Soreide Law Group Files FINRA Arbitration Against IBN FINANCIAL SERVICES, INC.

Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:
IBN FINANCIAL SERVICES, INC (IBN)
The Claimant is a retired police officer from Pennsylvania who was solicited to invest with IBN registered representative, Anthony Diaz (“Diaz”) (CRD # 4131948), on or about October 2012. The Claimant was looking to generate income to sustain him through retirement while protecting his principal. The lawsuit states that the Claimant agreed to move his retirement assets to IBN with the explicit understanding that he was looking for stable income producing investments. Allegedly, after the Claimant moved the retirement proceeds to IBN,  Diaz began to over-concentrate the Claimant’s irreplaceable retirement assets into high-risk commission laden private placements, REITS, and other illiquid alternative investments.
On or about November 2012, the lawsuit states that the Claimant was allegedly solicited to purchase $350,000 of Bakken Drilling Fund III, which is now defunct and other high risk unsuitable investments such as Ameritech College Holdings for $95,000, ARC NY REIT, and ICAP Pacific Norwest Opportunity Fund.
The Bakken Income Fund filed for bankruptcy October 17, 2016 after raising $20.6 million from 309 investors according to a filing with the SEC in Feb. 2015. Some of the private placements offered by the Bakken Income Fund are as follows:  Bakken Drilling Fund III LP, Bakken Drilling Fund IV LP, and Bakken Drilling Fund IVB LLC.
The lawsuit alleges that Diaz had earned commissions in excess of 7% and up to 10% and the Claimants had over $400,000+ in principal losses.
The allegations of the lawsuit state that IBN FINANCIAL SERVICES, INC. and their representative’s actions have caused damages to the Claimant of approximately $500,000.00.
The lawsuit alleges:  negligence, breach of fiduciary duty and negligent supervision.
According to FINRA’s BrokerCheck, Anthony Diaz has been barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm. Diaz has 56 Disclosures on his CRD report, of those 56 Disclosures, 44 are listed as Customer Disputes. The significance of Diaz’s customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints. In other words Diaz’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.  The vast majority of the reported conduct all relates to similar accusations at issue here involving material misrepresentations and negligent recommendations involving deceptive trade practice allegations.
Anthony Diaz was in the securities for 14 years and was listed with 11 firms.
If you experienced losses due to IBN FINANCIAL SERVICES, INC. and/or their former broker, barred by FINRA, Anthony Diaz, call 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 nationally before FINRA and we operate on a contingency fee basis—no fee if no recovery.