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Fidelity Sued For Alleged Fiduciary Breach

Participants in a Delta Air Lines Inc. 401(k) plan have sued units of Fidelity Investments, alleging a fiduciary breach in Fidelity's role as record keeper. The suit, Fleming, et al. v. Fidelity Management Trust Co., et al., was filed May 20, 2015 in the U.S. District Court in Boston. Delta Air Lines, itself, is not named in the case. The Plaintiffs, who are seeking class-action status, alleged that Fidelity “wanted a piece of the action” when Financial Engines was hired to provide investment advice for the Delta Family-Care Savings Plan. The plan had $7.84 billion in assets as of December 31, 2014, according to its latest Form 5500. “In order to be included as the investment advice service provider on Fidelity's [record-keeping] platform, Financial Engines agreed to pay — and is paying — Fidelity a significant percentage of the fees it collects from 401(k) plan investors,” according to the complaint. This arrangement “inflated the price of investment [...]

By |June 2nd, 2016|Press Releases & News|
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Leavitt Sanders’ Clients May Have Legal Rights

The Frankowski Firm, LLC has filed several lawsuits alleging that Leavitt Sanders and the entities he traded through committed investment fraud. These entities include Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors allegedly defrauded, many of whom are of retirement age, depended on the funds they entrusted to Sanders and allege that he and the associated firms failed to act in accordance with the investors’ objectives and with the applicable standard of care. The investors, having suffered catastrophic losses to their life savings, also allege that Sanders breached his duties and engaged in wrongful conduct. According to the investors, Sanders made trades and engaged in other investment activities without their authority. Furthermore, he failed to properly keep the investors informed about the trading within their accounts. Specifically, he engaged in “block purchasing,” which is the purchase of numerous shares of common [...]

By |May 17th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Broker Faces Numerous Complaints Of Misrepresentations

According to FINRA's BrokerCheck, New York-based Worden Capital Management broker Allan Montalbano is facing numerous customer complaints for making misrepresentations, among other allegations. Montalbano has spent 13 years in the securities industry and has been registered with Worden Capital Management in Westbury, New York since June 2015. Previous registrations include Four Points Capital Partners in Westbury, New York (2014-2015); National Securities in Westbury, New York (2010-2014); Woodstock Financial in Garden City, New York (2003-2007; 2008-2010); Chase Investment Services in Hicksville, New York (2008); NYLife Securities in Jericho, New York (2008); Pointe Capital in Bethpage, New York (2007); and AXA Advisors in New York, New York (2002-2003). He is a registered broker in 19 US states. Montalbano is currently the subject of six pending broker complaints. In March 2016, five customers filed complaints against Montalbano for conduct that occurred while he was registered with National Securities Corporation. Each complaint alleges that Montalbano made material misrepresentations, breached his fiduciary duty, and [...]

By |April 27th, 2016|Broker Check, FINRA, Press Releases & News|
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Investors File Churning Complaints Against John Prinzivalli

According to FINRA's BrokerCheck, broker John Prinzivalli has been the subject of two churning complaints since 2010. Other complaints against Prinzivalli have alleged a number of securities law violations including that the broker made unsuitable investments and breached his fiduciary duty. One complaint filed in October 2014 alleges $130,000 in damages due to unsuitable recommendations, high pressure sales tactics, and churning.  The case is currently pending.  In a separate complaint filed in November 2010, a customer alleged the broker churned his accounts, made unsuitable investments, and breached his fiduciary duty, claiming $250,000 in damages.  This case was settled. Excessive trading, also called churning, occurs when a broker trades in and out of securities, even the same stock on occasion, numerous times over a short period. Many times the account will completely turnover each month with completely new securities. Brokers have no reasonable basis for engaging in this kind of trading other than to profit for themselves through the generation [...]

By |April 12th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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