Vernon Litigation Group Files Another Case Today Regarding Former Advisor Abraham/Avi Heimann
October 17, 2017 Atlanta, GA., — Vernon Litigation Group, based in Atlanta and Naples, and Kristian Kraszewski, Esq. have joined forces once again to file another FINRA arbitration claim today involving Miller Energy and oil sector concentrations. Former Oppenheimer and Cetera stockbroker Abraham (Abe/Avi) Heimann now has 6 arbitration claims filed involving his unsuitable investment recommendations in Miller Energy and the oil industry generally. The vast majority of the investors bringing these claims selected Vernon Litigation Group to represent them in these pending FINRA arbitrations.
As in the previous Abraham Heimann related cases filed by Vernon Litigation Group, Mr. Heimann touted Miller Energy as a can’t miss opportunity. Heimann placed the majority of this investor’s retirement portfolio in Miller Energy, with smaller positions in FX Energy and YPF. Despite volatility in the oil sector and realized losses in FX and YPF, Heimann aggressively recommended that his client hold the concentrated position in Miller Energy as Heimann switched over from Oppenheimer to Cetera. Unfortunately, Miller Energy continued its decline and eventually declared bankruptcy in 2015. Undeterred by the losses in Miller Energy, Heimann invested much of the remaining account that was left in a stock called Transition Therapeutics. Not surprising, this investment declined as well. Heimann’s improper advice caused this client to loss almost 100% of his investments during a time when the overall markets appreciated over 82%.
FINRA rules require Mr. Heimann to provide suitable investment advice to all of his clients on an individualized basis. Concentrated portfolios and wholesale recommendations in the same stock to many clients violates industry standards. Heimann’s recommendation to his clients to hold Miller Energy as it declined precipitously is equally actionable and indicative of Oppenheimer and Cetera’s failure to supervise Heimann.
If you have suffered unnecessary losses due to advice you received from Abraham (Abe/Avi) Heimann, please contact us. One of our securities attorneys will provide you with a free overview of any potential claims you may have regarding Mr. Heimann’s recommendations in oils stocks such as Miller Energy, FX Energy, YPF, Seadrill, or even investments such as Transition Therapeutics. Our firms have counseled thousands of investors through the years and we look forward to speaking with you.
For more information, visit our website at http://www.vernonlitigation.com/ or contact Vernon Litigation Group by phone at 1-877-649-5394 or by e-mail at email@example.com to speak with a representative of Vernon Litigation Group.