|By PR Newswire||
|December 12, 2013 04:51 PM EST||
PALMDALE, Calif., Dec. 12, 2013 /PRNewswire/ -- The attorneys at the securities law firm SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, are investigating claims involving Fernando L. Arevalo ("Arevalo"), Jimmy E. Caballero ("Caballero"), and JP Morgan Chase Securities, Inc. ("JP Morgan"). Arevalo and Caballero were registered brokers of Chase Investment Services until its merger with JP Morgan around October 2012, at which time they became registered brokers with JP Morgan. Recently, both brokers were permanently barred from the securities industry by the Financial Industry Regulatory Authority ("FINRA").
According to FINRA's investigation, Arevalo and Caballero worked in concert to steal approximately $300,000 from an elderly widow with diminished mental capacity. Specifically, FINRA stated that the brokers withdrew cash from the widow's account at JP Morgan through cashier's checks and deposited the money in an account in Caballero's name jointly with the widow at another bank. Arevalo and Caballero then spent the money in the account on personal expenses for themselves without the customer's knowledge or consent.
As a result of this investigation, coupled with the broker's failure to cooperate with FINRA's investigation, FINRA permanently barred both brokers from working in the securities industry in the future. JP Morgan has reimbursed the widow for the money stolen by Arevalo and Caballero. However, it is often true that when fraudulent activity is discovered, as FINRA found against Arevalo and Caballero, it is not an isolated incident. There may be many other former clients of Arevalo and/or Caballero who may have been the victim of fraudulent conduct without even being aware that it occurred. If you have lost money with Fernando Arevalo and/or Jimmy Caballero, or believe your account with JP Morgan was mismanaged, contact the law offices of Shepherd Smith Edwards & Kantas LLP for information about a potential claim to recover some or all of your losses.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities and legal industry. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through FINRA, the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.
SOURCE Shepherd Smith Edwards & Kantas LLP