Cold Spring Advisory is a stock loss recovery company that claims to help investors regain their money, only with a fee of thousands of dollars up front. A number of investment recovery companies are now helping investors who have been a victim of broker misconduct or stock fraud. However, you should be leery of companies that say they can help with stock loss recovery when they — or their staff –were guilty of stock fraud themselves when they were brokers, and ask for up front fees.
Cold Spring Advisory and its owners Louis Ottimo and Michelle Ottimo –it has been alleged by complaint boards — are preying on investors and taking fees without delivery results. Though you could find few press releases online that will praise the company, according to an article entitled Cold Spring Advisory and Louis Ottimo Confronted, those are all produced by the company itself, or user-generated websites.
More Complaints, No Testimonials
In the age of the internet, it is possible to do a thorough research of a company before you start doing business with them. In the case of Cold Spring Advisory, you will find a lot more complaints than any testimonials about success. These include Ripoff Report, Scamalot, Pissed Off Consumer, and Complaint Board. Many customers have mentioned how Louis Ottimo, the same person who was was barred from FINRA, the industry governing body, is now apparently scheming again under the name of Cold Spring Advisory. Customers who have fallen prey to the company’s scam are also warning others to beware of the firm and its services.
Louis Ottimo and other members of Cold Spring Advisory have in the past been sued for various reasons, and sanctioned and fined by the NSDA and FINRA over the past few years. In fact, Mr. Ottimo has many ongoing problems with the trading industry, ever since 1987 till 2015, when he was permanently banned from FINRA. The fact that the company has been sued and disciplined by regulatory bodies is itself a warning signal for any customer looking to avail their services.
Cold Spring Advisory is exploiting people’s wishes using high-pressure tactics and misleading clients to unrealistic results. There is a vital need to have strict regulations against scamming companies so that investor money is protected at all times.