Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Stitt (Stitt), currently associated with World Equity Group, INC., has at least one disclosable event. These events include one customer complaint, alleging that Stitt recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $606,000.00 on December 14, 2022.
Claimants state that they were recommended by the Respondent (World Equity Group, Inc.) to invest their retirement funds in a prudent and suitable manner, Instead Claimants state they were recommended to invest in unsuitable and illiquid alternative investments (Non-Traded REITS) specifically in Hospitality Investment Trust (HIT) approximately between 2014 and 2018. Claimants state they were advised to hold the investments and eventually HIT’s bankruptcy came into picture. The claimants suffered a near complete loss on their investment in HIT.