NEW YORK, April 29, 2016 (GLOBE NEWSWIRE) -- New York City based securities attorneys, Fitapelli Kurta, recently filed an arbitration claim before the Financial Industry Regulatory Authority, or FINRA, against Merrill Lynch concerning allegations against Jacquin Fink, a New York City based investment advisor. The complaint, which names only Merrill Lynch, Mr. Fink’s employing firm, seeks unspecified money damages and alleges misconduct by Jacquin Fink.
The arbitration complaint alleges that Jacquin Fink concentrated a client’s holdings in one energy stock, Energy Transfer Partners, LP. The complaint alleges that the Mr. Fink’s customer suffered significant losses in the concentrated position in 2015 and 2016 as the price of oil declined rapidly.
According to Fitapelli Kurta partner, Jonathan Kurta, “It is important for brokerage firms to diversify client’s holdings to avoid large losses when one stock or sector performs poorly.” Mr. Kurta continued, “This is a case of extreme concentration, with nearly an entire portfolio invested in a single stock.”
According to his FINRA BrokerCheck report, Jacquin Fink has been the subject of at least four other customer complaints during his career at Merrill. According to these disclosures, all four of those complaints settled for significant sums of money.
Fitapelli Kurta is a New York City based law firm that focuses on pursuing securities arbitrations on behalf of customers. If you would like to know more about this case, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502.