The Meissner firm is currently investigating potential claims by investors who were advised by their brokers to place concentrated investments in preferred financial stocks, including, but not limited to, Citigroup, Banc of America, Merrill Lynch, Fannie Mae, Freddie Mac and Lehman Brothers, often representing such investments as being conservative fixed income products and alternatives to investing in bonds. Further, the financial advisor would even recommend that such unsuitable strategy be done on margin, creating a concentrated leveraged portfolio.
The Meissner firm recently successfully pursued and settled a large FINRA arbitration claim involving a Merrill Lynch broker who promoted Fannie Mae preferred stock as the equivalent of government backed secured bonds with a guaranteed yield of 8 ¼ percent, representations which were false. The couple represented by our firm was seeking safe investments and instead were highly concentrated in financial sector equity preferred securities as well as the Fannie Mae preferred stock, a highly unsuitable investment. The firm is investigating other similar claims at this time.
If you were marketed preferred financial securities, including, but not limited to, Citigroup, Banc of America, Merrill Lynch, Fannie Mae, Freddie Mac and Lehman Brothers, or unsuitably concentrated in financial related securities, and believe youw ere misled, please contact the Meissner firm, which is nationally known for its record win statistics in FINRA Arbitration, for a free consultation.