SOREIDE LAW GROUP: Brokerage Herbert J. Sims is sued

By Press release submission | Aug 11, 2018

Soreide Law Group issued the following announcement on Aug. 7.

The customer has alleged failure to supervise, breach of contract, misinterpretation, fraud, negligence, and breach of fiduciary duty in connection with speculative bonds and structured notes held in the customer’s investment account. At least $200,000.00 in damages have been alleged by the customer.

Salles has disclosed four more customers’ disputes on FINRA Broker Check regarding allegations of his sales practice violations including unsuitability, negligence, misrepresentation, fraud and breach of fiduciary duty:

- On March 17, 2001, a Salomon Smith Barney Inc. customer filed a complaint alleging misrepresentation and breach of fiduciary duty concerning equities purchased in the customer’s account. The customer requested $40,000.00 in damages.

- On August 03, 2001, a customer of Salomon Smith Barney brought an arbitration alleging fraud, unsuitability, breach of fiduciary duty, negligence and misrepresentation in connection with the customer’s equity and corporate debt holdings. The customer agreed to settle the matter for $65,000.00 on December 10, 2002.

- On December 10, 2002, a Salomon customer filed a complaint alleging that the customer’s assets were allocated in unsuitable municipal debt investments. More than $5,000.00 in damages has been requested by the customer.

- On October 26, 2017, a customer of Herbert J. Sims & Co, Inc. filed a complaint alleging unsuitable investment recommendation to have been made from 2005 to 2017. The customer pursued $16,000.00 in damages.

Original source can be found here.

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