Recovery of Desert Capital and DBSI Investment Losses

Feb. 9, 2011 - PRLog -- The White Law Group announces that it has filed a Financial Industry Regulatory Authority (FINRA) arbitration statement of claim this week involving investment losses in Desert Capital REIT and DBSI.  The claim, filed against Independent Financial Group and Centaurus Financial, seeks recovery of investment losses of over $420,000, along with attorney's fees and interest.

Desert Capital REIT is a real estate investment trust focusing on the purchasing of real estate in the Las Vegas real estate market. DBSI is a now bankrupt company that sold commercial real estate properties to TIC owners and then managed those properties for a management fee.  DBSI has been the subject of an SEC investigation and it appears that Desert Capital has recently been subpoenaed by the SEC for documents.  

The claim filed by The White Law Group was submitted on behalf of two retired investors in California and alleges claims for fraud, breach of fiduciary duty, negligence, negligent supervision, and violation of the California Securities Act. The claim further alleges that the investors were unsuitably invested in the Desert Capital REIT and DBSI investments by their financial advisor and that Independent Financial Group and Centaurus Financial failed to perform the necessary due diligence into these investments before offering them to sale to its clients.  

In addition to the claim already filed, The White Law Group is also investigating other claims involving Desert Capital REIT and DBSI. Based on these investigations, it appears that other broker-dealers, including Workman Securities, DeWaay Financial, and CM Securities (among others) were recommending either Desert Capital or DBSI to its clients.

For more information on the claim filed by The White Law Group, please contact the firm’s Chicago office at 312-238-9650.

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The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.