Were you Sold LJMIX By John Pronovost?

Earlier this year, the LJM Preservation and Growth Fund (LJMIX) lost nearly 80 percent of its value in a single week. This enormous loss happened despite the fact that one of the investment fund’s stated objectives was “capital preservation”.

A lawsuit has been filed against the fund, alleging that material misrepresentations were made to investors.

All registered securities brokers have a professional obligation to ensure that they are only selling their customer’s financial products that are truly suitable for their individual circumstances.

In the case of LJMIX, serious questions have been raised regarding brokers who recommended this fund to investors.

John Pronovost (CRD#: 1990612) is a registered broker who is currently employed at Cambridge Investment Research, Inc., and has been since 2008. Mr. Pronovost has three total disclosures on his FINRA Brokercheck report. All information cited in this article comes directly from FINRA’s records.

FINRA Disclosures: John Pronovost

There are currently two pending investor complaints against John Pronovost of Cambridge Investment Research. Both of these complaints involve allegations that this broker sold customers mutual funds that were unsuitable:

• On March 27th, 2018, a customer filed a complaint alleging that Mr. Pronovost misrepresented a mutual fund investment. This investor is seeking $41,870.40 in financial compensation.
• On April 11th, 2018, an investor filed a complaint alleging that Mr. Pronovost made unsuitable investment recommendations in regards to a mutual fund. This customer is seeking $150,000 in financial relief. In regards to this complaint, the broker has responded that the customer’s son was actively involved in selecting the investments.

As of May of 2018, both of these investor complaints have not yet been resolved.

Speak to a Securities Fraud Attorney Now

At Sonn Law Group, our top-rated investment fraud lawyers are proud to be strong legal advocates for investors nationwide. If you sustained major losses in an unsuitable investment, we can help. For a free, confidential review of your claim, please contact our law firm today.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.