Levin Papantonio is investigating the management of portfolios at SMH Capital, Inc. There are indications that many accounts under the direction of Max Silberman and other brokers were unsuitable in relation to the risk tolerance of the investors. Customers with little investment experience who were seeking stable investments were often sold highly risky investments. Further, many portfolios were exposed to naked options which can lead to substantial losses.
In conjunction, Levin Papantonio is exploring the sale of Franklin Bank common stock to SMH customers. SMH was the exclusive placement agent at issuance, and had an incentive to sell as many shares as possible. Levin Papantonio believes that these incentives led to unsuitable concentrations of a single financial stock position in portfolios purporting to be low-risk.
If your portfolio is managed at SMH, if you are a client of Max Silberman, or if you’ve been sold positions in Franklin Bank, please contact Levin Papantonio for an assessment of your potential claim.
According to Forbes, Philip Falcone is No. 377 on the list of the 1%, worth $1.2 billion as of March 2013 as well as one of the Top 40 hedge fund managers in the U.S. Except that he won't be doing that anymore - for awhile, anyway.
Author and talk show host Thom Hartmann periodically suggests that it is a form of mental illness – a pathological condition.