FINRA Award entered involving EDI Financial

CHICAGO - Aug. 21, 2017 - PRLog -- Claimant asserted the following causes of action: unsuitability; continuing fraud; failure to supervise; violation of common law fraud; breach of fiduciary duty; negligent failure to supervise; and negligence. The case centered around losses Claimant suffered as a result of allegedly unsuitable investments in private placements, Real Estate Investment Trusts ("REITs"), and other high-risk alternative investments.

Respondent EDI in its answer denied the allegations made in the Statement of Claim and asserted various affirmative defenses.  However during the course of the case, EDI's counsel withdrew and EDI filed its form BDW with FINRA withdrawing its Securities registration.

The hearing was handled by Mike Kennedy of The White Law Group.  After considering the pleadings, the testimony and evidence the Panel found in favor of the Claimant.

"We are pleased that this panel ruled in favor of our clients and awarded damages.  Sadly though this appears to be yet another example of FINRA's growing problem - unpaid arbitration awards by smaller, uninsured broker-dealers," says D. Daxton White, Esq, managing partner for The White Law Group.

This is the latest in a continued effort by The White Law Group to recover money lost by retail investors in high risk private placements, and non-traded REITs.   According to Mr. White, "These types of investments are all extremely high-risk and are only appropriate for sophisticated investors. In my experience, broker-dealers often highlight the income potential of the investments in their sales pitches which makes them appealing to retired investors.  Unfortunately, retired investors are the investors who can least afford the investments' risks."

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.  The firm represents investors in claims against their brokerage firm throughout the country.

For more information on the award, please contact the firm's offices at 888-637-5510.

For more information on The White Law Group and its FINRA arbitration practice, please visit http://www.whitesecuritieslaw.com.