CITIZENS SECURITIES Lawsuit Filed

Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against:

CITIZENS SECURITIES, INC. (Respondent)

The Claimants are both 78 years old, retired and living in New York. The Claimants are long standing banking customers of Citizens Bank where they maintained savings accounts and CD’s with the bank. The lawsuit alleges that the Claimants were solicited by the bank to invest with CITIZENS SECURITIES’ Financial Advisor, David Palmiter. According to the lawsuit, allegedly the Financial Advisor assured the Claimants that the Respondent had developed investment programs that protected investor savings. The lawsuit alleges that the Claimants trusted the Financial Advisor because he was recommended by their bank. According to the lawsuit, without the Claimants knowledge, the Financial Advisor placed the Claimants in separate aggressive growth accounts with no regard for principal protection. Palmiter is not named in the lawsuit.

The lawsuit alleges that the Financial Advisor submitted forms for the investment programs electronically. According to the lawsuit, the accounts declined quickly in just a few months and the Claimants expressed concerns about the safety of the program.  Allegedly, the Claimants were reassured that the investments would recover the losses and show positive returns. When the investments continued to decline, the lawsuit alleges the Claimants had difficulty reaching the CITIZENS SECURITIES’ Financial Advisor, who had moved to another brokerage firm.

According to the lawsuit, the Claimants have suffered damages of $200,000. CITIZENS SECURITIES’ actions in this case constitute alleged negligence, breach of fiduciary duty, and failure to supervise. No answer has been filed and it is anticipated that they will deny all allegations.

According to FINRA’s BrokerCheck, DAVID E PALMITER, has been in the securities industry for 22 years and has been listed with 5 firms.  Palmiter was listed with CITIZENS SECURITIES of Cicero, New York from 11/10/2006 to 03/08/2023.  He is now listed with:

KEY INVESTMENT SERVICES LLC

7950 BREWERTON ROAD
CICERO, NY 13039

If you’ve experienced financial losses due to the actions or recommendations of CITIZENS SECURITIES, INC. and/or their former registered representative, DAVID E PALMITER of CICERO, NY, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.