PRESS RELEASE: Israels & Neuman PLC files arbitration Complaint against LPL FINANCIAL and VALIC
Jodie L. Miller, VALIC Financial Advisors, and LPL Financial
FOR IMMEDIATE RELEASE – Israels & Neuman PLC announce the filing of an arbitration complaint on behalf of investors who suffered losses in Tri-Med Corporation, against VALIC Financial Advisors and LPL Financial LLC. The investors were solicited to invest in Tri-Med Corporation by Jodie L. Miller, a financial advisor from Tampa and St. Petersburg, Florida. Jodie Miller was affiliated with VALIC Financial Advisors from May 2009 to September 2012, and with LPL Financial from September 2012 to January 2013. The complaint, which was filed with FINRA Dispute Resolution, alleges that VALIC Financial Advisors and LPL Financial failed to adequately supervise Jodie Miller, that there were misrepresentations and omissions made in connection with the sale of the Tri-Med notes, and that Tri-Med notes were unsuitable for the investors.
Tri-Med purported to purchase from medical providers, at discounted rates, outstanding receivables relating to personal injury claims, with the expectation that insurers would pay the entire receivable once the claim was resolved through litigation or settlement. However, it is believed that Tri-Med was nothing more than a Ponzi scheme, and the company is now subject to a receivership in Florida. The complaint against VALIC and LPL alleges that Miller “performed inadequate due diligence on Tri-Med and failed to ensure that this investments was appropriate and suitable for investors. Unfortunately, her due diligence was composed of relying nearly completely on information that she received from Tri-Med itself.”
FINRA (the Financial Industry Regulatory Authority) recently suspended Jodie Miller from the securities industry for 18 months for selling Tri-Med notes. FINRA alleged that Miller sold $764,000 worth of notes or “Letters of Protection” issued by a company called Tri-Med Corporation. It is alleged that Miller earned over $38,000 in commissions for these sales.
Broker-dealers like VALIC Financial Advisors and LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman has previously represented investors all over the country, including investors in Florida and throughout the Southeastern United States. Our firm has offices in Denver and the Seattle-area, but we continue to represent investors throughout the U.S., and we also have attorneys that are licensed to practice law in the State of Florida. If you have lost money with Jodie L. Miller, VALIC Financial Advisors, LPL Financial, or Tri-Med Corporation, and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.
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