10 Nov Retired Rochester, NY Teacher Awarded Over $450,000
American Portfolios Financial Services, Inc. of Holbrook (NY) Found Liable
[Rochester, NY] Jason Kane of Peiffer Rosca Wolf’s victory for Elizabeth (Libby) Jachles was recently picked up and covered by 13WHAM in Rochester, NY.
Libby Jachles is a retired Brighton teacher who sought financial advice because she didn’t have the time or knowledge to do it herself.
“If I knew more about the financial world, and if I could take care of my investments myself, I would, but I don’t,” said Jachles.
Almost 4 years ago, Libby left her financial advisers, Harbor Capital Advisory Services in Fairport, because she felt that she was paying too much for investment portfolio management, while not seeing any returns on her investments. Libby spent roughly eight years with Harbor Capital. During that time, she had no idea that anything was wrong, and her financial advisers repeatedly told her that her investment portfolio was being managed properly.
Luckily, Libby’s accountant noticed some issues and spotted some “red flags” with her finances. Immediately thereafter, Libby ended her relationship with Harbor Capital.
“[The portfolio] had a lot of hidden fees, there were fees being taken out that caused significant tax penalties,” said Jachles, who adds she was usually kept in the dark when it came to her money. “I never heard an answer that made sense.”
Upon severing her relationship with Harbor Capital, Libby retained Jason Kane of Peiffer Rosca Wolf’s Pittsford office. It didn’t take long for Kane to discover the troubling issues with Libby’s finances.
“In one year, this portfolio cost Libby about $70,000, which is more than she was making as a school teacher at the time,” said attorney Jason Kane. “Looking at her bottom line, she didn’t know she was being charged astronomical fees while her account stayed relatively flat.”
As a result of Harbor Capital’s actions, and Kane’s legal work, Libby reached a settlement worth more than $460,000. Although the settlement will be paid by the broker-dealer, American Portfolios Financial Services, Inc., Kane explained that the award is a result of the investment advice Libby got from her advisers at Harbor Capital in Fairport.
“I see a lot of it locally, in upstate New York, and I see a lot of it nationally,” said Kane. “I talk to people like Libby everyday.”
The recent settlement is definitely a help for Libby’s finances, but she will continue to face additional tax issues as a result of her financial advisers at Harbor Capital.
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