COMMONWEALTH FINANCIAL NETWORK Lawsuit

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against, COMMONWEALTH FINANCIAL NETWORK (Respondent).
The Claimants reside in Massachusetts and were referred to COMMONWEALTH FINANCIAL NETWORK broker, Joseph Anthony Leonczyk, on or about 2014. The Claimants have put off taking full retirement due to the alleged losses they incurred of approximately $100,000.00 sustained with Commonwealth. Leonczyk is not named in this lawsuit.
The lawsuit alleges that the Claimants told their broker, Joseph Anthony Leonczyk, that they were fearful of losing any of their principal and allegedly asked for only conservative income producing investments. Allegedly, COMMONWEALTH FINANCIAL NETWORK’s registered representative, Joseph Anthony Leonczyk, concentrated over $80,000.00 of the Claimants’ funds into high-commissioned alternative investments.  These investments included but are not limited to, FS Energy and Power Fund (FS Energy) and FS KKR. FS KKR has since undergone a reverse split and then plummeted further even after going public.  FS Energy has also now ceased all distributions and may be headed for bankruptcy in the immediate future now with crude oil trading at historic lows. The lawsuit alleges that these alternative investments were not suitable for the Claimants irreplaceable retirement savings.
The lawsuit alleges COMMONWEALTH FINANCIAL NETWORK’s actions have caused the Claimants to lose $100,000.00 of their irreplaceable life savings. According to the lawsuit, the allegations against the Respondents are: negligence, breach of fiduciary duty, and negligent supervision.
According to FIRNA’s BrokerCheck, Joseph Anthony Leonczyk, has been in the securities industry for 23 years.  He has 4 Disclosures on his CRD report, all being “Customer Disputes.”  Of the 4 disputes, 2 were denied and 2 are pending. One of the pending disputes filed in September of 2020, is requesting damages of $65,000.00 following allegations of, "Customer alleges purchases of FS Energy and Industrial REIT were unsuitable."
Joseph Anthony Leonczyk has been listed with 4 firms. Currently Leonczyk is listed as both a broker and financial advisor since 2002 with:
COMMONWEALTH FINANCIAL NETWORK
535 EAST STREET
LUDLOW, MA 01056 
If you’ve experienced losses due to the recommendations or actions of COMMONWEALTH FINANCIAL NETWORK and/or their registered representative, Joseph Anthony Leonczyk, 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 works on a contingency fee basis, no fee if no recovery, and we represent our clients nationwide before FINRA.