SEATTLE, Oct. 19, 2016 /PRNewswire-USNewswire/ -- Israels & Neuman, PLC announces that it has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against First Financial Equity Corp. of Scottsdale, Arizona on behalf of an aggrieved investor. The claim was filed in Phoenix, Arizona.
The claim alleges that the investor was in contact with one of First Financial Equity Corp.'s former advisors, Robert J. Kerrigan, Sr., who allegedly recommended that they invest in a company called TMAC (also known as "The Materials Acquisition Company"). The investment in TMAC was purported to be an investment in "ancient slag," whereby the slag could be processed to obtain minerals and precious metals.
The claim further alleges that Kerrigan represented that the TMAC investment was safe and provided for complete liquidity within six to twelve months. The TMAC investment, however, has failed to pay any distributions and resulted in substantial losses to investor principal. First Financial Equity Corp. has been added to the claim based upon allegations that it failed to adequately supervise the conduct of Kerrigan.
The claim also alleges that Kerrigan recommended another investment in a company called USA Barcelona Realty; however, the claim does not allege that the USA Barcelona investment was purchased by the investor in question. FINRA barred Kerrigan from the securities industry in May 2016, for failing to respond to a FINRA investigation allegedly related to his involvement in selling investments in USA Barcelona Realty.
Israels & Neuman, PLC is a securities arbitration and investment fraud law firm with offices in Denver and Seattle. Its securities fraud attorneys litigate securities arbitration cases in every state, including Arizona. Its attorneys have represented over 1,000 investors in cases to recover investment losses due to the actions of their advisor or brokerage firm. All of the firm's arbitration cases are taken on a contingent fee basis, meaning you do not pay unless money is recovered for you.
If you have lost money investing in TMAC or USA Barcelona Realty, Israels & Neuman encourages you to contact our offices for a free, no obligation, review of your case. Our attorneys will personally discuss all of your rights as an investor and the remedies you have related to your losses. For more information, please call 720-599-3505, or 206-795-5798, or visit www.israelsneuman.com.
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SOURCE Israels & Neuman, PLC