Articles Tagged with REIT fraud lawyer

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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shutterstock_836360-300x225Advisor Mark Lamkin (Lamkin), currently employed by Calton & Associates, Inc. (Calton & Associates) has been subject to at least three customer complaints and two terminations for cause.  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.

In August 2018 Lamkin’s then employer, LPL Financial LLC (LPL) terminated Lamkin claiming that advisor received and/or benefited from loans from firm customers, failed to disclose and inadequately disclosed outside business activities, and personally engaged in and solicited other investors to participate in private investments without obtaining Firm approval.

In January 2019 a customer filed a complaint alleging that Lamkin violated the securities laws by making misrepresentations concerning an annuity product.  The claim is currently pending.

In April 2019 another customer filed a complaint alleging that Lamkin violated the securities laws by making misrepresentations and an unsuitable investment in a REIT security.  The claim is currently pending.

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shutterstock_103681238-300x300Advisor William Gordon (Gordon), currently employed by Capital Financial Services, Inc. (Capital Financial) has been subject to at least 13 customer complaints and one regulatory complaint.  According to a BrokerCheck report most of the customer complaints concern alternative investments and direct participation products (DPPs) such as private placements, tenants-in-common trusts, 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 January 2019 a customer filed a complaint alleging that Gordon violated the securities laws including unsuitability, misrepresentation and omissions, and breach of fiduciary duty causing $200,000 in damages.  The claim is currently pending.

In January 2013 a customer filed a complaint alleging that Gordon violated the securities laws including unsuitability causing $300,964 in damages.  The claim settled.

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shutterstock_103681238-300x300Advisor Daniel Davila (Davila), formerly employed by Purshe Kaplan Sterling Investments (Purshe Kaplan) and currently employed by advisory firm Austin Walth Management, LLC (Austin Wealth) has been subject to at least two customer complaints.  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.

In October 2017 a customer filed a complaint alleging that Davila violated the securities laws by recommending non-traded REIT and private placement investments that were unsuitable in 2010 through 2011.  The claim alleged $1 million in damages and settled for $670,000

Our firm often handles cases involving 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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