NEW YORK, March 20, 2012 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com) announced today that it is continuing to investigate potential claims against MetLife Securities, JHS Capital Advisors and The Investment Center on behalf of customers of Robert Van Zandt. It has been alleged that Van Zandt ran a Ponzi Scheme by selling notes in a purported real estate investment which were unregistered securities, promising annual returns of up to 12%. It is believed that Van Zandt sold over $20 million worth of the notes. K&T has been contacted by former clients of Van Zandt, and are preparing to file securities arbitration claims on their behalf in an effort to recover their investment losses.
On May 27, 2011, the Financial Industry Regulatory Authority ("FINRA") initiated an examination of Van Zandt. However, in violation of FINRA Rules, Van Zandt told FINRA he was "not in a position to respond to [its] inquires." As a result, Van Zandt was permanently barred from associating with any FINRA member firm in any capacity. Van Zandt is also under investigation by the New York State Attorney General's Office.
From December 2004 through February 2007, Van Zandt was registered with MetLife Securities. Thereafter, he moved his securities license to now defunct broker-dealer, GunnAllen Financial. In early 2010, Van Zandt jumped from JHS Capital Advisors, Inc. to The Investment Center, and then back to JHS Capital Advisors, all within just three months. Under FINRA Rules, MetLife Securities, JHS Capital Advisors and The Investment Center were obligated to properly supervise the activities of Van Zandt during the time he was registered with these firms. Accordingly, these brokerage firms may be liable for failing to supervise Van Zandt's activities during his tenure at these firms, and could potentially be responsible for compensating investors who lost money investing with Van Zandt.
Customers of Robert Van Zandt and MetLife Securities, JHS Capital Advisors and/or The Investment Center can contact K&T to explore their legal rights and options. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation.
If you wish to discuss this announcement or sustained losses of $100,000 or more by investing with Robert Van Zandt, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com