FINRA Arbitration Claims: Protecting Vulnerable Investors from Brokerage Firm Oversight Failures
Vernon Litigation Group Files FINRA Arbitration Claim Against Fifth Third for Disabled Investor Duped in Crypto Scam
The Risk to Vulnerable Investors
Vernon Litigation Group, based in Naples, Florida, is committed to representing victims of investment fraud and neglect, particularly vulnerable investors1. The firm recently filed a FINRA Arbitration Claim on behalf of a disabled client who became the victim of a sophisticated cryptocurrency scam2.
The investor was scammed into wiring funds from their Fifth Third bank accounts into an account that was presented as a cryptocurrency investment3.
Brokerage Firm Neglect and Oversight Failure
A critical aspect of this case involves the apparent lack of compliance oversight and supervision by the brokerage firm4. The victim made 16 wire transfers from their Fifth Third accounts at the direction of the scammers5.
In facilitating the scam, the victim was directed to liquidate their Fifth Third brokerage accounts, resulting in both taxable events and early withdrawal penalties6.
Brokerage firms are afforded the authority by FINRA to hold wires or other transfers when there is suspicion that a vulnerable or at-risk investor might be falling prey to a scam7. This measure is designed to protect clients from financial harm and exploitation. The failure to exercise this oversight is the core of the FINRA claim.
Why Choose Vernon Litigation Group for Your FINRA Arbitration Claim
If you or a loved one has been harmed by an investment scam that was facilitated through your brokerage firm, you may have grounds for a FINRA Arbitration or litigation claim8.
Our experienced securities attorneys specialize in complex securities arbitration and litigation claims9. We have a proven track record of securing favorable Case Results for our clients. For more information on our firm’s success, please visit our Case Results page.
Our Team of seasoned legal professionals is dedicated to holding firms accountable for their failure to protect clients. Meet our legal team here.
Contact Our Securities Arbitration Attorneys Today
If you have been the victim of an investment scam facilitated through your brokerage firm, contact one of our securities attorneys to receive a complimentary evaluation of your case10. We can evaluate the specific circumstances of your case within the broader framework of FINRA Arbitration guidelines.
Call us immediately at (239) 319-4434 or visit our main Practice Area page to learn more about our expertise in this area.
Next Steps: Complimentary Case Evaluation
If you believe your financial loss resulted from brokerage firm negligence, reach out to us today.