The large wholesaler is being taken to court by a group of retirees in Arizona over its alledged misrepresentation of structured notes sold at US$124m.
First Trust Portfolios (First Trust) has been accused of aiding Vora Wealth Management (Vora) and Dharmesh Vora in ‘unlawful sale of high-risk structured notes’ to over 100 Arizona retirees which collectively lost US$89m out of their US$124m in principal, according to a class action complaint with jury demand filed on 16 October. The case has been assigned to Judge Jeffrey Cummings at US District Court for the Northern District of Illinois, who will review the parties’ j