Soreide Law Group is investigating potential legal action on behalf of Lakeside 370 Levee District bond holders against stock brokers who recommended the purchase of these St. Charles County, Missouri, bonds to their clients.
Soreide Law Group has been contacted by investors in the 370 Levee District, St. Charles County bond to pursue an action through the Financial Industry Regulatory Authority "FINRA" against Stifel Nicolaus brokers who sold the bonds. Our firm's investigation shows that the interest payments were supposedly financed by tax payments on the land from two entities Duke and Gundaker who had later plans to develop the land. Gundaker was allegedly thinly capitalized and wholly reliant upon bank financing to pay its taxes. The 370 Levee District investors were not made aware of that information until Gundaker had enough of a tax delinquency that both entities stopped paying the property taxes and it was taken by foreclosure resulting in a bond default.
If you purchased the St. Charles County, Missouri, 370 Levee District bonds from Stifel Nicolaus or any other broker/dealer, please contact Soreide Law Group for a free consultation at (888) 760-6552 or visit us on the web at http://www.SecuritiesLawyer.com.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.