Securities Lawyers Blog
Currently financial advisor Louie Ucciferri (Ucciferri), currently employed by brokerage firm Camden Financial Services / Edgeline Capital, LLC. / Lightpath Capital, 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 settled customer complaint with a damage request of $696,494.19 on May 19, 2023.
Claimants collectively invested $697,474.19 in real estate private placement between November 2019 and February 2020 which failed due to the due to the unforeseen and unprecedented impact of the COVID pandemic on the student housing sector and the sponsor’s failure to repay the bridge equity it borrowed to acquire the property, which was discovered in December 2021, and ultimately resulted in a forced sale of the property. Claimants filed an arbitration alleging violation of federal securities laws, violation of California securities laws, California unfair, unlawful, and fraudulent business practices, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence. The firm denies all allegations. Additionally, the firm aggressively facilitated litigation for the benefit of investors to recover losses for investors which resulted in a favorable settlement with the sponsor and a jury award against the bridge equity lender and investors have already received a partial return of their initial investment.