The investment attorneys of Gana LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Charles Fischer (Fischer) currently associated with IMS Securities, Inc. alleging negligence, misrepresentation, and unsuitable investments among other claims. According to BrokerCheck records Fischer has been subject to two customer complaints. The complaints appear to involve alternative investments.
The most recent complaint against Fischer was filed in August 2016, and alleged $500,000 in damages due to claims pertaining to investments that were unsuitable based on the client’s risk tolerance, investment objectives, investment knowledge, time horizon, and liquidity needs. The complaint is currently pending.
In December 2014, a customer brought a complaint against Fischer alleging that he breached the duty of suitability. The complaint involved securities such as annuities and non-traded REITs causing $240,000 in damages. The claim settled in November 2015 for $146,500.