REIT fraud lawyer

Advisor Genevieve Mar Has Complaints Over Alternative Investment Sales

December 27, 2019 | by Staff Attorney

Advisor Genevieve Mar (Mar), currently employed by Berthel, Fisher & Company Financial Services, Inc. (Berthel Fisher) has been subject to at least four customer complaints and one termination for cause during the course of her career. According to a BrokerCheck report 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 dozens of investors who suffered losses caused by these types of high risk, low reward products.

In May 2019 a customer complained that Mar violated the securities laws by alleging that Mar engaged in sales practice violations related to investments purchased between 2010 through 2015 that were unsuitable and misrepresented to them by the representative. The customers also allege that the firm failed to supervise the actions of the representative. The claim alleges $1,500,000 in damages and is currently pending.

In July 2018 a customer complained that Mar violated the securities laws by alleging that Mar engaged in sales practice violations related to investments purchased between 2014 through 2016 were unsuitable, are not preforming as expected, and that the high risk level associated with the investments was not explained to them at the time of purchase. They also allege the firm failed to supervise the actions of the representative. The claim alleges $250,000 in damages and is currently pending.

Advisor Yvonne Silguero Has Complaints Over Altnerative Investment Sales

December 18, 2019 | by Staff Attorney

Advisor Yvonne Silguero (Silguero), currently employed by LPL Financial LLC (LPL Financial) has been subject to at least two customer complaints during the course of her career. According to a BrokerCheck report 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 dozens of investors who suffered losses caused by these types of high risk, low reward products.

In August 2019 a customer complained that Silguero violated the securities laws by alleging that Silguero engaged in sales practice violations related to negligence, misrepresentations, breach of fiduciary duty from July 2014 through October 2018 concerning alternative investments. The claim alleges $500,000 in damages and is currently pending.

In April 2017 a customer complained that Silguero violated the securities laws by alleging that Silguero engaged in sales practice violations related to violations of the Texas State Securities Statutes, negligent misrepresentations, unsuitable investment recommendations and violations of the FINRA Rules. The claim alleged $3,759,713 in damages and went to hearing. The arbitration panel found LPL Financial liable and awarded $864,839 in damages, $340,000 in attorneys’ fees, and $350,000 in additional damages.

LPL Financial Broker Steven Case Has Complaints Over Alternative Investments

December 8, 2019 | by Staff Attorney

Advisor Steven Case (Case), currently employed by LPL Financial LLC (LPL Financial) 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 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 witnessed a spike in clients needing representations concerning these alternative investment programs that produce profits only for broker-dealers at the expense of their clients.

In May 2019 a customer complained that Case violated the securities laws by alleging poor investment advice concerning the purchase of three alternative investment products. The is currently pending.

In October 2012 a customer complained that Case violated the securities laws by alleging that Case made unsuitable investment recommendations in non-traded REITs. The claim was settled by the firm for $20,000.

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. Continue Reading

Advisor Anthony Hobson Has Complaints Over Alternative Investments

October 17, 2019 | by Staff Attorney

Advisor 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.

Advisor Jeffrey Davis Has Regulatory Sanction Over REIT Sales

October 16, 2019 | by Staff Attorney

Advisor 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.

Advisor Richard Braverman Has Complaints Over Alternative Investments

September 29, 2019 | by Staff Attorney

Advisor 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.

Lloyd Johnston Subject to Complaints Over Alternative Investments

September 10, 2019 | by Staff Attorney

The 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.

Broker Michael Arteca Has Several Complaints Over Alternative Investments

September 10, 2019 | by Staff Attorney

The 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.

Advisor Shimshon Plotkin Has Complaints Over Alternative Investments

June 28, 2019 | by Staff Attorney

Advisor 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.

Advisor Keith Kelt Subject to Complaints Over Alternative Investment Recommendations

June 3, 2019 | by Staff Attorney

Advisor 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.