oreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against:
CENTER STREET SECURITIES, INC. (Respondent)
The Claimants, a married couple from Arizona, bring this action to recover financial losses they sustained allegedly due to the Respondent’s mishandling of the Claimants’ assets by failing to properly allocate and diversify Claimants’ retirement portfolios.
Allegedly, CENTER STREET SECURITIES and their Financial Advisor, Chris Wright, purchased speculative non-traded REITs, Northstar Healthcare and Phillips Edison, and Jackson variable annuities for each of the Claimant’s IRAs. The lawsuit alleges that Chris Wright failed to disclose the high fees and commissions earned for these illiquid investment recommendations. Chris Wright is not named in the lawsuit.
The lawsuit alleges that due to CENTER STREET SECURITIES‘ actions, the Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns. The Respondent allegedly over-concentrated the Claimants’ portfolios in high-commission and high-risk products.
The lawsuit alleges: breach of fiduciary duty, negligence, breach of contract, negligent supervision, and violation of FINRA rules.
In a notice to FINRA members, FINRA reminded the members that offering Non-Conventional Investments such as REITs and other alternatives of their obligations to:
(1) conduct adequate due diligence to understand the features of the product;
(2) perform a reasonable-basis suitability analysis;
(3) perform customer-specific suitability analysis in connection with any recommended transactions;
(4) provide a balanced disclosure of both the risks and rewards associated with the particular product, especially when selling to retail investors;
(5) implement appropriate internal controls; and
(6) train registered persons regarding the features, risks, and suitability of these products.
According to FINRA’s BrokerCheck, CHRISTOPHER WARREN WRIGHT (CHRIS WRIGHT) CRD#: 4134973 has been in the securities industry for 19 years and has been listed with 4 firms. He has been registered with CENTER STREET SECURITIES of Prescott, Arizona, since June of 2010.
If you’ve experienced financial losses due to the actions or recommendations of CENTER STREET SECURITIES, INC of Prescott, Arizona, and/or their registered representative, Chris Wright, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis—no fee if no recovery.