FORT LAUDERDALE, Fla., Oct. 20, 2009 (GLOBE NEWSWIRE) -- The Law Firm of David R. Chase, P.A. has filed a FINRA arbitration claim against McGinn, Smith & Co., Inc. on behalf of an elderly widow in connection with the sale to her of the following private note offerings: First Excelsior Income Notes, First Advisory Income Notes and Third Albany Income Notes (the "Notes"). The arbitration claim alleges that the Notes were unsuitable for her given their illiquid nature and high risk in light of her advanced age, lack of investment sophistication and objective of principal preservation and income generation.
The arbitration claim alleges breach of fiduciary duty, negligence, fraud and failure to reasonably supervise. It also seeks an expedited hearing given the investor's advanced age, as well as the recovery of investment losses, pre-judgment interest, attorney's fees, punitive damages and other relief. The financial advisor is not named as a party in the case.
The Law Office of David R. Chase, P.A., headed by former SEC Prosecutor, David R. Chase, represents investors throughout the nation in cases against the major Wall Street Firms. Mr. Chase has been practicing for over 17 years, is AV-Rated by Martindale-Hubbell -- its highest competence and ethics rating -- and has recovered millions of dollars on behalf of his Firm's clients. More about Mr. Chase and his law firm, based in Fort Lauderdale, Florida, is available on its website at: www.davidchaselaw.com.
If you or a family member suffered losses in First Excelsior Income Notes, First Advisory Income Notes and/or Third Albany Income Notes offered and sold by McGinn, Smith & Co., Inc. and wish to discuss your legal rights, or you have information about this matter, please contact:
David R. Chase, Esq.
Law Office of David R. Chase, P.A.
1700 East Las Olas Boulevard
Penthouse 2
Fort Lauderdale, FL 33301
888-337-8625 (Toll Free)
954-920-7779
Email: david@davidchaselaw.com