The Green Firm recently filed a Statement of Claim through the FINRA arbitration process on behalf of clients who lost in excess in of $350,000 due to the mismanagement of their account by E1 Asset Management and its broker. Our client's account suffered massive losses allegedly as a result of excessive risk and overconcentration in their account, which was invested in just five stocks. Making matters worse, our client was recommended the complex financial product known as a non-traditional ETF, the alleged misuse of which by their broker lead to further losses.
Lack of Diversification in Client's Account Leads to $150K in Losses
The Green Firm recently filed a Statement of Claim through FINRA's arbitration process to recover losses in excess of $175,000 incurred as a result of the alleged mismanagement of our client's investment account by Citigroup Global Markets, Inc. According to our claim, Citigroup and its broker allegedly used their discretion over our client's account to purchase around $50,000 worth of preferred stock in three companies, Fifth Third, a mortgage company; Citigroup, a financial services company; and AIG, a financial services company. In addition, a substantial portion of our client's portfolio represented financial services companies. Taken together, these assets constituted around 60% of her total investment account; the remaining 40% is composed of stock in various companies.