Investor Complaints Re: Jane Everingham & Everingham O’Malley

The Alcala Law Firm has filed a FINRA arbitration claim against LPL Financial LLC arising out of the actions of their registered representative/investment advisor Jane Everingham doing business as Everignham O’Malley in Larkspur, California. The claim, filed on behalf of a customer of Ms. Everingham, involves the following highly risky and speculative investments:

  • Proshares Trust Short 20+ Year Treasury [Symbol: TBF]. An Exchange Traded Fund (“ETF”) that seeks to achieve the inverse of the daily performance of the Barclays U.S. 20+ Year Treasury Bond Index. Because these ETFs are reset daily, this type of ETF is unsuitable for investors who plan to hold the fund for longer than one trading session due to the effects of compounding.
  • Federated Equity Funds Prudent Bear Fund [Symbol: BEARX]. A mutual fund that seeks capital appreciation primarily through short positions on domestic stocks. “Selling short” generally refers to the act of selling borrowed shares with the hope that the shares can be bought back at a lower price.
  • Federated Income Prudent DollarBear Fund [Symbol: PSAFX]. A large percentage of Prudent DollarBear Fund’s assets are invested in foreign government securities.
  • First Eagle Funds Inc. Gold Fund [Symbol: SGGDX]. A significant portion of the fund’s assets are invested in gold or securities directly related to the gold industry.
  • Oppenheimer Gold and Special Minerals Fund [Symbol: OPGSX]. This fund invests mainly in common stocks of companies involved with gold or other metals or minerals.
  • American Century Global Gold [Symbol: BGEIX]. Another fund that invests in the gold industry.
  • FPA New Income Inc. [Symbol: FPINX]. A non-traditional bond fund that has significantly underperformed the benchmark Barclays US Aggregate Bond Index.

ALF’s investigation is still ongoing. Anyone with information or questions about this matter, please use the “Contact Us” link above.

Related Blog Posts:

LPL Financial Ordered to Pay $10 Million Fine and $1.7 Million in Restitution to Customers for Supervisory Lapses

LPL Financial: What Customers Need to Know About Restitution

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