Stoltmann Law Offices continues to investigate Anthony Diaz, a broker with IBN Financial Services in Pennsylvania. Diaz allegedly began over-concentrating a client’s irreplaceable retirement assets into high-risk, commission-laden private placements, real estate investment trusts (REITs), and other illiquid, alternative investments. The customer was looking to generate income, while protecting his principal. He agreed to move his assets to IBN with the understanding that he was looking for stable investments. REITs, private placements and other alternative investments that Diaz recommended and sold to him, did not align with the customer’s wishes, and Diaz, as his financial advisor, had a duty to only recommend and sell to him those investments that were suitable for him, based on his age, net worth, investment objectives and investment sophistication and risk tolerance levels.
In November 2012, Diaz solicited the customer to purchase $350,000 worth of Bakken Drilling Fund III, which is now defunct. It is an oil, gas and energy stock, and these tend to be highly risky and illiquid investments. The fund filed for bankruptcy in October 2016, after raising over $20 million from 309 investors. This is according to a filing with the Securities and Exchange Commission (SEC). He also put him into Ameritech College Holdings for $95,000, ARC NY REIT, and ICAP Pacific Northwest Opportunity Fund.
According to publicly available records with FINRA online, Anthony Diaz has been permanently barred from the securities industry, and has 56 disclosures on his CRD report. 44 of these are customer complaints against him. He was registered with IBN Financial Services in Scotrun, Pennsylvania from September 2012 until April 2015. IBN can be liable for losses if you lost money because of Anthony Diaz.
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.
