Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
COMMONWEALTH FINANCIAL NETWORK (Respondent).
The Claimant resides in Arizona and has maintained an investment relationship with the Respondent through the Kevin Dick Group.
COMMONWEALTH FINANCIAL NETWORK and its representatives were allegedly made aware that the Claimant did not want to take any unnecessary risks with her savings. However, the lawsuit states that the Respondent allegedly solicited the Claimant to invest a total of $120,000 in three separate non-traded alternative investments: $40,000 in FS Energy and Power, $40,000 in FS Global, and $40,000 in Griffin Healthcare.
The lawsuit alleges that the COMMONWEALTH FINANCIAL NETWORK and its representatives failed to adequately explain to the Claimant the risk of the recommendations, illiquidity, or the high commissions the Respondent received for selling the alternative investments. According to the lawsuit, the Respondent allegedly sold alternative investments to many of its clients, and despite ongoing risks, they allegedly advised the Claimant to continue to hold these investments even as they declined.
FS Energy and Power has stopped paying distributions and has ceased all redemptions. FS Energy and Power is currently priced at $1 per share on the secondary market. FS Global has also experienced significant declines.Griffin Healthcarehas stopped paying distributions and may be worth little to nothing.
According to the lawsuit, the Claimant has allegedly suffered damages of at least $120,000.00 during a time when the financial markets have enjoyed record returns.
The lawsuit alleges: breach of contract, negligence, negligent supervision, breach of fiduciary duty, and violations of FINRA rules.
If you have suffered financial damages due to the recommendations or actions of COMMONWEALTH FINANCIAL NETWORK and/or its registered representatives, contact Soreide Law Group and speak to an experienced lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.