A FINRA arbitration has been filed on behalf of the client (Claimant) against: FIDELITY BROKERAGE SERVICES LLC (Respondent)
The lawsuit alleges that FIDELITY BROKERAGE SERVICES and their Financial Advisor, Christopher Meadows, recommended that the Claimant invest in a speculative options investment known as the Premium Income Strategy through Mariner Wealth Advisors. The Fund purchased municipal bonds to use as collateral for the short options strategy. The lawsuit alleges that the Claimant was advised the strategy was a safe investment, despite the alleged Fund disclosures that stated that the investment strategy was not suitable for conservative investors.
According to the lawsuit, the Claimant was allegedly solicited by the Respondent and its Financial Advisor, Christopher Meadows. Meadows is not named in this lawsuit. Allegedly, the Claimant was clear that capital preservation was his top priority, which the lawsuit claims, and Christopher Meadows, allegedly routinely acknowledged.
Premium Income Strategy Victims Call 888-760-6552
The Claimant claims he was advised by FIDELITY BROKERAGE SERVICES that the investment would generate approximately 4% returns. However, the Claimant was allegedly unaware that the investment strategy would fail if there were large swings in the market up or down. The Claimant learned in March of 2020 that his investment lost $165,000.00, or approximately 35% of his investment in a relatively short time.
The lawsuit alleges the Claimant has suffered damages of approximately $165,000.00 due to the Respondent’s actions, which includes allegations of: negligence, breach of fiduciary duty, failure to supervise, breach of contract, and violations of NASD and NYSE rules.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Christopher Meadows has been in the securities industry for 19 years. He is currently registered since June of 2001 with:
FIDELITY BROKERAGE SERVICES LLC
ONE DESTINY WAY
WESTLAKE, TX 76262
If you’ve experienced losses due to the actions or recommendations of FIDELITY BROKERAGE SERVICES and/or their registered representative, Christopher Meadows, contact 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 our clients nationwide before FINRA on a contingency fee basis—no fee to you if no recovery.