In an ongoing saga that has rocked the financial world, a pending customer dispute has been lodged against Andy Rampersaud of SECURITIES AMERICA, INC and LPL Financial LLC. The claimant alleges that the respondents used a speculative strategy that was inconsistent with her instructions, needs, and financial condition. The claimant is seeking compensation to the tune of $499,000.00.
Details of the Dispute
The dispute revolves around the use of equity listed (common & preferred stock) options. The claimant argues that the respondents’ speculative strategy was not in line with her financial goals and needs. However, the respondents, Andy Rampersaud, SECURITIES AMERICA, INC, and LPL Financial LLC, have categorically denied any wrongdoing.
The Respondents’ Defense
The respondents’ defense is that the advisor handled his client’s accounts in a fashion consistent with the client’s goals, producing profits, and providing an unbroken stream of high income. They argue that the client recently decided on her own to transfer/liquidate her assets, resulting in losses that were her decision. They further claim that every one of the investments at issue was appropriate at the time, and many of the stocks were actually chosen by the client herself.
- Andy Rampersaud and his broker-dealer vigorously (and rightly) deny any wrongdoing.
- Having enjoyed years of profit and income ($72k per year), this complainant had no net losses and has no claim.
Investors Recovering Losses with Finra Arbitration
Despite the ongoing dispute, it’s important to note that investors can recover their losses through Finra Arbitration. This process provides a forum for investors to resolve their disputes with brokers and broker-dealers. Finra Arbitration is often faster, less expensive, and less complex than litigation. It’s an effective way for investors to seek justice and recover their losses.
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It’s crucial for investors to understand their rights and the mechanisms in place to protect their investments. If you believe that your broker or broker-dealer has acted inappropriately or against your financial interests, you have the right to seek redress through Finra Arbitration.
While the dispute between the claimant and Andy Rampersaud, SECURITIES AMERICA, INC, and LPL Financial LLC is ongoing, it serves as a reminder of the importance of investor vigilance and the mechanisms in place to protect investors. Regardless of the outcome, investors have a right to recover their losses and should not shy away from exercising this right.