inherited securities
inherited securities

Klaymantoskes Files $5M Claim On Behalf Of BBVA And PNC Customer For Wrongdoing In Regard To Line Of Credit

(MENAFN- EIN Presswire)

KlaymanToskes Offers Recovery Options for BBVA and PNC Customers

WHITE PLAINS, NY, USA, April 26, 2023/ / — National investment loss attorneys klaymantoskes encourages former and current customers of BBVA Securities and PNC Investments who suffered investment losses to contact the firm immediately at 888-997-9956.

KlaymanToskes reports that the firm has filed a FINRA arbitration claim (no. 23-00925) against BBVA Securities and PNC Investments in connection with their representatives’ recommendation to use a customer’s inherited assets as collateral for a line of credit.

The customer inherited investment accounts from her father consisting of an IRA and a taxable individual account managed by her father, who was a financial advisor. After discussing her intention to purchase a home, a loan officer, Marc Schkudd, with BBVA allegedly recommended that the customer open a line of credit using her inherited securities as collateral.

BBVA banker Ray Pena introduced the customer to Juan Rascon, a BBVA Compass Investment Solutions broker/investment advisor located in Houston, Texas, who endorsed the recommendation. The customer transferred her father’s accounts to Compass/BBVA and opened a joint line of credit in 2016 under BBVA’s advice, using her inherited securities as the only collateral.

The customer was under BBVA’s“Wealth Management” umbrella that provides investment services for the firm’s top clients. This entitled her to receive the services and strategies that the firm has available for its high-net-worth clients.

The customer’s complaint alleges that BBVA and its representatives, Schkudd, Pena, and Rascon, breached their fiduciary duties and violated Federal Securities laws by failing to advise her of the risks of using her inherited assets as collateral for a line of credit, failing to properly hedge and diversify pledged assets, and failing to implement risk-management strategies to protect against market declines.

When the equity markets declined, the customer suffered significant

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