Vernon Litigation Group recently filed a significant FINRA arbitration claim against Cuso Financial Services. In this most recent case, the investor is a credit union customer who is a teacher and a widow living in Texas. The Cuso Financial Advisor in this case has seven reported customer complaints in his regulatory history.
This case also involves allegations of a troubling practice that appears to be on the rise in the securities industry. It is a practice referred to in the securities industry as selling away, which basically means that the financial advisor is selling investments to the investor outside of the brokerage firm where the financial advisor is registered.
In this latest case, Vernon Litigation alleges that their Texas teacher client was led to invest in something referred to as "Aurora" that involved a former Cuso advisor – Conrad Bautista – who has been barred from the securities industry by FINRA.
Based on the foregoing, a FINRA arbitration claim was filed last month in Texas on behalf of the client against Cuso, including allegations of breach of fiduciary duty and negligence and supervision lapses. Previously, Vernon Litigation Group did a detailed analysis of Cuso Financial Services and its business practices in working with credit union clients.
Beyond this case, Vernon Litigation is troubled by the affiliation of many credit unions with independent broker dealers who heavily push high commission investment products. In an effort to keep the public informed they have published both articles and video regarding these concerns.
ABOUT VERNON LITIGATION GROUP
The investor's rights attorneys at Vernon Litigation Group have decades of experience representing investors across the country who have suffered considerable losses from alternative investments such as Hedge Funds, Structured Products, complex option strategies such as the Yield Enhancement Strategy involving "iron condor" pitched by UBS, non-traded REITs, and other products and strategies improperly designed and sold by brokerage firms.
Visit our website at https://www.vernonlitigation.com for more information and contact us by phone at 1-877-649-5394 or by e-mail at [email protected] to speak with an attorney at Vernon Litigation Group if you believe you have a significant claim against a financial firm or financial advisor.