Securities Lawyer Blog | Victim of Fraud?

Archive for April 2012

Apr/12

30

Jeffrey Scott Donner Barred by FINRA

Comments off · Posted by Securities Lawyer in FINRA

Securities Lawyer, Lars K. Soreide, of Soreide Law Group has announced an investigation into claims on behalf of  investors who may have suffered  significant  investment  losses due to Jeffrey Scott Donner. Jeffrey Scott Donner (CRD #2631248, Registered Principal, Weston, Florida) was a  financial advisor with Cape Securities, Aura Financial, and Saxony Securities. Donner has been permanently barred from the securities industry with FINRA, and the State of Florida. According to FINRA’s disciplinary notice Jeffrey Scott Donner made unauthorized trades on behalf of his clients and communicated with clients through his personal email thus preventing his firm from accessing this information.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com.

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Apr/12

30

Did You Invest In Amidee Capital and Inland American Non-Traded REITs?

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group is currently investigating claims on behalf of our clients who may have suffered losses by investing in Amidee Capital and the Inland American REITs. They are non-traded Real Estate Investment Trusts, commonly known as ‘REITs’, which may have liquidity and redemption risks that may have not been known to investors.   

If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding these or other non-traded REITs, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: www.securitieslawyer.com. 

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Apr/12

30

Have you Invested in These TIC/DST Offerings?

Comments off · Posted by Securities Lawyer in FINRA

These TICs (Tenancy In Common) and DSTs (Deferred Sales Trusts) are currently under review by Soreide Law Group, PLLC, for our clients.

If you have sustained losses in the following Tenant-in-Common (“TIC”) Investments, or Deffered Sales (DSTs) Trusts, call Securities Attorney Lars K. Soreide of the Soreide Law Group today at 1 (888) 760-6552 or visit www.securitieslawyer.com for a free consultation on how to potentially recover your losses.
 
 
ArciTerra Strategic Retail – Park Lee
 
Bluerock Mesa Ridge apartments DST

PASSCO – Legends at Indian Springs DST

Inland College Station Retail DST

Inland Chicagoland Street Retail DST

Inland CVS Pharmacy Portfolio IV

Inland CW Pharmacy I, DST

Inland Winston-Salem Office DST

Nelson Brothers College Terrace

Principle Equity National Oilwell Varco DST

Rainier Exchange Portfolio I DST

Rancon Medical and Educational Center

REVA – Raleigh RTP LLC

Salok TN LLC

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Apr/12

30

Have You Invested In These REITs?

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group, PLLC, is investigating the following REITs (Real Estate  Investment Trust), of which some may have recently seen a steep devaluation.  This is a list of current and available REITs that may be under review for our clients.

American Realty Capital Daily Net Asset Value, Inc.

ARC Retail Centers of America

ARC Healthcare Trust

American Realty Capital Trust, Inc.

American Realty Capital New York Recovery REIT

ARC Property Trust, Inc.

Arciterra National REIT, LP

Behringer Harvard Multifamily REIT II, Inc.

Bluerock Enhanced Multifamily Trust, Inc.

Carter Validus Mission Critical REIT

Clearwater Opportunity REIT

Cornerstone Core Properties REIT, Inc.

Hines Global REIT, Inc.

Inland Diversified REIT

Lightstone Value Plus REIT II

O’Donnell Strategic Industrial REIT, Inc.

Preferred Apartment Communities, Inc.

US Apartment Investors 2010, Inc.

Wells Core Office Income REIT

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations of these or other REITs, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

 

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Apr/12

30

Did You Invest in Cornerstone Core Properties REIT?

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group, PLLC, has been conducting investigations into several REITs.  Cornerstone Core Properties REIT was at one time valued around $8.00 per share.  If you were an investor at that price, you have now seen that value tumble to its current approximate value of $2.25.  This non-traded Real Estate Investment Trust has suffered a sharp decline in tenant occupancy.  It was 69% at the end of 2011 and 92% as 2008 came to an end. Additionally, this REIT was prevented from raising necessary capital for funding due to alleged regulatory issues.

The Financial Industry Regulatory Authority, also know as FINRA, has been closely monitoring the sale of non-traded REITs and how those products were marketed.  REITs have occasionally been marketed as safe investments by certain broker/dealears when in fact they are often illequid and extremely risky to the investor.

Securities lawyer, Lars K. Soreide, of Soreide Law Group is currently investigating any alleged improper marketing to the clients by their financial advisors or broker/dealers.  If you feel you have incurred losses through your purchase of Cornerstone Core Properties due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Apr/12

26

FINRA PROPOSES TO RAISE FEES ON BROKER-DEALERS

Comments off · Posted by Securities Lawyer in FINRA

The Financial Industry Regulatory Authority Inc., also known as FINRA, plans to raise number of user fees it charges broker-dealers to help cover a “significant loss” from last year, said chief executive Richard Ketchum in an InvestmentNews article by Dan Jamieson, from April 24th., 2012.

“The broader economic downturn continues to affect trading volumes and industry revenues, which in turn has led to a decrease in Finra’s revenues and resulted in a significant loss for fiscal year 2011,” Mr. Ketchum said in an e-mail to member firms Monday. As a result, “we are proposing adjustments to a number of user-based fees, all of which have remained static for more than five years,” Mr. Ketchum wrote. The fee hikes would help “ensure that we are sufficiently capitalized to meet our regulatory responsibilities,” he said in the message.

Jamieson writes that for this year, Finra will be proposing a hike fees for advertising reviews, corporate financing and new-member applications, Mr. Ketchum told members. Mr. Ketchum didn’t specify how much Finra lost last year. Finra spokeswoman Nancy Condon said the amount will not be available until the self-regulator files its audited results in the next few months.

Additionally, a 25% increase in the trading activity fee will be proposed. For next year, Finra will propose an unspecified “regressive tiered rate” for branch office assessments, and hikes in various registration and disclosure fees.

Jamieson writes that overall, the proposed hikes range from around 5% to 50%.

Mr. Ketchum adds that the fee hikes are needed despite $36 million in spending reductions that were implemented in Finra’s 2012 budget.  He adds that a new board-level pricing working group and Finra’s small-firm advisory board have offered input on the changes.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Apr/12

26

The Florida Securities Investor Protection Act

Comments off · Posted by Securities Lawyer in FINRA

FLORIDA INVESTORS, KNOW YOUR RIGHTS!

Do you know that all Florida investors have the right to bring claims against their brokers or financial advisors to the Financial Industry Regulatory Authority, also know  as FINRA?  Know your rights under the Florida Investment Protection Act 517.301.                   

 The following is from the:

2011 Florida Statutes

 

517.301 Fraudulent transactions; falsification or concealment of facts.—

(1) It is unlawful and a violation of the provisions of this chapter for a person:

(a) In connection with the rendering of any investment advice or in connection with the offer, sale, or purchase of any investment or security, including any security exempted under the provisions of s.517.051 and including any security sold in a transaction exempted under the provisions of s. 517.061, directly or indirectly:

1. To employ any device, scheme, or artifice to defraud;
2. To obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
3. To engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon a person.
(b) To publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, communication, or broadcast which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received directly or indirectly from an issuer, underwriter, or dealer, or from an agent or employee of an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount of the consideration.
(c) In any matter within the jurisdiction of the office, to knowingly and willfully falsify, conceal, or cover up, by any trick, scheme, or device, a material fact, make any false, fictitious, or fraudulent statement or representation, or make or use any false writing or document, knowing the same to contain any false, fictitious, or fraudulent statement or entry.
(2) For purposes of ss.517.311 and 517.312 and this section, the term “investment” means any commitment of money or property principally induced by a representation that an economic benefit may be derived from such commitment, except that the term does not include a commitment of money or property for:

(a) The purchase of a business opportunity, business enterprise, or real property through a person licensed under chapter 475 or registered under former chapter 498; or
(b) The purchase of tangible personal property through a person not engaged in telephone solicitation, where said property is offered and sold in accordance with the following conditions:

1. There are no specific representations or guarantees made by the offeror or seller as to the economic benefit to be derived from the purchase;
2. The tangible property is delivered to the purchaser within 30 days after sale, except that such 30-day period may be extended by the office if market conditions so warrant; and
3. The seller has offered the purchaser a full refund policy in writing, exercisable by the purchaser within 10 days of the date of delivery of such tangible personal property, except that the amount of such refund may not exceed the bid price in effect at the time the property is returned to the seller. If the applicable sellers’ market is closed at the time the property is returned to the seller for a refund, the amount of such refund shall be based on the bid price for such property at the next opening of such market.

This ends the information from Florida’s Statutes.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Apr/12

26

Aventura, FL, Rep Fined by FINRA

Comments off · Posted by Securities Lawyer in FINRA

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”
 

Glenn Loren Halpryn (CRD #1633028, Registered Principal, Aventura, Florida) 

submitted a Letter of Acceptance, Waiver and Consent in which he was censured and fined $10,000.

 

Without admitting or denying the findings, Halpryn consented to the described sanctions and to the entry of findings that he caused funds raised from a private placement offering to be used for due diligence on an unrelated prospective business venture.

Although Halpryn later repaid the funds to the company, he caused them to be used in a manner inconsistent with the terms of the offering.

(FINRA Case #2010025076001 )

 

The information from FINRA’s website has ended.
 
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com.

 

 

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Apr/12

26

Clearwater, FL, Rep Barred by FINRA

Comments off · Posted by Securities Lawyer in FINRA

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”
 

James Landon Yarbrough (CRD #703889, Registered Representative, Clearwater, Florida)

was barred from association with any FINRA member in any capacity. The Hearing Officer did not order restitution because FINRA’s Department of Enforcement represented that the customer has been made whole by the customer’s estate entering into a settlement agreement with Yarbrough. The sanction was based on findings that Yarbrough borrowed $45,000 from a firm customer although his member firm’s WSPs prohibited registered representatives from borrowing money from customers unless the customer was an immediate family member or a financial institution; Yarbrough had not requested nor received his firm’s permission to borrow money from the customer.

These findings stated that Yarbrough repaid the customer’s estate $5,000 of the $45,000. The findings also stated that Yarbrough failed to appear for an on-the-record interview, impeding FINRA’s investigation and preventing FINRA from completing its regulatory responsibility to fully investigate potential rule violations.

(FINRA Case #2010022751101)

 

The information from FINRA’s website has ended. 

 

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Apr/12

26

Ponte Vedra Beach, FL, Rep Fined and Suspended by FINRA

Comments off · Posted by Securities Lawyer in FINRA

The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”
 

James Calvin Wylie Jr. (CRD #834405, Registered Representative, Ponte Vedra Beach, Florida) 

submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. Without admitting or denying the findings, Wylie consented to the described sanctions and to the entry of findings that he engaged in unapproved outside business activities when he provided consulting and analytical services on potential business transactions, outside the scope of his relationship with his member firm and without providing prompt written notice to his firm. The findings stated that Wylie inaccurately certified on an annual outside business activities questionnaire that he was not involved in any outside business activities.

This suspension was in effect from March 5, 2012, through April 4, 2012.

(FINRA Case #2010024027601)

 

The information from FINRA’s website has ended.
 
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com.

 

 

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