FT. LAUDERDALE, Fla.,
Aug. 29, 2016 /PRNewswire/
-- The law firm of Securities Fraud Attorney Mark A. Tepper
has filed claim against brokerage firm Southeast Investments, N.C.
Inc., for allegedly placing a retired Boca Raton nurse, whose primary source of
income was social security, in harm's way.
In the claim filed with the Financial Industry Regulatory
Authority (FINRA), Mr. Tepper, a former Chief Trial Counsel at the
New York Attorney General's Bureau
of Investor Protection and Securities, alleges that Southeast
Investments, N.C. disregarded the retiree's stated objective of
income with moderate risk, recommending instead Cornerstone Total
Return Fund (NYSE: CRF), "an aggressive total return fund, focused
on capital appreciation concentrated in equities."
The claim contends that the fund's high distribution rate was
not tied to the fund's investment income, or capital gains, and did
not represent yield or investment return.
Instead, the claim alleges, "Respondent made distribution
payments to [the retired nurse] which consisted primarily of the
return of her own investment – only a small portion was actually
income."
"Respondent omitted material facts. Had Respondent investigated
CRF, using "reasonable diligence", it would have learned that based
on the NAV premium she paid, it cost [the retired nurse]
$1.20 for each $1 of capital returned by CRF," the claim
alleges.
[Southeast Investments, N.C] "either did not understand CRF or,
worse, acted with intent to defraud," the claim alleges.
Southeast Investments is headquartered in Charlotte, North Carolina.
For a free case evaluation from the Mark A. Tepper law firm,
email attorney Mark Tepper at
askmark@marktepper.com or telephone 954-961-0096.
About Mark A. Tepper, P.A.
(www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the
New York Attorney General's Bureau
of Investor Protection and Securities. He has earned the reputation
of "Investor Advocate" while practicing law for over 35 years
representing individual investors. FINRA arbitrators have upheld
stockbroker fraud claims filed by Mr. Tepper against many brokerage
firms. A member of the Florida,
New York and California Bars, Mr.
Tepper is peer-reviewed for 16 consecutive years, AV PREEMINENT®
for ethical standards and legal ability, the highest rating of
lawyers in the Martindale-Hubbell Law Directory.
MEDIA CONTACT:
Mark Hopkinson, NewsMark Public
Relations
561-852-5767 mhopkinson@newsmarkpr.com
http://www.newsmarkpr.com
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SOURCE Mark A. Tepper, P.A.