HOUSTON, Dec. 5, 2017 /PRNewswire/ -- Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, have recently filed a claim on behalf of a client of FMSbonds, Inc. ("FMS") alleging that his account was over-concentrated in Puerto Rico bonds. FMS markets itself as a brokerage firm of "municipal bond specialists" with "exceptional value and insight in the tax-free and taxable municipal bond markets."
The claim alleges numerous problems with FMS's advice, despite this claimed expertise. First, the claim alleges that the client's account was improperly invested entirely in bonds issues by Puerto Rico, without any attempt to diversify holdings. Furthermore, it alleges that FMS knew or should have known that Puerto Rico bonds were higher risk investments than were suitable or appropriate for the client. Finally, the claim alleges that FMS sold the client municipal bonds which did not carry insurance, despite the client's expressly stated requirement that only insured bonds be purchased. The combination of these failures allegedly resulted in catastrophic losses in the account.
Often, when a broker or firm engages in wholly inappropriate trading with one of their clients, there are many other clients who were mistreated, misled, or otherwise hurt without even realizing it. As such, people who currently or in the past have held brokerage accounts with FMSbonds, Inc. should carefully review their accounts to ensure that there were not problems. If you are or were a client of FMSbonds, Inc. and believe you may have been inappropriately invested and lost significant money as a result, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for an evaluation of your account to determine if you might have a claim to attempt to recover some or all of your losses. All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses.
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SOURCE Shepherd Smith Edwards & Kantas LLP