11 Dec Harbour Capital Fraud Investigation | Broker Misconduct Lawyers
Harbor Capital (Fairport, NY), Same Brokerage Responsible for Retired Teacher’s $450,000 Award, Back in the Cross-Hairs.
ROCHESTER, NY (December 1, 2017) — Similar to the investment advice received by retired teacher Libby Jachles (recently awarded over $450,000 by a Financial Industry Regulatory Authority (“FINRA”) Arbitration Panel) from Harbor Capital Advisory Services and lack of oversight by American Portfolios Financial Services, brokers Frank and Jeremy Monte (principals of Harbor Capital) are the subject of another set of customer claims.
This time, a Canandaigua (NY) resident is concerned with the management and oversight of his investment portfolio at Harbor Capital. His portfolio was being managed by Harbor Capital from 2010 to 2013; this was a time where the stock market saw substantial growth, yet he earned relatively nothing on his investment portfolio. As with Libby, the investment strategy benefited everyone except him, the investor taking the risks.
This is yet another case that illustrates the disastrous consequences of combining an an unsophisticated client; greedy brokers who could take advantage of that client (Frank and Jeremy Monte of Harbor Capital Advisory Services); and a broker-dealer who utterly failed to supervise its brokers (American Portfolios).
Unfortunately, Jason Kane of Peiffer Wolf Carr & Kane, APLC is all too familiar with this type of misconduct.
“Commission and fee grabbing advisors, failed brokerage firm supervision, and an unsophisticated investor who was taken advantage of is a situation I see too often,” he stated.
As recently reported on by Gino Fanelli of the Rochester Business Journal, “These cases are not isolated; financial exploitation of the unwitting, and often the elderly, is common, so much so that a 2012 survey by the Investor Protection Trust found financial scams by strangers accounted for the leading cause of financial abuse of seniors.”
“I see a lot of it locally, in upstate New York, and I see a lot of it nationally,” said Kane. “I talk to people like Libby and our newest client everyday.”
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