Meyer Wilson Investigates Former Securities Service Network Broker Dale Isaak
The stockbroker fraud lawyers at Meyer Wilson are currently investigating claims involving former Securities Service Network broker Dale Isaak of Missouri.
Meyer Wilson is currently investigating claims involving Dale Isaak, a former Securities Service Network broker from Missouri. According to a complaint filed in Missouri, Isaak allegedly sold various ETFs to elderly clients that resulted in nearly $1 million in losses using what was called the "Sherman Market Timing Strategy." The alleged misconduct took place from January 2010 to December 2011, and the complaint states that in 19 investment advisor accounts, more than 90 percent of those accounts were invested in non-traditional inverse ETFs.
ETFs or "Exchange Traded Funds" can seem like a good investment on the surface, but they are not usually a suitable fit for retirement money. ETFs are traded throughout the day, causing an almost constant fluctuation in prices unlike other investments such as mutual funds. Inverse ETFs are even more risky, as they are designed to perform as the inverse of whatever index or benchmark it tracks using short sales or trading derivatives such as futures contracts.
Because increased trading activity can generate hefty commissions and fees, the overall return on investment is usually lower. Most long-term retirement plans call for long-term investments, and most ETFs are not designed to be held for long. Watch our video to learn why ETFs are not good for retirement money.
Isaak allegedly failed to disclose to his clients that these inverse and leveraged ETFs would be a risky move. If Dale Isaak was your broker and you lost money, we invite you to contact Meyer Wilson today. Our securities fraud attorneys help investors recover losses caused by fraud and misconduct. Call or fill out a free case review to tell us what happened to you.