Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against the firm:
CAPITAL FINANCIAL SERVICES, INC. (Respondent)
The Claimant is retired, in his 70s, and living in Maryland. The lawsuit alleges that the Claimant was looking for safe and secure retirement income and sought the advice of CAPITAL FINANCIAL broker, Lloyd Mark Johnston (CRD# 1626695), now barred from the securities industry, and an employee and registered representative of CAPITAL FINANCIAL from June of 2006 through April of 2018. Allegedly, while with CAPITAL FINANCIAL, the Claimant’s life savings were concentrated into commission laden alternative investments and REITS that paid approximately 5-8% commission, depending on the investment. The lawsuit alleges that CAPITAL FINANCIAL broker, Lloyd Johnston, sold the Claimant high risk private placements which were unsuitable for an investor of his age, goals, and net worth with the Claimant not being an accredited investor. One such unsuitable private placement was the Bakken Income Fund of which the Claimant invested $75K, is now defunct.
The lawsuit states that the Claimant is not an accredited investor and could not afford to gamble with his irreplaceable life savings nor did he understand the risks of the investments, and he put his trust into his financial professional who allegedly placed him into high risk investments to generate commissions at the cost of the Claimant’s retirement savings. The Respondent denies all allegations.
The lawsuit alleges CAPITAL FINANCIAL and Lloyd Johnston’s actions have caused the Claimant to lose $75,000.00 of his irreplaceable life savings.
The alleged claims are: negligence, breach of fiduciary duty, negligent supervision and breach of contract.
If you experienced financial losses due to the actions or recommendations of CAPITAL FINANCIAL SERVICES and/or their former registered representative, Lloyd Mark Johnston, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of you investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group operates on a contingency fee basis and we represent our clients nationwide before FINRA.
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