FINRA Claim Filed Against IMS Securities over Investment Losses

PEARLAND, Texas - Nov. 15, 2016 - PRLog -- The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of a Pearland, Texas investor alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that IMS Securities unsuitably invested the client in the following investments (among others):

Aztec Comanche A
Aztec XI-A
Aztec XII-A
Business Development Co. of America
Hard Rock 2013A, LP
Icon Fund 11
Icon Fund 15
Icon Fund 10
Tier REIT
NY Tier REIT
United Development Funding III
United Development Funding IV
Virtus Blackhawk Storage

The claim seeks damages between $100,000 and $500,000.

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.  It is alleged that IMS Securities failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors.

Finally, it is alleged that Steven M. Knowlton (CRD# 4527446) was the financial advisor of record at the time of the investment recommendations. According to FINRA Broker Check, Knowlton has seven customer complaints since 2008, including allegations of negligence, misrepresentation and unsuitable investments.

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 at 1-888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. Please visit https://www.whitesecuritieslaw.com for more informaton.