Invest with Frank or Jeremy Monte?
American Portfolios Financial Services of Holbrook, NY Found Liable for a Failure to Supervise Harbor Capital Brokers.
On November 2, 2017, a Financial Industry Regulatory Authority (“FINRA”) Arbitration Panel awarded Elizabeth Jachles (“Libby”), a retired Brighton teacher, $461,377.15 to be paid by American Portfolios Financial Services, Inc. The award is the result of the investment advice Libby received from Frank Monte and Jeremy Monte, the principals of Harbor Capital Advisory Services at 10 East Church Street, Fairport, NY.
This case illustrates the disastrous consequences of combining a very sweet, but unsophisticated client (Libby); greedy brokers who could take advantage of that client (Frank and Jeremy Monte of Harbor Capital Advisory Services); and a broker-dealer who utterly failed to supervise its brokers (American Portfolios).
Client of the Montes or Harbor Capital? Didn’t Experience the Recent Historic Bull Market?
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Rosca Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Contact Peiffer Rosca Wolf today by filling out a Contact Form on our website or by calling (585) 310-5410 to schedule a FREE Case Evaluation.
Libby’s Story: Jason Kane of PRW secures $450,000 Award for Libby
In 2015, Elizabeth Jachles hired attorney Jason Kane of Peiffer, Rosca, Wolf, Abdullah, Carr & Kane, APLC to represent her claim against American Portfolios. While the stock market saw substantial growth, Libby earned relatively nothing on her investment portfolio. In fact, in some years, her investment expense was greater than her annual salary as a Brighton schoolteacher. The brokers and security issuers made close to $300,000 off of Libby. Basically, the investment strategy benefited everyone except Libby, the investor taking the risks.
Unfortunately, Kane is all too familiar with this type of misconduct. “Commission and fee grabbing advisors, failed brokerage firm supervision, and an unsophisticated investor who was taken advantage of is a situation I see too often,” he stated.
The award was pursuant to the following claims by Jachles against American Portfolios: breach of fiduciary duty, violation of FINRA rules, negligence, breach of contract, aiding and abetting, unjust enrichment, and respondeat superior.
To reach the $461,377.15 award, the FINRA Dispute Arbitration Panel determined that American Portfolios was liable for and shall pay Jachles the following:
- Compensatory Damages: $338,450
- Interest: $106,612
- Costs: $15,950.15
- Filing Fees: $350
We are thrilled that Libby and her family were able to recover some of the money Harbor Capital’s bad advice [and American Portfolios lack of oversight] cost her,” Kane added.
Do You Suspect that You Were a Victim of Harbor Capital or Frank and Jeremy Monte?
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Contact Peiffer Wolf today by filling out a Contact Form on our website or by calling (585) 310-5410 to schedule a FREE Case Evaluation.
Invest with Frank or Jeremy Monte at Harbor Capital Advisory Services?
Harbor Capital Advisory Services of Fairport, NY has been the focal point of a recent scandal involving its investment strategies, financial advisory services, fees and billing practices. By their own words, “client financial success is based upon calculated growth over time while attempting to control downside risk.” However, a recent $450,000 award was given to a retired school teacher due to her encounter with Harbor Capital, specifically her dealings with Frank and Jeremy Monte. In other words, everyone was making money except for the investor school teacher.
In the aforementioned instance, the brokers and broker-dealers were making money even though the retired school teacher wasn’t. This practice seems to fit with their mission of “WIN BY NOT LOSING.” Luckily for the retired school teacher, she was able to do the winning after her $450,000 award.
Although Harbor Capital attempts to “protect account values against significant declines,” they have made money off the backs of their trusted investors; they have made this money through fees and billing practices that create a static investment amount for the investor (who shoulders all of the risk), yet have made significant gains and profits for themselves.
Concerns over Financial Advice from the Montes?
After successfully securing an award of over $450,000 for a retired school teacher, Peiffer Rosca Wolf is committed to investigating concerns of investment fraud and broker misconduct at Harbor Capital.
After a FINRA arbitration panel found that American Portfolios failed to supervise the brokers at Harbor Capital, Peiffer Rosca Wolf is committed to hearing from any and all concerned investors that were or currently are being advised by Harbor Capital and the Montes.
FREE CONSULTATION | 585-310-5140
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Contact Peiffer Wolf today by filling out a Contact Form on our website or by calling 585-310-5410 to schedule a FREE Case Evaluation.
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