When retirees hand over their savings with explicit instructions to protect principal and generate steady income, the last thing they expect is a speculative bet that evaporates their nest egg. Yet that is precisely the scenario alleged in a newly filed arbitration claim against Osaic Wealth, the successor to Triad Advisors, on behalf of a retired married couple who say they were steered into high-risk, illiquid investments marketed as safe.
ATLANTA, GA, UNITED STATES, October 22, 2026 /EINPresswire.com/ — National investment loss and securities law firm KlaymanToskes has announced the filing of a Financial Industry Regulatory Authority (“FINRA”) arbitration claim against Osaic Wealth, Inc., as successor-in-interest to Triad Advisors, LLC. The claim, FINRA Case No. 26-02309, seeks $500,000 in damages on behalf of a retired married couple who allegedly suffered substantial losses in Creative Media & Community Trust Corporation (“CMCT”) preferred stock and other high-risk, illiquid investments recommended by former Triad and Osaic financial advisor Joseph “Joey” Cason (CRD# 2455720).
KlaymanToskes currently represents numerous investors who were customers of Joey Cason in claims involving CMCT and other unsuitable investments. Investors who purchased CMCT preferred stock through Cason, Triad Advisors, Osaic Wealth, or another brokerage firm are encouraged to contact KlaymanToskes at 888-997-9956 or investigations@klaymantoskes.com for a free and confidential consultation to discuss their potential recovery options.
According to the Statement of Claim, the retired investors told Joey Cason that they needed dependable income without risking their principal. Cason allegedly recommended nearly $300,000 in CMCT Series A1 Preferred Stock as a safe, income-producing investment without adequately disclosing that the shares were illiquid, dividends could be suspended, and redemption requests could be paid in CMCT common stock rather than cash.
The claim alleges that CMCT later converted the preferred shares into common stock, which subsequently underwent multiple reverse stock splits. This left the investors with minimal returns. The claim further alleges that the investors’ retirement savings were exposed to additional speculative and illiquid investments that were inconsistent with their need for dependable income and preservation of principal.
“Retired investors seeking dependable income should not be placed in complex, illiquid investments that expose their principal to substantial losses,” said Lawrence L. Klayman, Managing Partner of KlaymanToskes. “Brokerage firms must conduct reasonable due diligence on the products they offer, clearly disclose their risks, and determine whether they are appropriate for each customer.”
Investors may be entitled to pursue claims involving unsuitable recommendations, misrepresentations and omissions, inadequate due diligence, violations of Regulation Best Interest, failure to supervise and other securities violations.
As of October 20, 2026, Joey Cason’s FINRA BrokerCheck report reflects four customer disputes involving allegations of unsuitable investment recommendations. These include an illiquid preferred stock dispute that settled for $60,000 and a real estate securities dispute that settled for $61,000. Cason was registered with Triad Advisors from 2016 through 2024 and Osaic Wealth from 2024 through June 2026. He is not currently registered with a brokerage firm.
Investors who suffered losses in CMCT preferred stock or other investments recommended by Joseph Cason, Triad Advisors, or Osaic Wealth are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or investigations@klaymantoskes.com for a free and confidential consultation to discuss their potential recovery options.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $650 million in Securities Litigation and FINRA Arbitration matters. KlaymanToskes has office locations in California, Florida, Nebraska, New York, and Puerto Rico.
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Contact
Lawrence L. Klayman, Esq.
KlaymanToskes, PLLC
+1 888-997-9956
investigations@klaymantoskes.com
Why it matters: This case highlights the ongoing risk that retirees face when complex, illiquid products are pitched as safe income vehicles. With multiple customer disputes already on record against Cason, the arbitration underscores the importance of thorough due diligence and regulatory oversight in protecting vulnerable investors from unsuitable recommendations.
