FINRA Arbitration Claim Filed Against Centaurus Financial

HACKETTSTOWN, N.J. - Dec. 20, 2013 - PRLog -- The White Law Group announces that it has filed a Financial
Industry Regulatory Authority (FINRA) arbitration statement of claim against Centaurus Financial.  The claim seeks to recover losses of between $400,000 and $499,999.

The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf three New Jersey investors and alleges claims for fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that Centaurus Financial unsuitably invested the investors in the following high-risk alternative investments: Icon Fund 12, North Star Real Estate, Core 2008 A 9% Debentures, Healthcare Trust of America, and Wells REIT 2.

Broker-dealers have a fiduciary duty to perform adequate due diligence on any investment prior to recommending them for sale to their clients and to ensure that the investments it recommends are appropriate for the client in light of the clients age, investment experience, net worth, and investment objectives. It is alleged that Centaurus Financial failed to recommend suitable investments in this case.

The financial advisor who handled the accounts was Ralph Saviano.  Mr. Saviano has been barred from the securities industry by FINRA.  He has also been criminally charged for wire fraud and pled guilty to stealing $138,000 from two elderly investors and allegedly “funding his lavish lifestyle with money he claimed to be investing in conservative securities.”

FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional.  It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court.

For more information on the claim filed by The White Law Group, please contact the firm's Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm.

For more information on The White Law Group, please visit the firm's website at http://www.whitesecuritieslaw.com