Securities Lawyers Blog
Currently financial advisor Robert Lybbert (Lybbert), currently employed by brokerage firm Edward Jones has been subject to at least 5 disclosable events. These events include 5 customer complaints. 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 pending customer complaint with a damage request of $1,000,000.01 on January 13, 2026.
Claimants allege breach of fiduciary duty, negligent failure to supervise, and negligence as a result of unsuitable and fraudulent hedge fund investments.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000,000.00 on January 13, 2026.
Claimants seek compensatory damages against Respondents for allegedly violating the Investment Advisers Act of 1940, unsuitable investments, failure to act in the “best interest” of the Claimants, misrepresentation and omissions, breach of fiduciary duty, breach of contract, failure to supervise, negligence, control person liability, violation of the Securities Act of Washington and violation of federal securities laws relating to hedge fund investments.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $52,000,000.00 on January 13, 2026.
Claimants seek compensatory damages against Respondents for allegedly violating the Investment Advisers Act of 1940, unsuitable investments, failure to act in the “best interest” of the Claimants, misrepresentation and omissions, breach of fiduciary duty, breach of contract, failure to supervise, negligence, control person liability, violation of the Securities Act of Washington and violation of federal securities laws relating to hedge fund investments.
FINRA BrokerCheck shows a final customer complaint with a damage request of $2,137,533.29 on December 12, 2025.
Plaintiff alleges Fraud, Negligent Representation, Breach of Duty, Unlawful Trade Practices Act and Negligence.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,795,000.00 on November 21, 2025.
Claimants allege breach of fiduciary duties, violation of Washington State Securities Act, violation of the Washington Consumer Protection Act, violation of Section 10(b) of the Exchange Act (15 U.S.C. Section 78j), and Rule 10b-5 Promulgated Thereunder (17 C.F.R. Section 240.10b-5) relating to hedge fund investments.
Alternative investments like nontraded REITs, oil and gas offerings, and equipment leasing products are part of DDPs. Investors almost never benefit from these alternative investments, which are typically inappropriate because of their high fees and expense structure. Brokers who sell these products receive extra commissions, encouraging them to promote low-quality investments and creating distorted incentives that artificially inflate the market.
Several studies have confirmed that Non-traded REITs underperform publicly traded REITs with some showing that Non-Traded REITs cannot even beat safe benchmarks, like U.S. treasury bonds. Brokers selling these products must disclose to the investor that non-traded REITs provide lower investment returns than treasuries while being high risk and illiquid – but almost never do. Because investors are not compensated with additional return in exchange for higher risk and illiquidity, these kinds of alternative investment products are rarely, if ever, appropriate for investors.
Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client after conducting due diligence. Due diligence includes an investigation into the investment’s properties including its benefits, risks, tax consequences, issuer, history, and other relevant factors. Appropriate due diligence would identify that an alternative investment’s high costs, illiquidity, and conflicts of interests that would make the investment not suitable for investors. Investors often fail to understand that they have lost money until many years after agreeing to the investment. In sum, for all of their costs and risks, investors in these programs are in no way additionally compensated for the loss of liquidity, risks, or cost.
Unfortunately, these types of alternative investment products continue to popular among brokers due to their high commissions. In order to counter the perverse incentives to sell these flawed product many states now limit investors from investing more than 10% of their liquid assets in Non-Traded REITs and BDCs. Many states impose these limitations because these investments do not benefit investors.
Lybbert entered the securities industry in 2021. Lybbert has been registered as a Broker with Edward Jones since 2025.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.