Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Patrick Fels (Fels), currently associated with Goldman Sachs & CO. LLC, has at least one disclosable event. These events include one customer complaint, alleging that Fels recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on February 20, 2024.
KSFB Management, LLC (‘KSFB’) and Focus Financial Partners, LLC (‘Focus’) each engaged Goldman Sachs & Co. LLC (the ‘Firm’) as investment banker pursuant to an engagement letter. While not in the non-disclosure agreement referenced in the complaint, the parties’ engagement letter provided, among other things, that the Firm might currently be providing other advisory and/or investment banking services that could impact the transaction; the Firm was not a fiduciary of either company; and no claim could be brought against the Firm asserting breach of fiduciary duty. Nevertheless, KSFB has now filed litigation against Focus, the Firm, Patrick Fels and another individual alleging various common law claims against various parties, including breach of fiduciary duty, fraudulent concealment, and unjust enrichment. All defendants are moving to dismiss the complaint.