If you would like to research a particular broker, investment product or a brokerage firm, please go to our Investment Loss Recovery BLOG and input the name of the broker, company or particular investment in the "Search" box at the top right hand corner of that page.
From time to time various products, firms and/or individuals become the subject of investigations that we conduct on behalf of our clients as a part of our effort to recover their investment losses. If you have information related to these investigations, we would appreciate hearing from you.
The list below is only a partial list of the ongoing and prior investigations we have been or are currently involved with. Our Investment Loss Recovery BLOG is updated several times a week with information about FINRA/SEC and state securities regulator disciplinary actions as well as specific investment products that are the subject of current litigation or that are currently being investigated.
Call us at 561 391 1900--The Old Fashioned way to communicate is still an option.
Of course, we always suggest that you call our office to speak with an experienced securities attorney for a no charge consultation, if you have questions about your legal options for recovery of investment losses.
Brokerage Firms LPL Financial LLC (REIT Sales) UPDATE: On February 6, 2013, LPL Financial settled the case brought by Massachusetts securities regulators for improper sales of real estate investment trusts. For more details visit our blog.
VSR Financial Services, Inc. -Fined $550,000 by FINRA in connection with the sale of alternative investments and private placements in May 2013. We have filed four arbitration claims on behalf of retirees in Florida and Texas against VSR Financial brokers during 2014 seeking recovery of damages for the sale of unsuitable alternative investments.
Public Non-Traded REITs
A REIT (real estate investment trust) is an entity that owns income producing real estate. While some REITs trade on conventional securities exchanges, "non-traded" REITs are not listed and do not trade on any national securities exchange. As many investors have learned, this lack of liquidity can be tough to deal with if cash is needed for health and living expenses. FINRA has posted an Alert on their website warning investors of the risks associated with non-traded REITs.
Note regarding Value on Non-Traded REITs: Since these investments do not trade on an exchange, valuing the investment is difficult, if not impossible. FINRA requires that the company provide an estimated valuation of the shares within 18 months after cessation of the offering. Investors should be wary that estimated value does not always accurately reflect fair market value; ie, the amount an investor could expect to receive if the investment were liquidated immediately. The only market for most of these investments is one of the privately operated secondary markets where selling prices are often discounted 30% or more from the estimated value. See this blog article for more information on secondary markets for non-traded REITs. For example, one of the popular non-traded REITs which sold originally for $10 a share currently has an estimated value of about $5. Recent bids received from a few secondary market makers were in the range of $1.90.
FINRA Broker Check-Review Your Broker's Background
maintains a data base containing the employment history, educational
history, licensing history, regulatory issues and customer complaints
for every licensed broker and brokerage firm in the country. Investors
would be wise to review the record of their current or potential new
broker. These public records may accessed on the FINRA BrokerCheck website.
Robert H. Rex, Esq.
Rex Securities Law Dickenson Murphy Rex & Sloan
With offices in Boca Raton, Florida and Austin, Texas, we represent investors nationwide. Including in Florida:Boca Raton, Boynton Beach, Cape Coral, Coconut Creek, Coral Springs, Dania, Davie, Daytona Beach, Deerfield, Delray Beach, Eau Gallie, Fort Lauderdale, Fort Myers, Ft. Pierce, Frostproof, Gainesville, Gulfstream, Hobe Sound, Hollywood, Hypoluxo, Hialeah, Highland Beach, Jacksonville, Jensen Beach, Juno, Jupiter, Key West, Kissimmee, Lakeland, Lake Wales, Lantana, Manalapan, Margate, Melbourne, Miami, Naples, Ocala, Ocean Ridge, Okeechobee, Orlando, Panama City, Pensacola, Plantation, Pompano Beach, Port Charlotte, Port St. Lucie, Punta Gorda, St. Augustine, St. Petersburg, Sarasota, Spring Hill, Stuart, Sunrise, Tallahassee, Tampa, Tarpon Springs, Vero Beach, Wellington, West Palm Beach and Weston. In Texas: Austin, Dallas, Plano, San Antonio, Corpus Christi, Tyler, Lubbock, Midland, Fredericksburg, Brownsville, McAllen.
By Robert Rex
Content copyright . Dickenson Murphy Rex & Sloan-Rex Securities Law. All rights reserved.