Soreide Law Group Files FINRA Arbitration Against Raymond James and Broker for Retired Clients Who Lost $400,000

Soreide Law Group has filed a FINA arbitration for their clients against RAYMOND JAMES & ASSOCIATES, INC., and broker, LOREN LUCAS (CRD# 1203511).
The Claimants are a retired couple who live in St. Augustine, Florida, and have been married for 43 years. The Claimants maintained their invests at RAYMOND JAMES under the management of their broker, LOREN LUCAS. The Claimants were long time clients of LOREN LUCAS, who was aware of their investment objectives--building a conservative portfolio with a blend of income producing and growth investments to sustain them through retirement.
The lawsuit alleges that the Claimants were wholly reliant upon RAYMOND JAMES broker LOREN LUCAS for all investment advice. In 2012, LUCAS began purchasing large concentrations of oil and gas related investments. By 2014, LUCAS had concentrated over 50% of the Claimants’ investments into oil and gas related stocks and master limited partnerships (MLPs) with no hedging strategy or downside protection. The Claimants confronted LUCAS concerning their devastating losses in oil and gas related investments and allegedly LOREN LUCAS advised them to continue to invest more into the oil and gas sector. The Claimants have since moved their account away from LOREN LUCAS and RAYMOND JAMES.
The Claimants suffered devastating losses to their irreplaceable retirement savings in oil and gas investments including but not limited to: Atlas Pipeline Partners, EV Energy Partners, Legacy Reserves , LINN Energy, QR Energy, Rhino Resource Partners, Targa Resources, Memorial Production Partners, to name a few.
The lawsuit alleges that no one from RAYMOND JAMES ever made any attempt to build a diversified portfolio to protect the retirement savings of retirees in their mid-seventies. There was also no hedging or stop loss strategy implemented in the account. RAYMOND JAMES and their representative’s actions have caused Claimants damages of approximately $400,000.00.
The cause of action relating to these losses are: negligence, breach of fiduciary duty, and negligent supervision.
If you were a client of RAYMOND JAMES & ASSOCIATES, INC., and/or broker, LOREN LUCAS call the Florida-based Soreide Law Group for a no-cost consultation on the possibility of recovering your financial losses at: 888-760-6552.