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The Securities Arbitration Law Firm of Klayman & Toskes Files $1.23 Million Claim Against LPL Financial on Behalf of Knott's Berry Farm Heirs Who Invested With Former LPL Advisor Alberto Neira

NEW YORK, May 29, 2013 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes ("K&T"), www.nasd-law.com, announced today that it filed a securities arbitration claim against LPL Financial (NYSE:LPLA) on behalf of Knott's Berry Farm heirs, to recover losses sustained as a result of the misconduct of former LPL financial advisor Alberto Neira ("Neira"), and LPL's failure to supervise the activity of Neira. The claim seeks damages of $1.23 million. The suit was filed with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution.

According to the Claim, the Claimants trusted and relied on Neira to provide sound investment advice. They originally hired Neira to serve as their advisor as he was a long-time friend of the family. Unfortunately, Neira abused that trust, mis-allocated their assets, made unsuitable recommendations, made misrepresentations and omissions, and eventually misappropriated most if not all of the Claimants' investment in a company called Silver Oak Leasing. The Silver Oak investment was not approved for sale by LPL representatives including Neira. As such, Neira engaged in conduct known as "selling away," which is a violation of NASD rules. Neira was involved in directing his customers to place millions of dollars in Silver Oak. This included the recommendation to take out margin loans to fund investments in Silver Oak. Neira's conduct went unchecked by LPL, and he was allowed to perpetrate this scheme to obtain investor assets through Silver Oak. LPL and Neira's conduct decimated the net worth of the Claimants.

The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered substantial investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.

If you wish to discuss this announcement, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at www.nasd-law.com.

CONTACT: Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire Klayman & Toskes, P.A. 888-997-9956 www.nasd-law.comSource:Klayman & Toskes P.A.