In a recent turn of events, two separate clients have lodged a dispute against Capital Investment Group, Inc. and GWG Holdings, Inc. The dispute pertains to two individual purchases of GWG Holdings, Inc., facilitated by two separate registered representatives of Capital Investment Group, Inc. The clients claim that there have been violations of the North Carolina Securities Act, negligence, breach of fidicuary duty, breach of contract, and respondeat superior.
Details of the Dispute
The representative on a purchase of $100,000 of the security was Mr. Seth Nannini. The clients are seeking $150,000 in damages. Mr. Nannini has been associated with Capital Investment Group, Inc. since December 8, 2006. Prior to that, he was with Morgan Stanley from December 31, 2001, to June 17, 2002.
The clients’ claims are rooted in the following allegations:
- Violations of the North Carolina Securities Act
- Breach of fiduciary duty
- Breach of contract
- Respondeat superior
Investors Recovering Losses
Investors who have suffered losses due to the actions of their brokers or financial advisors have the option to recover their losses through FINRA arbitration. FINRA, or the Financial Industry Regulatory Authority, is an independent, non-governmental regulator for all securities firms doing business in the United States. Its arbitration process is a simpler, quicker and less expensive method than litigation in court.
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The arbitration process involves an impartial third party, or panel, that listens to the arguments of both sides and makes a decision. The decision of the panel is final and binding. Investors can file a claim with FINRA against a broker or brokerage firm if they believe they have been wronged.
Steps to Recovery
Investors seeking to recover their losses through FINRA arbitration should take the following steps:
- File a Statement of Claim: This document outlines the dispute in detail, including the nature of the dispute, the parties involved, and the amount of money the investor is seeking to recover.
- Selection of Arbitrators: Both parties have a say in selecting the arbitrator or panel of arbitrators who will hear the case.
- Discovery: Both parties exchange documents and information relevant to the dispute.
- Hearing: The panel hears arguments from both sides and makes a decision.
Investors who have suffered losses due to the actions of their brokers or financial advisors should consider seeking legal advice to understand their options and the best course of action.
The dispute against Capital Investment Group, Inc. and GWG Holdings, Inc. is a reminder of the importance of investor vigilance and the need for effective regulatory mechanisms to protect investor interests. It also highlights the role of FINRA arbitration as a means for investors to recover their losses.