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Follow on Google News | FINRA arbitration filed against First Allied Securities to recover REIT investment losses.The White Law Group announces the filing of another FINRA arbitration claim against First Allied Securities to attempt to recover investment losses in various REITs recommended by radio personality and San Diego financial advisor Ray Lucia.
By: The White Law Group The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of two retired California investors alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that First Allied Securities unsuitably invested the clients in Wells REIT II, Hines REIT and CB Richard Ellis REIT. Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence (../12023218- It is further alleged that First Allied Securities failed to adequately supervise a financial advisor investigated by the SEC. On September 5, 2012, the Securities and Exchange Commission (the “SEC”) The claim against First Allied Securities alleges that these investors are victims of Mr. Lucia's misleading "Buckets of Money" strategy. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court. For more information on the claim filed by The White Law Group, please contact the firm's Chicago office at 312-238-9650. The White Law Group is a national securities fraud (../12023218- End
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