The securities law firm of David R. Chase, P.A. (the "Firm"), headed by former SEC Prosecutor David R. Chase, has filed FINRA arbitration claims on behalf of investors against National Financial Services, LLC ("NFS") for its role in pricing and extending margin on collateralized mortgage obligations (CMOs) offered and sold by Brookstreet Securities, a now defunct broker-dealer that collapsed in June 2007.
The Firm has alleged in its arbitration filings that NFS -- through its negligence in valuing the CMOs, its reckless extension of significant levels of margin on their purported values and its fire-sale of them -- improperly caused the liquidation of customer's accounts at Brookstreet Securities thereby wiping out account equity and creating significant margin debit balances.
The claims filed by the Firm on behalf of Brookstreet Securities investors against NFS seek the recovery of lost monies, the elimination of the purported margin debit balances, attorney's fees, interest and punitive damages.
If you were a Brookstreet Securities customer and suffered losses through investments in CMOs on margin at that firm, call now for a free and confidential case evaluation as to NFS.
