SOURCE: Tramont Guerra & Nunez, P.A.

June 15, 2009 18:00 ET

The Securities Law Firm of Tramont Guerra & Nunez, PA Announces Securities Arbitration Claim Filed Against Wachovia Capital Markets

CORAL GABLES, FL--(Marketwire - June 15, 2009) - The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) announces the recent filing of a securities arbitration claim with the Financial Industry Regulatory Authority (FINRA) Case No. 09-02703, against Wachovia Capital Markets, LLC. Wells Fargo (NYSE: WFC) completed the acquisition of Wachovia bank on December 31, 2008, and officially rebranded the combined brokerage operations on May 4, 2009, under the name Wells Fargo Advisors, LLC. The securities arbitration claim alleges that Wachovia is liable for an unsuitable concentration in National City stock, which was acquired by PNC Financial Services Group, Inc. (NYSE: PNC) on October 24, 2008, after losses sustained in the credit meltdown. The arbitration claim filed by a retiree alleges the concentrated National City stock portfolio declined $900,000, while there was no advice given to implement any risk management strategies to protect the concentrated portfolio. The securities arbitration claim arises from sales practice rule violations, as set forth by the Financial Industry Regulatory Authority (FINRA).

Wachovia is required to supervise the handling of client accounts to assure compliance with internal procedures. Wachovia was obligated to give and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with the FINRA regulations. In this instance, the Claimant did not understand the risks associated with securities concentration in the banking sector of the economy. This concentrated position exposed the Claimant to unnecessary and uncompensated risk. This arbitration claim filed with FINRA seeks to recover losses stemming from the violation of these FINRA sales practice rules and regulations. Recommendations of unsuitable investment strategies and/or concentrated investments in the financial sector are both causes of action that form the basis for individual securities arbitration claims filed with FINRA.

The Securities Law Firm of Tramont Guerra & Núñez, PA, is a nationally recognized, Martindale Hubbell "AV" rated securities law firm. To request a confidential consultation from a TGN attorney to assist you in determining whether you have a viable individual claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on stock market loss lawyers. To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.

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