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.
