CHICAGO, March 15, 2011 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announce it has filed a FINRA arbitration claim on behalf of Linsco Private Ledger (LPL) clients who sustained losses because of investments made in a bogus real estate Individual Retirement Account.
According to the Statement of Claim, former LPL representative Amrita Holden solicited the Claimant to invest in real estate in Oklahoma in the summer of 2008. In order to facilitate this purchase, the Claimants were told to take money out of their regular LPL account and transfer it to a "real estate IRA." The Claimant was promised a 15% annual return. The Claimant was given a document purporting to show a 25% interest in a building in Stillwater, Oklahoma called Fox Run Apartments. Eventually, the Claimants suffered a complete loss on their investment.
According to her CRD, Agent Holden was terminated "for cause for violation of LPL policies and procedures relative to client signatures and improper access and use of client funds and for alleged involvement in misappropriation of client funds." Ms. Holden also was named as a defendant in at least seven lawsuits and has had at least five tax liens filed against her. In addition, she has filed for bankruptcy at least twice since 1998.
According to Chicago attorney Andrew Stoltmann, "We believe the reason these activities were allowed to flourish was because of the lack of supervision of Ms. Holden. Reasonable supervision, as required under the FINRA Conduct Rules governing brokerage firms, should have stopped this scam in its tracks. Class action lawsuits and arbitrations claims involving ponzi schemes, unsuitable investment recommendations, investment fraud and the financial exploitation of the elderly are increasing in recent years. We anticipate filing additional arbitration claims in the near future against LPL and we encourage other victims to contact us to discuss their legal options."
CONTACT: Stoltmann Law Offices Andrew Stoltmann Esq. o: 312-332-4200 10 S. LaSalle 35th Floor Chicago, IL 60603 www.InvestmentFraud.PRO Andrew@stoltlaw.com