JPMorgan Chase Customers Pursue Legal Action Amid Allegations of Elder Fraud and Client's Dementia Struggle

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KlaymanToskes encourages JPMorgan Chase (NYSE:JPM) customers who suffered investment losses due to elder financial abuse to contact the firm immediately. The firm reports allegations of financial mismanagement in a case involving a wealthy client's struggle with dementia.

Notice to Investors Who Suffered Investment Losses due to Elder Financial Abuse: Contact KlaymanToskes for Recovery Options

NEW YORK, NY / ACCESSWIRE / February 2, 2024 / National investment loss lawyers KlaymanToskes encourages all customers of JPMorgan Chase (NYSE:JPM) who suffered investment losses due to elder financial abuse to contact the firm immediately at 888-997-9956.

KlaymanToskes reports JPMorgan Chase & Co. is facing allegations of financial mismanagement in a case involving a wealthy client's struggle with dementia. The lawsuit has brought to light critical questions about the responsibility of financial institutions when managing the investments of clients who are facing cognitive decline.

Peter Doelger, a successful energy-industry CEO, entrusted JPMorgan Chase with his fortune, which was reportedly initially worth at least $50 million. Doelger was 78 years old at the time and according to his family, was starting to show signs of dementia. Over the course of five years, the Doelgers claim that they increasingly depended on JPMorgan's advice, only to see their portfolio's value plunge, and ultimately leaving them with $1.5 million.

JPMorgan advisor, and managing director, James Baker (CRD# 5651660) allegedly introduced the Doelgers to JPMorgan's new Master Limited Partnership ("MLP") program, overseen by Chickasaw Capital Management, an external firm founded by former Goldman Sachs Group Inc. employees. In August 2015, the couple traveled to JPMorgan's New York headquarters for a two-hour presentation, where Baker provided them with a document describing MLPs as complex investments and recommended that clients seek the guidance of financial professionals to navigate the associated risks.

As Peter agreed to transfer his assets to JPMorgan, concerns allegedly emerged within the bank, as indicated by internal communications submitted as evidence in the lawsuit. Baker allegedly corresponded with colleagues, asserting that Peter's net worth ranged from $90 million to $100 million, and that he wished to move $33 million worth of MLPs into the program. Another employee raised an issue, noting that the concentration of MLPs in Peter's portfolio exceeded what JPMorgan considered prudent. At the time, the firm's guidelines recommended that no more than 5% of a client's portfolio should be allocated to MLPs.

The lawsuit revolves around whether JPMorgan should be held responsible for the financial losses suffered by a client when cognitive decline impacts their decision-making abilities. The lack of a formal system to detect such decline in the industry has sparked debate, as it raises concerns about the potential financial vulnerabilities faced by elderly clients and highlights the need for improved safeguards to protect their assets and well-being.

KlaymanToskes is dedicated to the protection of the rights of elderly investors and their families. The law firm has historically represented a number of elderly clients and retirees, and has helped them restore their financial lifestyles through investment loss recovery. According to a recent analysis of fraud scams by the Federal Bureau of Investigations (FBI), retired and elderly individuals tend to be targeted by scammers due to their trusting and polite nature, along with resources, savings, and other assets such as social security that fraudsters seek to exploit.

In one current FINRA arbitration claim, KlaymanToskes represents a retired police officer and his wife, who are seeking to recover up to $1,000,000 in losses to their retirement savings, due to unsuitable recommendations to invest in Alternative Investments by their brokerage firm and financial advisor Austin Dutton Jr..

​​If you or a loved one have experienced elder exploitation, financial abuse, or fraud, contact attorney Lawrence L. Klayman, Esq. for a free and confidential consultation to discuss recovery options at (888) 997-9956 or lawrence@klaymantoskes.com. We do not collect attorney's fees unless we are able to obtain a financial recovery for you.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com

SOURCE: KlaymanToskes, P.A.

View the original press release on accesswire.com

FAQ

How can JPMorgan Chase customers who suffered investment losses due to elder financial abuse contact KlaymanToskes?

JPMorgan Chase customers who suffered investment losses due to elder financial abuse can contact KlaymanToskes at 888-997-9956.

What allegations is JPMorgan Chase facing?

JPMorgan Chase is facing allegations of financial mismanagement in a case involving a wealthy client's struggle with dementia.