Soreide Law Group Files FINRA Arbitration Against Edward Jones and Broker, Kristopher Lee McKoin

Soreide Law Group recently filed a FINRA arbitration on behalf of their clients against EDWARD D. JONES & CO., and their registered representative, Kristopher Lee McKoin (CRD# 4071659).
The Claimants, a married couple both in their 70s from Louisiana, were looking to maintain a conservative portfolio with a primary goal of preserving their capital and living off the income generated from their investments to sustain them through retirement.
The lawsuit states that on or about 2013, EDWARD JONES broker, Kristopher Lee McKoin, began buying large concentrated positions in oil and gas investments. The Claimants were wholly reliant upon McKoin for all investment advice and followed his recommendation to invest a large portion of their accounts into Linn Energy and Seadrill.  Linn Energy has now filed bankruptcy, and with the decline in the oil market and the losses sustained in Seadrill, the Claimants have lost approximately $200,000. The concentration into energy investments in the Claimant’s account was over 50% with allegedly no hedging strategy or downside protection.
The lawsuit alleges that the Claimants confronted McKoin multiple times concerning the losses and concentration in oil and gas related investments and McKoin advised that they continue to hold and that they were great investments. The buy and holds strategy in highly sensitive commodity driven stocks is totally unsuitable for senior citizens who are looking to generate a stable income through retirement.  Over concentrated positions in oil investments is totally unsuitable for senior citizens with a conservative, retirement portfolio.

The Claimants having now suffered devastating losses to their irreplaceable retirement savings have no other means of replacing the principal loss and the lost stream of future income to support themselves through retirement.
The lawsuit alleges that no one from EDWARD JONES ever made an attempt to build a diversified portfolio to protect the retirement savings of retirees in their seventies. There was allegedly no hedging or stop loss strategy implemented in the account.
The lawsuit alleges that EDWARD JONES and their representative Kristopher Lee McKoin’s actions have caused Claimants damages of approximately $200,000.00. The lawsuit also alleges; negligence, breach of fiduciary duty, negligent supervision, and breach of contract.
If you suffered financial losses in high-risk oil and gas stocks such as Linn Energy or Seadrill, due to the recommendations or actions of Edward Jones and/or their registered representative, Kristopher Lee McKoin, contact Soreide Law Group for a no-cost consultation with a lawyer regarding the possibility of recovering your investments at:  888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis.