The Soreide Law Group is currently investigating possible legal action against the financial advisors/stock brokers who recommended the Lakeside 370 Levee District bonds of St. Charles County, Missouri, to their customers. The area’s levee district failed to make interest payments that were due to more than 200 owners of $33.9 million in bonds which had been sold to buy the four-mile levee built by the city. The bonds are in default.
Many customers wish to pursue an action through the Financial Industry Regulatory Authority, also known as FINRA, against Stifel Nicolaus, brokers who had sold them the bonds. Soreide Law Group's investigation found that the interest payments were financed by tax payments on the land from two entities Duke and Gundaker who were planning on developing the land at a later date. However, Gundaker was relying upon bank financing to pay its taxes. The bond holders for the 370 Levee District were not made aware of this until Gundaker stopped paying the property taxes and it was taken by foreclosure resulting in a bond default.
If you purchased bonds in St. Charles County, Missouri, 370 Levee District from Stifel Nicolaus or any other broker/dealer, contact Soreide Law Group for a free consultation at (888) 760-6552.
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