Investors who purchased shares of closed-end mutual funds offered by First Trust Portfolios L.P. are exposed to high concentrations of risky mortgage-backed securities, including illiquid collateralized debt obligations (CDOs). The “First Trust Funds,” include the First Trust Strategic High Income Fund (FHI), the Strategic High Income Fund II (FHY), and the Strategic High Income Fund III (FHO). Many investors were told that they were conservative, long-term investments. Investors have now suffered severe financial losses due to the misrepresentations and material ommission of these funds.

ATTENTION FIRST TRUST INVESTORS

Complaints Cited by investors:

The management of the First Trust Funds did not provide accurate and factual information regarding the portfolio composition. The shares were traded at artificially inflated prices. The advisors failed to disclose the true nature of risks associated with the First Trust They purposefully omitted such information from product prospectuses and regulatory filings. No effective risk-management controls were put in place to minimize the risk of losses from mortgage delinquencies. Management misstated the extent to which the First Trust Funds were exposed to mortgage-backed assets.

If you suffered losses from an investment in these securities described above, sold to you by a brokerage firm, call attorney Lars Soreide of the Soreide Law Group today. Lars Soreide represents investors that were defrauded by their brokerage firms accross the US before the Financial Industry Regulatory Authority. Call 888-760-6552: No fee if no recovery, clients responsible for costs (such as filing fees). It is our pleasure to review your case for free.