Soreide Law Group Files FINRA Arbitration on Behalf of Client Against K.C. Ward Financial in Massachusetts

Soreide Law Group has filed a FINRA arbitration against K.C. WARD FINANCIAL (K.C. WARD) on behalf of our client from Massachusetts.
The Claimant is looking to retire within the next five years and was looking for a conservative growth portfolio. The law suit alleges that shortly after opening an account with K.C. WARD his money was quickly concentrated into an Ultra Short S&P 500 fund and other high-risk investments resulting in devastating losses.
Allegedly, after complaining about his performance to K.C. WARD, the firm switched him to a broker team who continued to trade in high-risk speculative investments on margin that were totally unsuitable for the Claimant. The law suit alleges that the Respondents made wildly speculative bets with retirement savings taking large concentrated positions in Petroleo Brasilerio, AK Steel, U.S. Steel and Peabody Energy, all of which have lost more than 50%. From December 2013 through most all of 2014 the Claimant’s account had over 100% leverage.
The Claimant lost over $450,000 of his principal while the Respondents received commission in excess of $100,000 along with a 5.75% interest rate on, at times, an over $600,000 margin loan costing the Claimant over $3,000 a month in interest.
The lawsuit alleges negligence, breach of fiduciary duty, negligent supervision, breach of contract and fraud.
If you’ve experienced losses due to the recommendations of K.C. Ward Financial of Massachusetts, or any other broker/dealer, contact Soreide Law Group for a no-cost consultation on the possibility of recovering your losses at: 888-760-6552.