http://www.shockmanlaw.com/Blog/Recent_Blog_Posts/RSS.xml http://www.shockmanlaw.com//Securities_and_Investment_Blog/2012/April/New_Case_Against_Seleznov_Capital_Advisors_LLC.aspx http://www.shockmanlaw.com//Securities_and_Investment_Blog/2012/April/New_Case_Against_Seleznov_Capital_Advisors_LLC.aspx Tue, 03 Apr 2012 18:56:00 GMT <p>Shockman Law Office, P.C. is currently handling a case against Seleznov Capital Advisors LLC, Ceros Financial Services and others, involving alleged <strong>unsuitable trading</strong> and <strong>churning</strong> by Mark Seleznov of Seleznov Capital Advisers LLC (&quot;Seleznov Capital&quot;). Seleznov Capital traded the client&#39;s accounts pursuant to a limited power of attorney. The client was not contacted prior to the trades. </p> <p>Mr. Seleznov was employed by Seleznov Capital Advisors, Seleznov&#39;s Scottsdale, Arizona financial advisory firm. Mark Seleznov hosted a financial radio show, which has had a wide audience in the Valley. The client had heard Mr. Seleznov&#39;s radio show. Mr. Seleznov proclaimed that he could make money in markets that were up or down. In fact, this was something he proclaimed on his website.</p> <p>The client is a retiree. Like many older retired people, this client had decided that he should no longer take care of all investments himself, but should have a professional handle them.</p> <p>Unbeknownst to the client, Seleznov Capital invested in leveraged inverse mutual funds, which were traded at a frenzied level. The accounts were open just nine months, but were traded hundreds of times. During the month of August 2011 alone, Seleznov Capital made approximately 500 trades in the accounts, repeatedly buying and selling the same mutual funds. Many of the funds were held for only one or two days. The accounts had losses of approximately 20% in August 2011.</p> <p>The case has been filed as a securities arbitration matter with FINRA, the Financial Industry Regulatory Association. The accounts were handled through Ceros Financial Services, Inc., (&quot;Ceros&quot;) which was the broker dealer for the accounts. Shockman Law Office named Ceros as respondent in the case. As the broker dealer, Ceros had a responsibility to supervise the accounts and determine that the trading and handling of the accounts was suitable for the client.</p> Shockman Law Office, P.C. http://www.shockmanlaw.com//Securities_and_Investment_Blog/2011/August/Cases_Against_Brokers_on_IMH_Secured_Loan_Fund.aspx http://www.shockmanlaw.com//Securities_and_Investment_Blog/2011/August/Cases_Against_Brokers_on_IMH_Secured_Loan_Fund.aspx Tue, 23 Aug 2011 22:50:00 GMT <p></p> <p>Shockman Law is currently handling cases for investors in the IMH Secured Loan Fund LLC (as of 2010 the IMH Financial Corporation).&nbsp; This fund was represented to many Arizona investors as a desirable fixed income investment. These claims are being brought against Arizona investment advisors, broker dealers and brokers who made unsuitable recommendations to buy IMH, made misrepresentations about IMH, or did not conduct appropriate due diligence in the investigation of IMH before recommending it.&nbsp; IMH was often represented as a secure, safe investment, appropriate for conservative or moderate investors. </p> <p>Some of our clients were being sold new investments in IMH as late as the summer and early fall of 2008 when the problems with IMH were accelerating.&nbsp; Investors were told the default rate on the IMH loans was very low in the summer of 2008, when in fact the default rate had risen dramatically.&nbsp; Investors who wanted to sell their investment back to IMH were strongly discouraged from selling. </p> Shockman Law Office, P.C.