Soreide Law Group Files FINRA Arbitration Against PARK AVENUE SECURITIES and BETH TY

Soreide Law Group has filed a FINRA Arbitration on behalf of their clients against PARK AVENUE SECURITIES, LLC, and their registered representative, LIZABETH GOTUACO TY (BETH TY).
The Claimants are a married couple from Texas who run a non-denominational church. They make investments on behalf of the church which is funded by the parishioners. They were recommended to PARK AVENUE SECURITIES and BETH TY.  Allegedly, BETH TY recommended to the Claimants “guaranteed” high yield investments with Frederick Voight and Daystar Funding that would generate high rates of return that were protected and would not be subject to market volatility. PARK AVENUE SECURITIES broker BETH TY brought Frederick Voight to the Claimants home where he explained his investment program that BETH TY also allegedly recommended and explained that she had put several of her other clients into it. The lawsuit alleges that PARK AVENUE broker BETH TY touted the investment and claimed she personally checked it out herself. Based off the assurances of PARK AVENUE broker BETH TY the Claimants turned over $265,000 of funds from their personal IRA accounts and $1,700,000 from the church which totaled $1,965,000.
The lawsuit alleges that on or about July 2015, the Securities and Exchange Commission (“SEC”) charged Frank Voight, and Daystar Funding and with running a Ponzi scheme. According to the SEC compliant beginning on October, 8^th, 2014, Voight carried out as series of related note offerings through DayStar from 260 investors nationwide by promising investors that their money would be used to fund InterCore’s acquiring of a “lucrative business opportunity” involving its Driver Alertness Detection System. Voight promised annual interest payments to investors of as much as 42%.
According to the SEC complaint Voight knew that the opportunity did not exist and all of the $13.8 million of investor proceeds from the Driver Alertness Detection System is now gone. The Claimants invested $1 million in 2015 making them last in line and “net losers” and they have now lost 100% of their investments. The Claimants losses of $1,965,000.00 were all alleged recommended investments by PARK AVENUE broker BETH TY.
The lawsuit alleges that BETH TY had entered into a consulting contract with Frederick Voight on April 1^1th, 2013, to solicit investments into Frederick Voight’s related business. This is an outside securities related business activity that should have been carefully monitored by PARK AVENUE. PARK AVENUE allegedly allowed TY to work from home with little no supervision while aggressively raising money for this Ponzi scheme while TY chose to completely ignore such obvious red flags such as a promised return of up to 40% annualized.
The lawsuit alleges that while with PARK AVENUE SECURITIES, BETH TY was able to defraud the Claimants and their Church out of all of their savings. Allegedly, BETH TY did not adequately investigate the Fred Voight and PARK AVENUE didn’t adequately supervise their registered representative’s securities related activities prior to TY recommending it to her customers.
Although the damage analysis is ongoing, the lawsuit alleges that PARK AVENUE SECURITIES and BETH TY’s actions have caused Claimants out of pocket damages of approximately $1,925,000.00. The lawsuit also alleges negligence, breach of fiduciary duty, and negligent supervision.
Soreide Law Group published the following articles on our blog:
https://www.securitieslawyer.com/park-avenue-securities-llc-finra/
https://www.securitieslawyer.com/lizabeth-g-ty-barred-by-finra/

If you or a loved one experienced losses due to PARK AVENUE SECURITIES and/or their registered representative, BETH TY, due to their actions or recommendations, contact Soreide Law Group for a no-cost consultation on the possibility of recovering your investment losses at:  888-760-6552.
Soreide Law Group operates on a contingency fee basis and we represent our clients nationwide.