Kons Law Offices, LLC has filed its first FINRA arbitration claim against San Antonio, TX based financial advisor Matthew A. Bell and his brokerage firms regarding the investment losses that various investors suffered in certain penny stocks, including Location Based Technologies (LBAS), Codesmart Holdings (ITEN), Towerstream Corporation (TWER), and Evergreen Solar (ESLQR).
According to the Statement of Claim, Matthew A. Bell allegedly made unsuitable investment recommendations to several investors to invest in various penny stocks, which included Location Based Technologies (LBAS), Codesmart Holdings (ITEN), Towerstream Corporation (TWER), and Evergreen Solar (ESLQR). The investors have alleged that the recommendations made by Matthew Bell were unsuitable for them based on their investment objectives and risk tolerances. The investors are seeking recover of their investment losses against both Matthew Bell and the various brokerage firms that he was associated with.
According to his BrokerCheck CRD, Matthew Bell has been subject to 16 FINRA customer disputes, with many of the recent FINRA arbitration claims being related to his sale of penny stocks to clients.
While all investments involve risk, penny stocks are considered to be risky (and in some cases speculative investments). Stockbrokers like Matthew Bell have a regulatory duty to ensure that any recommendation to purchase penny stocks is suitable for the needs of each customer. Both stockbrokers and their brokerage firms may be held liable for investment recommendations that are unsuitable for clients.
Kons Law Offices is seeking to represent other investors who have suffered losses in penny stocks with Matthew A. Bell while he was affiliated with Alamo Asset Advisors (Alamo Investment Advisors), WFG Investments (Williams Financial Group), Raymond James, or Securities America. If you are an investor who suffered losses investing with Matthew A. Bell, please contact Kons Law Offices at (312) 757-2272 for a FREE, NO OBLIGATION consultation to discuss your legal rights.
Kons Law Offices represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.