Recovering Losses from a Risky Annuity
Our clients, a retired couple, lost a significant portion of their retirement savings after their broker recommended they invest in a complex, high-risk annuity. The investment was entirely unsuitable for their conservative risk tolerance and financial goals. Sonn & Erez PLC took decisive action, filing a claim with FINRA arbitration against the brokerage firm. We successfully demonstrated a clear breach of fiduciary duty and recovered their full investment plus damages.
Overview
A retired couple, seeking to protect their life savings for a secure retirement, entrusted their financial advisor with their portfolio. The advisor, however, recommended they move a significant portion of their assets into a complex and high-risk annuity that was completely unsuitable for their conservative financial goals. Without fully understanding the product's risks, the couple suffered devastating losses. They sought our firm's expertise to hold the brokerage firm accountable for its negligent advice.
Results
Sonn & Erez PLC immediately launched an investigation, gathering evidence to prove the investment was not in the clients' best interest. We filed a claim with FINRA arbitration, meticulously building a case that demonstrated a clear breach of fiduciary duty by the financial advisor and a failure of oversight by the brokerage firm. Through a rigorous and fact-based process, we successfully argued that the firm should be held responsible. Our aggressive advocacy led to a full recovery of the clients' initial investment, along with additional damages.
Conclusion
This case highlights the critical importance of holding financial professionals accountable for their advice. The recovery of our clients' life savings, along with additional damages, is a testament to our firm's commitment to fighting for investor rights. It demonstrates our ability to challenge large institutions and secure justice for individuals who have been victims of negligence and unsuitable recommendations. We are dedicated to restoring our clients' trust in the financial system and helping them achieve financial security.