Articles Tagged with REIT fraud lawyer

shutterstock_156367568-300x200Advisor Anthony Hobson (Hobson), currently employed by Money Concepts Capital Corp (Money Concepts) has been subject to at least three customer complaints during the course of his career.  According to a BrokerCheck report some of 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 investors who suffered losses caused by these types of products.

In June 2019 a customer complained that Hobson violated the securities laws by alleging between April 2008 and November 2010, Hobson over-concentrated accounts in high-risk and speculative alternative investments. The claim alleges $218,500 in damages and is currently pending.

In January 2015 a customer complained that Hobson violated the securities laws by alleging that Hobson misrepresented a non-traded REIT. The claim was settled by the firm for $32,500.

DDPs include products such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments.  These alternative investments virtually never profit investors and are almost always unsuitable for investors because of their high fee and cost structure.  Brokers selling these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for the investments.

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shutterstock_153463763-300x199Advisor Jeffrey Davis (Davis), currently employed by Kovack Securities Inc. (Kovack Securities) has been subject to at least ten customer complaints, one employment termination for cause, and one regulatory action during the course of his career.  According to a BrokerCheck report some of 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 investors who suffered losses caused by these types of products.

In April 2017 FINRA alleged that Davis consented to the sanctions and to the entry of findings that he recommended and effected unsuitable transactions in the accounts of customers by over-concentrating their assets in illiquid non-traded REITs. FINRA stated that the investments totaled $566,000, and represented between approximately 30% and 52% of the customers’ liquid net worth. FINRA found that this concentration in illiquid investments were excessive and unsuitable in light of the customers’ financial situations, risk tolerances, and investment objectives.

In June 2019 a customer complained that Davis violated the securities laws by alleging that Davis recommended an unsuitability of a fixed index annuity and mutual funds and the overconcentration of REITs in her account. The claim alleges $5,380 in damages.

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shutterstock_156562427-300x200Advisor Richard Braverman (Braverman), currently employed by Geneos Wealth Management, Inc. (Geneos Wealth) has been subject to at least five customer complaints during the course of his career.  According to a BrokerCheck report the customer complaints mostly 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 investors who suffered losses caused by these types of products.

In August 2018 a customer complained that Braverman violated the securities laws by alleging that the investments were subject to unsuitable recommendations, breach of fiduciary duty and failure to adequately disclose the risks in real estate investments and direct investments interests purchased between March of 2008 and November of 2015. The claim is currently pending.

In July 2017 a customer complained that Braverman violated the securities laws by alleging that the investments were subject to unsuitable recommendations of an oil & gas investment in June 2008. The claim sought $47,000 in damages and was denied by the firm.

In September 2008 Braverman was permitted to resign from FSC Securities Corporation (FSC) over allegations that he violated the firm’s policies with respect to non-traded REITs.

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shutterstock_7947664-300x200The law offices of Gana Weinstein LLP are investigating claims against advisor Lloyd Johnston (Johnston).  According to records kept by The Financial Industry Regulatory Authority (FINRA), Johnston, formerly registered with Capital Financial Services, Inc. (Capital Financial) out of Spokane, Washington was barred from the financial industry.  According to a BrokerCheck report,  Johnston has been subject to at least two customer complaints, four regulatory actions, two investigations, one bankruptcy disclosure, one termination, and 15 tax liens.  Johnston’s customer complaints allege that Johnston engaged in unsuitable sales of 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 handed many cases with these types of investments causing investor losses.

In September 2018 Johnston failed to disclose or timely disclose tax liens with a balance exceeding $1,000,000 and violated the terms of a Conditional Registration Order, which resulted in the revocation of his license.  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.  In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.

In May 2018 Johnston failed to respond to FINRA’s request for information and was suspended indefinitely.

In May 2018 a customer alleged that Johnston’s sales of alternative investments were unsuitable to the customer’s investment needs.  The exact amount of damages cannot be determined.  The claim settled for $35,000.

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shutterstock_188269637-300x200The securities attorneys at Gana Weinstein LLP are investigating advisor Michael Arteca (Arteca), currently registered with Pruco Securities, LLC. (Pruco) out of Uniondale, New York.  According to a BrokerCheck report, Arteca has been subject to at least five customer complaints during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Arteca concern misrepresentation in the purchase of 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 May 2018 a customer alleged that Arteca made misrepresentation in the purchase of multiple REITs.  The customer requested $200,000 in damages.  The claim settled for $50,000.

In December 2017 a customer filed a complaint alleging that Arteca misrepresented multiple life insurance and variable annuity products.  The customer requested $81,000 in damages.  The claim settled for $64,227.

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shutterstock_70513588-300x200Advisor Gordon Roberts (Roberts), currently employed by Berthel, Fisher & Company Financial Services, Inc. (Berthel, Fisher) has been subject to at least four customer complaints during the course of his career.  According to a BrokerCheck report the customer complaints mostly 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 extensive experience handling investor losses caused by these types of products.

In March 2019 a customer complained that Roberts violated the securities laws by alleging that the client is disappointed with the overall performance of his investments and was misled into believing that his investments, purchased between 2008-2012, were balanced to protect against substantial and significant losses.  The complaint also alleges that he was not kept informed of the losses in his account which negatively impacted his financial well being. The claim is currently pending.

In January 2013 a customer complained that Roberts violated the securities laws by alleging that the financial advisor made unsuitable investments and misrepresentations from December 2008 through December 2012 causing damages. The claim settled for $45,000.

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shutterstock_188606033-300x200Advisor Shimshon Plotkin (Plotkin), currently employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least seven customer complaints during the course of his career.  According to a BrokerCheck report the customer complaints mostly 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 extensive experience handling investor losses caused by these types of products.

In June 2016 a customer complained that Plotkin violated the securities laws by alleging that the financial advisor breached their fiduciary duty, negligence, misrepresentations, and breach of contract among other allegations associated non-traded REITs and other DPPs causing $1,000,000 in damages. The claim was settled for $250,000.

In January 2016 a customer complained that Plotkin violated the securities laws by alleging that the financial advisor breached their fiduciary duty among other allegations associated with alternative investments causing. The claim was denied by the brokerage firm.

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shutterstock_103681238-300x300Advisor Keith Kelt (Kelt), currently employed by Kovack Securities Inc. (Kovack Securities) has been subject to at least two customer complaints during the course of his career.  According to a BrokerCheck report some of the customer complaints concern 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 extensive experience handling investor losses caused by these types of products.

Kelt operates under the d/b/a name TKG Financial, LLC in Santa Barbara, California.  In addition, Kelt has several other disclosed outside business activities including The Kelt Inc. and Kelt Osborne & Co.

In October 2018 a customer complained that Kelt violated the securities laws by alleging that the financial advisor from 2008 until 2016 made unsuitable investments and failed to supervise related to the sale of securities in their accounts. The claim is currently pending.

In September 2017 a customer complained that Kelt violated the securities laws by alleging that the financial advisor made unsuitable investments and was unhappy with her purchase of Hospitality Investors Trust REIT causing $30,000 in damages.  The claim settled for $17,040.

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shutterstock_12144202-300x200Advisor Michael Fassi (Fassi), currently employed by Centaurus Financial, Inc. (Centaurus Financial) has been subject to at least two customer complaints and one bankruptcy during the course of his career.  According to a BrokerCheck report some of the customer complaints concern 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 extensive experience handling investor losses caused by these types of products.

In April 2019 a customer complained that Fassi violated the securities laws by alleging that the financial advisor recommended an unsuitable investment and several other allegations associated therewith in October 2015 causing $11,000 in damages. The claim is currently pending.

In November 2018 a customer complained that Fassi violated the securities laws by alleging that the financial advisor recommended an unsuitable investments in 2012 and several other allegations associated causing $275,498 in damages. The claim is currently pending.

Our firm often handles cases involving annuities and direct participation products, Non-Traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments.  These products are almost always unsuitable for investors.  In addition, the brokers who sell them are paid additional commission in order to hype inferior quality investments which provides a perverse incentives by brokers to create an artificial market for products that no honest advisor would sell.

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shutterstock_176198786-300x200Advisor Ashley Woodard (Woodard), currently employed by NYLife Securities LLC (NYLife Securities) has been subject to at least five customer complaints, one tax lien or judgment, and one bankruptcy.  According to a BrokerCheck report some of 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.

Woodard operates under the d/b/a name West End Financial Strategies LLC out of Greenville, South Carolina.  In addition, Woodard has several other disclosed outside business activities including Mancora Enterprises LLC and 9/6 Productions LLC.

In May 2019 a customer complained that Woodard violated the securities laws by alleging that the financial advisor invested them in various alternative, illiquid, and unsuitable securities causing $1,000,000 in damages.  The claim is currently pending.

In April 2019 a customer filed a complaint alleging that Woodard violated the securities laws by alleging misrepresentations and suitability related to the alternative/illiquid securities that were recommended. The claim alleged $100,000 in damages and is currently pending.

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