Securities Litigation Consulting Group of Fairfax, Virginia has estimated that shareholders of non-traded REITs are about $50 billion worse off for having put money into non-traded REITs rather than exchange-traded REITs. The estimate is based on the difference between the performance of more than 80 non-traded REITs and the performance…
Douglas William Finlay, Jr., a stockbroker formerly associated with Cadaret, Grant & Co., has entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to settle a case in which FINRA alleged that Finlay over-concentrated a customer’s assets in an unsuitable illiquid real estate…
The Financial Industry Regulatory Authority (FINRA) recently fined LPL Financial $10 million fine and ordered it to pay $1.7 million in restitution to investors who lost money with LPL brokers. The charges levied by FINRA alleged widespread supervisory failures involving securities such as nontraditional exchange-traded funds, variable annuities and non-traded…
Oil prices have rapidly tumbled to under $50 a barrel, from well over $100 a barrel, leaving prices at their lowest level since 2009. As a result of the plummet in oil prices, some investors whose portfolios were concentrated in investments whose value is linked to the price of oil…
Non-traded REITs are illiquid investments, not listed on public exchanges and with a very limited market for sale of shares if the investor wishes to sell subsequent to his or her initial purchase.. Their offering documents typically claim that after some period of time, perhaps 5-10 years, the REIT intends to…
Securities and Exchange Commission (“SEC”) Administrative Law Judge Brenda P. Murray recently issued an Initial Decision in In re Ferrer and Ortiz, Initial Decision Release No. 513, Administrative Proceeding File No. 3-14862. In the decision Judge Murray declined to order remedial action against former UBS Puerto Rico employees Miguel A.…
Law Office of Christopher J. Gray, P.C. won an appeal to Florida’s Fourth District Court of Appeals in West Palm Beach concerning a client’s entitlement to attorneys’ fees under Florida’s Blue Sky law, Fla. Stat. § 517.301. The attorneys’ fees sought arise from a $765,000 arbitration award that the Gray…
Attorney Christopher J. Gray of Law Office of Christopher J. Gray, P.C. was recently interviewed by a reporter from legal news website Lawyersandsettlements.com concerning investor claims arising out of unsuitable recommendations of non-traded REITs by stockbrokers. The interview is accessible via the link below. www.lawyersandsettlements.com/articles/securities/interview-securities-fraud-lawsuit-stock-2-18372.html?opt=b&utm_expid=3607522-0&ref=newsletter_pcf#.UPhW5WceeM8
Raymond J. Lucia Sr., an investment advisor who hosts a nationally syndicated radio talk show, has been accused of misleading investors with claims that his “Buckets of Money” strategy helps retirees “generate inflation-adjusted income for life.” The Securities and Exchange Commission (“SEC”) accused the San Diego radio personality of misleading…
According to a ruling by the U.S. Court of Appeals for the Second Circuit, FINRA cannot enforce disciplinary actions by taking its members to court. The court’s decision comes after a long legal battle against Fiero Brothers, a penny stock brokerage firm, and John J. Fiero, the firm’s owner. In…