Colling Gilbert Wright & Carter Wins Arbitration Award on Behalf of a Resident of The Villages

    ORLANDO, FL, October 21, 2016 /24-7PressRelease/ -- The law firm of Colling Gilbert Wright & Carter announced Friday that attorney William B. Young Jr. prevailed in a recent Financial Industry Regulatory Authority (FINRA) arbitration action on behalf of a retiree who was sold faulty and unsuitable alternative investments by a local wealth management firm. The claimant is a resident of The Villages, a retirement community northwest of Orlando.

"Unfortunately, financial advisors sometimes recommend financial products that are more in their best interest than that of their clients'," Young said. "Alternative investments such as promissory notes, limited partnerships and non-traded REITs offer some of the highest commissions and concessions in the financial services arena. They are also often risky and illiquid - therefore, they are typically not appropriate for retirees trying to protect their savings while having full access to their funds in times of need."

"That is why I believed this FINRA arbitration panel ruled in my client's favor," Young continued, "finding the recommended alternative investments were unsuitable, the firm negligent for recommending them and consequently awarded full compensatory damages plus the cost of the proceeding."

Young filed a claim on behalf of his client in January of this year. Arbitration in the case concluded in late September, with Young overcoming a motion to dismiss the case on time eligibility by counsel for the investment firm.

According to the award issued by the FINRA Office of Dispute Resolution, the arbitrator in the case found that the financial services company "is liable for negligence, unsuitability and breach of fiduciary duty and shall pay to claimant compensatory damages," plus five years of interest. The arbitrator also denied the financial firm's request for attorneys' fees.

Young cautioned seniors to thoroughly investigate any prospective financial services professional as well as the investment options they are recommending.

"The elderly often spend their golden years on a fixed income," he said. "They can ill-afford financial misadventure. Thankfully, this case demonstrates that there are ways for retirees to recapture their losses when a financial profession breaks their trust and does not act in their best interest."

About Colling Gilbert Wright & Carter

Colling Gilbert Wright & Carter is a full-service law firm headquartered in Orlando, Florida. In addition to personal injury and wrongful death claims, attorneys at the firm also represent claimants in workers' compensation, Social Security Disability Insurance, property insurance, FINRA arbitration (nationwide) and other matters.

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