Silver Law Group Files Claim Against Portfolio Advisors Alliance Alleging Brokers Churned Account and Racked Up Over $500,000 in Commissions

Silver Law Group has filed a FINRA arbitration claim against Portfolio Advisors Alliance, LLC after its brokers excessively traded (churned) the Claimant’s account.

The securities arbitration claim alleges the Claimant met his initial Portfolio Advisors Alliance broker in 2013 at another brokerage firm: FINRA-barred firm John Thomas Financial. The Claimant initially opened his accounts with a modest sum of money and gave the broker a chance to make money for him as he promised. The broker proceeded to convince the Claimant to utilize margin in order to increase his profits, according to the FINRA arbitration claim, and deposit additional funds to satisfy margin calls.

Unfortunately for Claimant, the broker allegedly proceeded to churn the account, repeatedly buying and selling four (4) different stocks, including several high-risk and speculative pharmaceutical investments. When the broker resigned, another broker took over the accounts without the Claimant’s knowledge and proceeded with the same “investment strategy” of making unauthorized transactions and churning the account, according to the securities arbitration claim.

The Portfolio Advisors Alliance brokers, according to the complaint, would constantly request additional money to satisfy margin calls. In total, the Claimant paid over half a million dollars in commissions and lost an additional $400,000 as his investments’ values declined. The Claimant alleges lost almost $1 million due to Portfolio Advisors Alliance’s failure to supervise, churning, and unauthorized trading.

Contact Our Firm If You’ve Lost Money Due to Excessive, Unauthorized Trading (Churning)

If you’ve lost money investing with Portfolio Advisors Alliance and/or due to unauthorized trading or churning, we may be able to help you recover your losses. Contact our firm today to learn how we can try to recover your losses. We work on a contingency fee, meaning if we don’t recover money you owe us nothing. Our lawyers have extensive experience in claims against banks, accountants and financial advisors who aid or assist in fraud.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.