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Greco & Greco, in conjunction with local Ohio counsel, is currently investigating alleged claims of individuals sold securities and real estate related investments out of the Ohio and Florida offices of World Financial Group and World Group Securities, specifically including sales made in relation to refinancing of mortgages.

The U.S. Securities and Exchange Commission (SEC) recently filed an enforcement action against five California World Group Securities’ representatives, including a branch manager, for selling unsuitable investments to customers, mostly variable universal life policies (VULs).  The SEC alleged that because many customers did not have the funds necessary to purchase the investments, the representatives urged them to refinance their homes from fixed rate mortgages into subprime adjustable rate negative amortization mortgages.  Read the SEC Release and Complaint here.

If you think you may have a claim and wish to speak to an attorney, please contact Greco & Greco toll free at 877-821-5550.

Posted by Greco & Greco on 11/26 at 09:03 PM
Brokerage FirmsWorld Group SecuritiesSECSuitabilityUnregistered Securities

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