A Financial Industry Regulatory Authority (FINRA) arbitration panel recently awarded a former client of Commonwealth Financial Network of Waltham, Massachusetts, $580,000.
According to the FINRA report, the client had claimed his Commonwealth advisor, who was not named in the filing, breached his fiduciary duty. The advisor allegedly recommended to his client to retire early and place the subsequent roll-over of shares of his employee stock ownership plan into a 72(t) IRA account and a non-72 (t) IRA account.
The client filed a $1 million claim last October against Commonwealth. The FINRA arbitration panel sided with the client, awarded him damages, and ordered Commonwealth to also pay $7,200 in court fees.
If you have sustained an investment loss due to your stock broker/financial advisor’s recommendations, please call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.
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