Soreide Law Group Files FINRA Arbitration on Behalf of Clients Against RAYMOND JAMES FINANCIAL SERVICES, INC.

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
 RAYMOND JAMES FINANCIAL SERVICES, INC.  
The Claimants, a retired, married couple from New Jersey, relied on Kenneth Joseph Fitzpatrick CRD# 1850858, who was an employee and registered representative of RAYMOND JAMES, to manage their money through retirement. The Claimants had a long standing relationship with Fitzpatrick and the lawsuit alleges that the Claimants told Fitzpatrick that they were looking for a stable conservative income stream to sustain them through retirement.
The lawsuit alleges that in 2013, Fitzpatrick began to buy large concentrated positions in oil and gas investments, and allegedly Fitzpatrick invested a large portion of the Claimants’ irreplaceable retirement savings into Breitburn Energy (bankrupt), Vanguard Natural Resources (bankrupt), Whiting USA R II (bankrupt) and other high risk oil and gas investments.  There was a significant concentration in energy investments in the Claimants’ account with no hedging strategy or downside protection.  The Claimants allegedly confronted Fitzpatrick multiple times concerning the losses and concentration in oil and gas related investments and the lawsuit alleges that Fitzpatrick advised the Claimants that they should continue to hold. The buy and hold strategy in highly sensitive commodity driven stocks is totally unsuitable for senior citizens who are looking to generate a stable income through retirement.
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 RAYMOND JAMES ever made an attempt to build a diversified portfolio to protect their retirement savings. Allegedly, there was also no hedging or stop loss strategy implemented in the account and has now cost the Claimants approximately $100,000 of their irreplaceable retirement savings.
The lawsuit alleges:  negligence, breach of fiduciary duty, negligent supervision, and breach of contract. As of yet, no answer has been filed
If you were a client of Raymond James Financial and/or their registered representative, Kenneth Fitzpatrick, and you suffered financial losses due to their actions or recommendations, call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA.