A Financial Industry Regulatory Authority Panel is ordering Goldman Sachs & Co. (GS) to pay about $2.5M to Tracy Landow for recommending that she invest in the Goldman Sachs Special Opportunities Fund 2006, which she is now contending was an investment that was not appropriate for her. Landow filed her arbitration claim against the unit and her broker a couple of years ago, claiming that unauthorized trades were made. She also alleged misrepresentation and failure to supervise.
The FINRA arbitration panel determined that Goldman liable, ordering the financial firm to compensate the claimant with $1.6M in damages plus about $1M in interest and additional fees. Broker John D. Blondel, Jr., however, was not found responsible. The panel determined that he did not play a part in the alleged investment sales-related violation, theft, forgery, misappropriation, or fund conversion and he was not accountable for the private equity fund and the transactions that resulted. It is recommending that his name be expunged from the case.
Meantime, Landow’s interest in the fund will go back to the financial firm within 30 days from the award date.
If you believe that your investment losses were a result of broker negligence, you may have grounds for filing a claim with FINRA. It is important that the investment your financial firm recommended to you was suitable for your needs and goals and did not place you at risk of suffering huge losses that your account could not handle.
At The Resolution Law Group P.C., it is our business to recover securities losses on behalf of our clients. Contact us today at www.TheResolutionLawGroup.com.
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