law offices of Gana Weinstein LLP have filed an investor claim on behalf of five investors alleging over $2 million in damages against Lincoln Financial Securities Corporation (Lincoln Financial) and Barry Horowitz (Horowitz) over allegation of a referral relationship with a known securities fraudster – Thomas Renison (Renison).
The complaint alleges that Horowitz and his law firm Nirenstein, Horowitz & Associates (NHA) advertised to clients that the firm could help with their estate planning and financial investment needs. The investors claim that Horowitz specifically advertised that NHA could help investors avoid Ponzi schemes and scam artists to ensure that they were not left penniless by dishonest swindlers.
Instead, the claims allege that Horowitz preyed upon their trust and referred them to the very fraudsters he warned clients to avoid. Renison is alleged to have established a securities scam called ARO Equity, LLC (ARO Equity). Renison and ARO Equity purportedly sold investors unregistered securities in the form of unsecured promissory notes promising 8-12% annual returns. The complaint alleges that ARO Equity bore classic hallmark signs of a Ponzi scheme.
The claim alleges that Lincoln Financial failed to supervise Horowitz’s investment related advertising, referral relationship with Renison, and other facets of Horowitz’s investment dealings.
“It is incredible that a licensed Lincoln Financial broker could advertise for investment services for many years through his law firm’s website without adequate supervision or oversight of the advertisements or the actual investment services provided,” said Adam Weinstein, a partner with Gana Weinstein LLP. “Investors dealing with their estate planning attorney who is also a licensed broker shouldn’t have to worry about being cheated out of their retirement savings.”
Gana Weinstein LLP is a leading law firm nationally for investor protection. If you were an investor in ARO Equity and want a free consultation with an attorney please contact Adam Weinstein at (212) 776-4252 or by e-mail at AWeinstein@GanaLLP.com. You may also visit the firm’s website at www.ganalawfirm.com.
CONTACT: Adam J. Weinstein Gana LLP 345 Seventh Avenue, 21st Floor, New York, NY 10001 (212) 776-4252, aweinstein@ganallp.com