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Lax & Neville Reaches $1.4 Million Settlement on Behalf of Clients Who Suffered Sales Practice Abuse

On August 15, 2017, Lax & Neville reached a settlement for $1.4 million with a broker-dealer responsible for overseeing a Financial Advisor who egregiously mismanaged, churned, and unjustly enriched himself at the expense of clients. The Financial Advisor placed Claimants in unsuitable, highly risky, sovereign debt instruments. The settlement amount Lax & Neville negotiated covered all the out-of-pocket losses the clients incurred including commissions, and was negotiated on behalf of a complicated trust structure with multiple parties and entities.

Lax & Neville has extensive experience representing individual investors, trusts, and estates against investment banks and broker-dealers who employ bad acting financial advisors that engage in sales practice abuse, fraud, negligence, and unjust enrichment. If you are a victim of securities fraud, please contact Barry R. Lax or Sandra P. Lahens, Esq., at (212)-696-1999.

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