Published On: February 8, 2017

Did you lose money with Daniel Fain? If so, the attorneys at Stoltmann Law Offices may be able to help you recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration process on a contingency fee basis. Fain allegedly placed his elderly, retired customer’s assets in oil and gas investments. Fain told the customers to hold the positions and continued to overconcentrate in them, despite the securities being unsuitable for them. By 2014, over 80% of the customer’s assets had been concentrated in oil and gas stocks such as BP Prudhoe, Breitburn Energy, Dominion and Linn Energy. These oil and gas investments are high-risk and unsuitable for many investors, especially elderly ones. A few of the companies also went bankrupt.

A lawsuit against Mr. Fain’s firm, Wells Fargo, alleged that he traded over 90% of the customer’s portfolio in volatile individual energy stocks. This caused the clients to lose approximately $280,000. The lawsuit alleges negligence, breach of fiduciary duty, negligent supervision, breach of contract and violation of Florida’s Investor Protection Act. It is the job and fiduciary duty of a broker to only recommend, sell and trade stocks that are suitable for his clients. If he does not, his firm can be held responsible for losses for not reasonably supervising him.

Fain was registered with J.B. Hanauer & Co. from January 1976 until January 1978, First Interregional Equity Corp from December 1977 until October 1979, Hanauer, Stern & Co. from March 1980 until April 1982 and Prudential Securities Inc. in New York, New York from May 1982 until July 2003. He is currently registered with Wells Fargo Clearing Services in Boca Raton, Florida and has been since July 2003.

Disclaimer

The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.

Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltmann Law Securities Investment Fraud Attorneys