Securities Lawyers Blog
Currently financial advisor Preston Runyan (Runyan), currently employed by brokerage firm World Equity Group, 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 $40,000.00 on August 24, 2022.
Claimant alleges, Respondent, through their registered representative, failed to conduct reasonable due diligence and continuously recommended an investment strategy almost entirely comprised of speculative and illiquid private placements such as real estate investment trusts (‘REITs’). Rep been a Registered Representative with WEG since 2008. Claimant asserts legal claims for unsuitable recommendations, material misrepresentations and omissions, failure to supervise and violation of FINRA rules and seeks compensatory damages of approximately $40,000, punitive damages, pre and post judgement interest and attorneys’ fees and costs of action.