Articles Posted in Alternative Investment

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The Los Angeles Times published a major story today examining the fallout from President Trump’s decision to commute the sentence of David Gentile, former CEO of GPB Capital, after he served only days of a seven-year federal prison term for orchestrating a massive $1.6 billion fraud that devastated more than 10,000 investors nationwide.

For the retirees, teachers, nurses, small business owners, and families who entrusted their savings to GPB — many of whom will never fully recover their losses — the commutation is not just shocking. It is deeply painful.

As I told the LA Times:

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FINRA’s Latest Action on GWG L-Bonds Confirms What Investors Have Been Saying for Years

FINRA’s recent enforcement action involving the sale of GWG L-Bonds to elderly investors underscores a systemic problem that has directly harmed thousands of families who were steered into these speculative, illiquid products. The case—where an advisor concentrated an 81-year-old client’s account in GWG bonds—illustrates the same failures we continue to see in our GWG investigations.

As I told InvestmentNews:

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Currently financial advisor Rey Descalso (Descalso), currently employed by brokerage firm J.w. Cole Financial, INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on December 20, 2021.

Client alleges a REIT and BDC purchased were unsuitable.

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Previously financial advisor Darryl Ferguson (Ferguson), previously employed by brokerage firm LPL Financial LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on December 22, 2021.

Claimants allege registered representative recommended unsuitable non-traded REIT investments.

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Previously financial advisor Bradley Goodbred (Goodbred), previously employed by brokerage firm LPL Financial LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,613,981.30 on January 06, 2022.

Customer alleges that representative caused her to execute a document appointing representative as her power of attorney, and that representative allegedly induced customer to invest in a fraudulent, unregistered security. Activity period 2009 to 2020.

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Currently financial advisor Shad Ketcher (Ketcher), currently employed by brokerage firm Wealth Enhancement Brokerage Services, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,001.00 on January 06, 2022.

Clients alleges two non-traded REITs purchased were unsuitable.

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Previously financial advisor Vincent Mastrovito (Mastrovito), previously employed by brokerage firm J.w. Cole Financial, INC. has been subject to at least 2 disclosable events. These events include 2 customer complaints. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a award / judgment customer complaint with a damage request of $1,048,281.95 on January 24, 2022.

Client alleged REITs and insurance policy were unsuitable

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Currently financial advisor Barbara Ralston (Ralston), currently employed by brokerage firm Kovack Securities INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $35,000.00 on January 31, 2022.

Claimant expressed his dissatisfaction related to REIT purchase made approximately seven years ago by a Representative supervised by Ms. Ralston. Arbitration filed claims unsuitability and misrepresentation regarding the REITs.

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Currently financial advisor Scott Brannan (Brannan), currently employed by brokerage firm Berthel, Fisher & Company Financial Services, INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,001.00 on February 15, 2022.

Client is unhappy with purchases of non-traded REITS purchased in 2014 to 2015. The clients have filed for arbitration and allege in 2014  and 2015 the representative improperly recommended the clients invest in a high commission illiquid alternative investment which they allege was misrepresented to them by the representative and was unsuitable for their financial situation, risk tolerance and investment objectives. The clients further allege the firm failed to conduct adequate due diligence and failed to supervise the activities of the representative.

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Currently financial advisor Kennister Daley (Daley), currently employed by brokerage firm Allstate Financial Services, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,001.00 on February 22, 2022.

SOC Alleges unsuitability, fraud in offer or sale of securities, misrepresentations and omissions of material facts, breach of contract, common law fraud, breach of fiduciary duty and negligence as it relates to the purchase of a non-traded REIT.

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