In today’s volatile markets, nobody wants to be the victim of bad investment advice, or find out that they misplaced their trust in advisors or brokers who sounded like they had all the right knowledge. According to Dan Solin of the Huffington Post, he believes about 1 in 10 so-called financial experts offer what would qualify as good financial advice. Solin mentions that brokers as well as journalists often care about their own profits gained from looking financially savvy, as opposed to really actually helping investors gain the inside track in Wall Street. He goes on to say sometimes even the most reputable news sources allow for some error in their financial columns. But just who are these financial firms that have given such advice?
Meet Laidlaw & Company, a UK-based investment bank that has overseas offices in New York City and other locations. On the outside, this investment bank would seem to have all the right things established. Their company is registered with the FCA and FINRA, and according to their website, they claim to have been in business for nearly 170 years, and they would seem to have it all for investors, from portfolio management, wealth management, and alternative investments. If that wasn’t enough, the company leaders Matthew Eitner and James Ahern seem to have the resumes to run everything, with Eitner being a registered FINRA broker with 16 years experience, and Ahern having former executive positions at Aegis Capital and Casimir Capital. But Laidlaw has found itself under scrutiny lately by various fortune 500 companies.
New York law firm, Fitapelli Kurta has recently brought complaints to the forefront of bad investment advice given to investors by Laidlaw broker Leonard V. Gallick Jr., some of which his clients have been compensated for. In the last year, Remalda Therapeutics filed an injunction against Laidlaw for giving out bad investment information. More so, several employees have given reviews at GlassDoor detailing their work experience with Laidlaw, and needless to say it’s not been pretty for the investment bank.