Online, May 27, 2016 (Newswire.com) - CHICAGO--The securities arbitration law firm of Stoltmann Law Offices announced today that it has filed five FINRA Statements of Claim on behalf of 30 investors requesting damages against Merrill Lynch, Pierce, Fenner & Smith for the sale of Strategic Return Notes. The Statement of Claim alleges fraud, misrepresentations and omissions, unsuitable investment recommendations and other related causes of action on behalf of clients in Wisconsin, Florida and other states.
The investors' Statements of Claim extensively quotes from transcribed telephone calls between the financial advisors and Merrill Lynch branch managers, district managers and senior executives in the Structured Products team at Merrill Lynch. The recorded conversations detail explicit conversations regarding the product during the time it was declining in price.
According to Chicago securities attorney and former Merrill Lynch financial advisor Andrew Stoltmann: "The true risks of the Strategic Return Notes were not made known to the firm's clients and even to some of the Merrill Lynch financial advisors. Brokerage firms have a duty to deal honestly and ethically with their clients. The failure to do so can make the firm responsible for the investment losses sustained. For investors who were clients of Merrill Lynch, the FIRNA arbitration claims process can be used to recover some, or all, of these investment losses." Stoltmann has handled close to 1000 FINRA arbitration claims and lawsuits in the last 15 years alleging claims for unsuitable investment recommendations, fraud, conversion, breach of fiduciary duty, selling away, fraud, the financial exploitation of the elderly and other related issues.
If you wish to discuss this announcement or FINRA arbitration claims against Merrill Lynch, please contact Andrew Stoltmann of Stoltmann Law Offices at 312.332.4200 or visit www.InvestmentFraudTimes.com.
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