Investor Lawyers Blog
Following a Financial Industry Regulatory Authority news release issued on November 5, 2012, securities arbitration lawyers are investigating potential claims on behalf of the customers of WR Rice Financial Services and Joel Wilson. According to the release, a Temporary Cease-and-Desist Order has been filed against WR Rice Financial Services, a Michigan-based firm, and its owner Joel Wilson in order to prevent conversion of investors’ assets or funds and further fraudulent sales activities.
A complaint against Wilson and WR Rice was also issued by FINRA that charges Wilson and his firm with fraud related to the sales of limited partnership interests. These interests are affiliated with the American Realty Funds Corporation and Diversified Group, both of which are companies that Wilson controls and in which he has ownership interest. The Temporary Cease-and-Desist Order is based on the belief that ongoing depletion of customer assets and customer harm is likely to continue before the completion of a formal disciplinary proceeding.
According to the allegations in FINRA’s complaint, “WR Rice, Wilson and other registered representatives at the firm sold more than $4.5 million in limited partnership interests to approximately 100 investors from predominantly low- to moderate-income households, while misrepresenting or omitting material facts.”