A number of investors that have lost substantial money in the stock market tend to look for a way to recover their earnings. One of the most sought after methods is to consult a stock loss recovery firm. Since they can help in the case of a stock loss due to a broker fraud, many unsuspecting investors tend to place their trust and money in the hands of such companies, many times without researching their credibility first.
Cold Spring Advisory is one such investment recovery firm known for its positive press releases and other media coverage. However, some of the lesser known facts about the company were revealed after some deep digging into their credentials:
- Customer Complaints – Various troubled investors have lodged formal complaints against the company and its owners Louis Ottimo, Michelle Ottimo for misconducts, as identified in the article Cold Spring advisory and Louis Ottimo Confronted.
- Upfront Non Refundable Fees – The company took an upfront fee of thousands of dollars or more, and many times recovers nothing.
- Problems with the Trading Industry – The owner Mr. Ottimo had many problems with the SEC and was banned from FINRA. From 1987 to 2015 there is a number of listed problems and convictions.
- Lack of Privacy – The company has also (alleged in National Securities Vs. Cold Spring Advisory) bought confidential information about customers illegally, and then targeted those customer with aggressive sales tactics.
Victims of stock fraud are usually vulnerable to alleged fraudulent companies like Cold Spring Advisory, out a desperation to recover their losses. Many times they just lose more.