Articles Tagged with alternative investment fraud attorney

shutterstock_173509961-300x200Investment Advisor, Brooklynn Chandler Willy, currently registered at Queen B. Advisors, LLC. is currently facing a one-year suspension of her investment advisor license in connection with the sale of unsuitable and unregistered alternative investments.

According to a news source, between 2013 and 2019, Willy’s practice sold approximately $43.5 million worth of unsuitable and unregistered alternative investments to clients. As a result of these transactions, Willy was sanctioned by the Texas State Securities Board

On October 16, 2020, the Texas State Securities Board issued a disciplinary order stating “Respondent Willy’s registration with the Securities Commissioner is suspended for one (1) year and Respondents are ordered to comply with the terms of an undertaking wherein Respondents undertake and agree to pay back $2,750,500 to all clients to whom Respondent Willy sold the alternative investments, and to certain limitations on their registrations.”

Moreover, an SEC IADP report states that in October 2019, Willy was discharged from her previous investment advisor position at , J. W. Cole Advisors, Inc., for violating the firm’s policies regarding participation in unapproved private securities transactions. Additionally, the report discloses a tax lien against Willy from July 2018, of approximately $50,000.

Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts.  The SEC discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.

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shutterstock_190371500-300x200Advisor Bryan Benson (Benson), formerly employed by Wells Fargo Clearing Services, LLC (Wells Fargo) has been subject to at least one customer complaint and one regulatory action during the course of his career.  According to a BrokerCheck report the customer complaint concerns 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.

In April 2020 FINRA barred Benson after he consented to sanctions and findings that he refused to provide information and documents that were requested by FINRA in connection with an investigation into an investment-related customer complaint.  It is unclear the nature of the FINRA complaint that led to Benson’s bar from the industry

In April 2017 a customer complained that Benson violated the securities laws by alleging that Benson engaged in sales practice violations related to unsuitable investments concerning DPPs and limited partnership interests. The claim settled for $415,000.

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shutterstock_171721244-300x200Advisor Robert Burns (Burns), currently employed by Cetera Advisor Networks LLC (Cetera Advisor) has been subject to at least two customer complaints during the course of his career.  According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have represented dozens of investors who suffered losses caused by these types of high risk, low reward products.

Burns’ customers complain that they lost money investing in products such as Penneco 10, Carter Validus, GMI, Cypress, KBS REIT, Resource Real Estate, and UDF IV.  UDF has been accused of being an investment fraud scheme.

In August 2019 a customer complained that Burns violated the securities laws by alleging that Burns recommended an overconcentration and unsuitable investments in alternative products and alleged the firm failed to do due diligence of the alternative investments. The claim alleges $500,000 in damages and is currently pending.

In August 2018 a customer complained that Burns violated the securities laws by alleging that Burns recommended unsuitable investments in alternative products. The claim settled for $150,000.

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shutterstock_64859686-300x300Advisor Donna Hines (Hines), currently employed by Cetera Advisors LLC (Cetera) has been subject to at least four customer complaints.  According to a BrokerCheck report the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In June 2018 a customer filed a complaint alleging that Hines violated the securities laws by alleging unsuitable investments from 2005 through 2018 and negligence, breach of fiduciary duty, misrepresentations, and common law fraud concerning alternative investments.  The claim alleged $142,026 in damages and the claim is currently pending.

In December 2015 a customer filed a complaint alleging that Hines violated the securities laws by alleging negligence, misrepresentations, concerning alternative investments.  The claim alleged $340,000 in damages and settled for $100,000.

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