NEW YORK, April 14, 2014 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T"), www.nasd-law.com, announced today that it filed a claim against NFP Securities ("NFP") on behalf of a retiree and former customer of NFP Securities for over-concentrating her accounts in illiquid alternative investments. The claim was filed with the Financial Industry Regulatory Authority ("FINRA"), and seeks damages of $1 million.
According to the Claim, the case is about the unsuitable investment recommendations and misrepresentations made by NFP and its financial advisor to the Claimant. NFP solicited the Claimant to invest in alternative investments that were illiquid and carried high commissions. Unfortunately, NFP misrepresented the risk of the investments and over-concentrated the Claimant's NFP portfolio in these highly speculative investments. Unbeknownst to the Claimant, NFP failed to do their proper due diligence and the firm exposed her retirement assets to substantial risk. The alternative investments purchased include the following:
|Noble Royalties Access Fund II|
|Noble Royalties Access Fund III|
|Apartment Trust of America|
|Chambers Street Property|
|Strategic Storage Trust|
|Icon Leasing Fund 11|
|Ridgewood Energy V|
|Hennessey Fund a/k/a Capital Solutions Monthly Income Fund|
The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of NFP in connection with the sale of alternative investments to their customers. Current and former customers of NFP who purchased alternative investments, and have information relating to the manner in which the firm represented these products, are encouraged to contact Steven D. Toskes or Jahan K. Manasseh of Klayman & Toskes, at (888) 997-9956, or visit us on the web at www.nasd-law.com.
CONTACT: Steven D. Toskes Jahan K. Manasseh Klayman & Toskes (888) 997-9956 www.nasd-law.comSource:Klayman & Toskes P.A.