Soreide Law Group Files FINRA Arbitration Against MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and Broker CHARLES RAY FRIEDLANDER

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against: 
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, and their registered representative, CHARLES RAY FRIEDLANDER CRD# 1766198. 
The Claimants, a retired couple living in Florida, had the majority of their retirement assets maintained at MERRILL LYNCH under the management of CHARLES RAY FRIEDLANDER. The lawsuit alleges that the Claimants were looking to generate a stable income stream to sustain them through retirement and relied upon FRIEDLANDER and the research of MERRILL LYNCH to select suitable investments that would preserve their capital while producing income.
The lawsuit alleges FRIEDLANDER began pushing oil and gas investments and Master Limited Partnerships (MLPs), and allegedly represented these commodity linked investments as safe and secure. The lawsuit alleges that the Claimants were wholly reliant upon MERRILL LYNCH broker, CHARLES RAY FRIEDLANDER, for all of their investment advice and FRIEDLANDER began purchasing multiple oil and gas related investments which by 2014 the concentration into energy in their accounts was over 70% with no hedging strategy or downside protection.  Allegedly, the Claimants confronted FRIEDLANDER concerning their devastating losses in oil and gas related investments and the lawsuit alleges that FRIEDLANDER advised them to continue to invest more into the oil and gas sector because they were good investments.
Over-concentrated positions in oil investments is totally unsuitable for senior citizens as a long term investment. The Claimants have suffered devastating losses to their irreplaceable retirement savings in oil and gas investments including but not limited to: Brietburn, Seadrill, Buckeye Partners, Enbridge Energy, Energy Transfer Partners, Enterprise Products Partners to name a few and other oil and gas related mutual funds.
The lawsuit alleges that no one from MERRILL LYNCH ever made an attempt to build a diversified portfolio to protect the retirement savings of these retirees and there was also no hedging or stop loss strategy implemented in the account. The lawsuit alleges the Claimants have lost over $350,000 of their irreplaceable retirement savings. In 2014, the value of the Claimants accounts were over $900,000, and by 2015 they were down to $600,000, and have not recovered since.
The lawsuit alleges MERRILL LYNCH and their registered representative’s actions have caused Claimants damages of approximately $350,000.00.
The allegations are as follows:  negligence, negligent supervision, breach of fiduciary duty, and breach of contract.
If you suffered losses due to the actions or recommendations of MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, and/or their registered representative, CHARLES RAY FRIEDLANDER, call Soreide Law Group and speak to an experienced securities layer regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA.  We operate on a contingency fee basis.