There is a range of different reasons why you might be mis-sold a SIPP. Even when the financial advisor or the company they work for gets it wrong, however, you would probably still expect the underlying fundamentals of the company to be sound. Unfortunately, this is not what happened at GunnAllen.
It was a disaster, regulators in the US shut it down, and investors were left out of pocket.
Get Money Back from Your GunnAllen Pension
If you are one of those investors who lost money because of GunnAllen’s mistakes, you should take steps to recover your investments. The claims process can be complex, but we’re here to help. Leave us your number and one of our team will call you back.
What Went Wrong with GunnAllen?
Prior to March 2010, GunnAllen had experienced incredible growth. It had problems as well, but the company said it was on top of the issues and was sorting them out. Then the Financial Industry Regulatory Authority, FINRA, took action, closing GunnAllen because of a lack of capital.
So, what went wrong? It appears a number of things contributed to the collapse, including major compliance issues. This included a lax approach to preventing money laundering.
In addition, one of the GunnAllen's financial advisors was connected to a Ponzi scheme worth $250 million. This led to the company incurring huge legal bills to deal with claims from unhappy investors. In fact, it was spending as much as half a million dollars a month at one point.
While this investor was probably one of the worst at GunnAllen, the company had a relaxed approach to hiring financial advisors with poor track records and black marks from regulators.
So, it appears the problems at GunnAllen came down to dubious and unethical business practices from a range of people at various levels in the company.
You shouldn’t have to pay for this incompetence. Speak to a member of our team today to find out how we can help you make a claim. Call 0808 163 1659.
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