Lars K. Soreide Wins Award for Defrauded Elderly Fannie Mae Investor Against Wells Fargo Advisors (f/k/a Wachovia Securities)

business man holding his head with text asking questions about stock broker misconduct

Lars K. Soreide of the Soreide Law Group, recently won an award of $61,040.00, plus statutory interest from July 11, 2008, amounting to approximately $15,000 in interest payments, and, additionally being reimbursed for all forum fees and costs.

This award stems from the sale of Fannie Mae and Freddie Mac preferred securities by former Wells Fargo broker, Patrick Zych, to an elderly investor. Wells Fargo Advisors were represented by Greenberg Traurig. This award, won by Lars K. Soreide, of the Soreide Law Group, is significant because the several published awards concerning Fannie Mae and Freddie Mac preferred securities resulted in zero awards for the investors.

This case involved Fannie Mae Series S and Freddie Mac series Z preferred shares. Most investors purchased the preferred securities at $25 per share and quickly watched the stock drop to below $1 in less than 6 months.

New evidence concerning Wells Fargo’s early warnings of extreme volatility that largely went ignored by brokers has breathed new life into Fannie and Freddie preferred cases. There is a 6 years statute of limitations for claims brought through the Financial Industry Regulatory Authority (“FINRA”) so Fannie and Freddie preferred share investors still have time to file a claim. The statute of limitations will begin to run out for most investors in 2013.

If you purchased Fannie Mae or Freddie Mac preferred shares call Lars K. Soreide of the Soreide Law Group at (888) 760-6552 or visit https://www.securitieslawyer.com. Representing defrauded Fannie and Freddie Investors Nationwide.

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