MILWAUKEE, Nov. 11, 2020 (GLOBE NEWSWIRE) -- ATTENTION RBC CLIENTS OF JOSEPH CHU AND CHRIS PHILLIPS - The Investment Recovery Team at Halling & Cayo, S.C. have brought another claim against RBC for over $300,000 now seeking investment loss recovery of more than $1,900,000 on behalf of investors.
Joseph Ijong Chu, CRD# 4546805, has, according to public records, had multiple claims filed against him for $500,001.00 and $1,600,000 alleged “overcentration in highly volatile investments” and “unsuitable investments in oil-producing and industrial metals & materials stocks leading to an over-concentration in those sectors.” Total reported claims filed now exceeds $2.4 million. This latest claim also involves Mr. Chu’s colleague at RBC, Christopher Lawrence Phillips, CRD# 4761544.
The Securities Lawyers at Halling & Cayo, S.C. have already brought a prior claim seeking to recover investment losses from RBC and now have brought another claim against RBC and Mr. Chu under similar facts and circumstances. In particular, we are interested in any customers who saw their account shifted to an allocation primarily made up of any of the following stocks:
- California Resources Corporation
- Denbury Resources
- Marathon Oil Corp.
- W&T Offshore Inc.
- BHP Group Limited American Depository
- RIO Tinto plc
- Vale SA
A Financial Advisor’s fiduciary duty includes an obligation to provide individualized investment allocations consistent with the clients stated risk tolerance and investment objectives. Simply placing all clients in a uniform and speculative bet would be a breach of those duties.
These claims have also alleged a failure to supervise by RBC.If you had a discretionary account (meaning your financial advisor chose the investments), then you were owed a fiduciary duty and RBC had an obligation to supervise the decisions by Mr. Chu and Mr. Phillips of what securities to buy, sell, and hold in your account. Thus, RBC is responsible for both the conduct of its advisors, and can be potentially liable if it fails to supervise them. You may have a claim to recover.
The purpose of this release is to investigate on behalf of our clients who had accounts with RBC managed by Joseph Chu or Christopher Phillips. If you have or had accounts with these advisors at RBC and have information relating to the management of your investments, please contact Sean Sweeney with the Securities Lawyers at Halling & Cayo, S.C. at 414-755-5020. You can learn more about the arbitration process in our Video series.
About the Securities Lawyers at Halling & Cayo, S.C.
The Securities Litigation team represents individual and institutional investors in FINRA arbitration and court nationwide. recovers investment losses from fraud or breach of duty from their broker-dealer.The Securities Lawyers protect investors by lobbying Congress and working with FINRA (the Financial Industry Regulatory Authority) to enact laws and regulations that prevent retirement funds from being lost in the first place. At the same time, we fight every day for our clients in court and arbitration to recover those funds they have already lost. Our primary focus is to help our clients get back on track towards the retirement they were building by recovering the funds that were lost or stolen as a result of their broker's conduct.
Destination: https://the-securities-lawyers.com/another-joseph-chu-customer-dispute
Contacts:
Halling & Cayo, S.C.
Sean M. Sweeney, Esq.
(414) 755-5020
sms@hallingcayo.com
www.the-securities-lawyers.com
@SECLawyers on Twitter