June 23, 2015- New York
A FINRA arbitration panel ordered BNP Paribas Securities Corp. to pay a former customer over $16 million dollars for the sale and marketing of an unsuitable investment in a Resetable Strike Option Transaction. The arbitration was nearly record setting in that it took 186 sessions over 95 days of hearing. Ontonimo Ltd. vs. BNP Paribas Securities Corp. , FINRA Case #10-4744.
The customer had lost their entire investment of $14.3 million, which represented over 60% of their investable assets.
Brokers have a duty to recommend investments that are suitable for the investor, taking into account age, health and level of financial sophistication. Over concentrating a portfolio in an unsuitable investment is an all too common abuse.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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