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Articles Posted in FINRA Arbitration

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AFIN Update: Upcoming Conversion of American Finance Trust B-1 Shares May Have Dilutive Effect on AFIN Share Price

  As discussed in a prior blog post, on June 29, 2018, the board of directors of American Finance Trust, Inc. (“AFIN” or the “Company”), formerly known as American Realty Capital Trust V, Inc., announced the approval of a plan to list AFIN common stock on the Nasdaq Global Select…

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Tamara Steele, Indiana Financial Advisor, Sued by SEC for Sales of Behavioral Recogition Systems, Inc. Stock

On September 14, 2018, the SEC initiated a civil action (the “Complaint”) in federal court in the Southern District of Indiana against Ms. Tamara Rae Steele (CRD# 3227494) (“Steele”), as well as her eponymous investment advisory firm, Steele Financial, Inc. (“Steele Financial”), alleging that Ms. Steele had defrauded a number…

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SII Investments Non-Traded REIT Sales Targeted By Massachusetts Securities Regulator    

Brokerage firm SII Investments, Inc. has been ordered by Massachusetts Secretary of the Commonwealth William Galvin to refund money back to clients who were sold non-traded REITs by SII. Galvin charges that SII failed to adequately supervise the sale of nontraded REITs to customers.  As a result of the settlement,…

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StockCross Charged With Improper UIT Transactions by Massachusetts Securities Regulators

On August 14, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) filed a Complaint against StockCross Financial Services, Inc. (“StockCross”) (CRD# 6670), as well as one of its registered representatives, Mr. Peter E. Cunningham (“Cunningham”) (CRD# 2400211).  Through its administrative action, the Division has alleged that Cunningham…

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American Finance Trust (AFIN) Shares Subject to Tender Offer

As previously reported, on June 29, 2018, the board of directors of American Finance Trust, Inc. (“AFIN” or the “Company”), formerly known as American Realty Capital Trust V, Inc., announced the approval of a plan to list AFIN common stock on the Nasdaq Global Select Market (“Nasdaq”), under the symbol…

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Infinex Investments Charged by Mass. With Unsuitable Sales at Bank Branches

  Infinex Investments (“Infinex”, CRD No. 35371) of Meriden, Connecticut has entered into a Consent Order with Massachusetts securities regulators, agreeing to pay a fine of $125,000 and make restition to investors to resolve allegations that it failed to adequately supervise agents who were selling high-commission securities products.  Infinex registered…

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Jerry Raines, Formerly of HD Vest, Allegedly Sold Unregistered Woodbridge Securities

Investors in unregistered Woodbridge First Position Commercial Mortgages (“FPCMs”) notes and/or units upon the recommendation of former financial advisor Jerry Davis Raines (CRD# 4578689, hereinafter “Raines”) may be able to recover losses in arbitration before the Financial Industry Regulatory Authority (“FINRA”).  According to FINRA BrokerCheck, a number of investors have…

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Hines Real Estate Investment Trust Approves Final Liquidating Distribution

As recently announced, the board of directors of Hines Real Estate Investment Trust, Inc. (“Hines REIT” or the “Company”) — one of three publicly registered non-traded REITs sponsored by Hines — has unanimously voted for approval of a plan of liquidation and dissolution of the Company (“Liquidation Plan”).  Under the…

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American Finance Trust (AFIN) Lists on NASDAQ- Revealing Heavy Investor Losses

American Finance Trust, Inc. (“AFIN” or the “Company”) listed its shares on Nasdaq Global Select Market (“Nasdaq”) on July 19, 2018, with trading opening at $13.15 a share with.   AFIN sold shares to public at $25.00 a share,.  While the trading price of AFIN may fluctuate, it appears that…

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Massachusetts Securities Regulator Targets Brokerages in Private Placement Sales

As recently reported by the Wall Street Journal (WSJ), investments in so-called private placements have experienced a substantial upswing in the wake of the 2008 financial crisis.  In fact, according to a May 7, 2018 WSJ article entitled, A Private-Market Deal Gone Bad: Sketchy Brokers, Bilked Seniors and a Cosmetologist,…

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