FORT LAUDERDALE, Fla., Oct. 21, 2010 (GLOBE NEWSWIRE) -- The Law Firm of David R. Chase, P.A. announces that it has filed a FINRA arbitration claim on behalf of a retired Government Employee and his wife against Lincoln Financial Securities Corporation to recover their losses in the FEBG Bond Fund sold by Kenneth Wayne McLeod.
The arbitration claim alleges that Lincoln Financial Securities Corporation (Lincoln Financial) failed to reasonably supervise the activities of Kenneth Wayne McLeod, an associated securities broker with it from approximately January 2008 through May 2010, while he engaged in what the SEC has called a long-running Ponzi scheme that raised in excess of $34 million from over 260 investors across the nation. The claim accuses Lincoln Financial of negligence and gross negligence, negligent supervision and breach of fiduciary duty, and seeks the full recovery of the investment loss in the FEBG Bond Fund, prejudgment interest, the costs of the arbitration and punitive damages.
The arbitration claim was filed as an individual claim, not a group claim. Individually filed claims have the benefit of ensuring that the unique and individual facts about the particular investor are highlighted, and are not lost amongst multiple claimant investors. Individual claims, unlike group claims, also allow the investor greater control (and avoid potential complicated conflicts) over the decision of whether the case should settle and, if so, for how much. While there are certain cost efficiencies with a group claim, given the relatively low costs involved in the arbitration process, those efficiencies are likely outweighed by the more significant benefits of control over the process and ensuring that the case is focused only on your individual facts and situation.
If you have lost money in the FEBG Bond Fund through Wayne McLeod, do not hesitate to contact me for a confidential, no obligation review of your potential case. I can be reached toll free at: 888-337-8625 or at my e-mail: david@davidchaselaw.com. More information about my law firm and representation of securities investors can be found at: .
CONTACT: David R. Chase, P.A. 888-337-8625 david@davidchaselaw.com