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Surf City Coffee Company Promissory Note Investment Loss Recovery

February 5, 2015  |  Promissory Notes

If you have lost money investing in promissory notes issued by Surf City Coffee Company, you may be able to recover your losses through FINRA arbitration or securities litigation.

According to FINRA reports, Surf City Coffee Company began accepting investments from investors that were sold to them by stockbroker Daniel McCourt. The investments were in the form of promissory notes had the maturity dates in excess of nine months and have been outstanding in excess of three years.

According to FINRA reports, from May 3, 2005 through May 29, 2009, Daniel McCourt raised at least $1,294,610.10 for 's Surf City Coffee Company through long-term promissory notes. Approximately $1,102,032.18 of the principal raised was from Foothill Securities customer. As of September 26, 2012, Daniel McCourt is believed to have only repaid only a portion of the principal invested.

Fortunately for investors who purchased Surf City Coffee Company promissory notes from Daniel McCourt, they may be able to recover their investment losses through FINRA arbitration.

In the securities industry, when a stockbroker like Daniel McCourt sells investments (such as promissory notes in Surf City Coffee Company )that are not approved by the brokerage firm it is called “selling away”. Generally speaking, stockbrokers are required to only sell investments that have been reviewed and approved by the brokerage firm they are registered with. Even if a broker sells investments that are not approved to customers of the firm, in many cases the brokerage firm may be held liable for losses in those investments even if the investment itself was not approved. Moreover, because brokerage firms like Foothill Securities have a regulatory duty to supervise its brokers like Daniel McCourt and the transaction itself to ensure that securities are suitable for the firm customers, brokerage firms may be held liable for “selling away” if investors suffer losses in unapproved investments.

If you have ever lost money investing with Daniel I. McCourt in promissory notes for Surf City Coffee Company, you may be able to recover your losses through FINRA arbitration or securities litigation. Please call Kons Law Firm at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.

Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentfraudattorneys.com.

 

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