Soreide Law Group is currently investigating claims by investors of ICON Leasing Fund Eleven, LLC. ICON Leasing Fund Eleven purchases, and leases equipment to third parties in the United States, Canada, and Europe. It also provides financing. This fund was founded in 2004.

As with any private placement, investments in ICON Leasing Fund Eleven involve risk. Allegedly, some brokers/dealers sold the investment to their clients for the relatively high commission, and may have failed to report the possible risks to their clients who did not want such high risk investments in their portfolios.

If you were sold ICON Leasing Fund Eleven by your broker/dealer, 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: http://www.securitieslawyer.com.

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

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The Securities and Exchange Commission (SEC) voted yesterday to allow the issuers of private securities, such as hedge funds, to advertise their offerings and make solicitations to the public writes Dan Jamieson for InvestmentNews.com. This rule change is mandated under the “Jumpstart Our Business Startups Act.”

Solicitation and advertising of private offerings, which would include the posting of information about deals on websites, would be allowed only when the product is sold to accredited investors.

Under Section 501 of SEC Regulation D, to be an accredited investor, a person must have an individual net worth, or joint net worth with a spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person. Alternatively, a person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years may be considered accredited.

Jamieson writes that the rule proposal did not specify what methods issuers must use to ensure they sell only to accredited investors. Such verification methods “would be impractical and potentially ineffective,” the SEC staff said in a release.

The regulator is proposing that the issuers consider the type of purchaser and what they know about them, how the investor was solicited and the terms of the offering, such as minimum investment. Observers have been debating exactly how such verifications should work.

The InvestmentNews.com article adds that the issuers have been urging the SEC to allow them to continue using signed statements from investors who claim they meet accreditation standards. State securities regulators are pushing the agency to require substantiation of financial status, such as tax and income records.

The commission had planned last week to implement immediately effective rules allowing solicitation of private products, but the Chairman backtracked on that idea after state regulators and investor groups complained about not having the normal 30-day comment period to air their views. That change of heart caused friction among the commissioners.

Soreide Law Group, PLLC, represents clients nationwide. Call for a free consultation on how to potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Did you buy the Tsunami Lake Shore Integrated Fund, LLC, (“Tsunami Investments”) and other structured products from William John Anderson’s? Anderson may have recommended an investment in Tsunami Lake Integrated Fund, LLC, which was pursued by the US Commodity Futures Trading Commission as a fraudulent investment scam. William John Anderson is a broker with Morgan Stanley Smith Barney in its branch office in Central Park of Lisle, IL 60532. If you lost money in Tsunami Lake Shore Integrated Fund, LLC, or other investments sold to you by William John Anderson, please contact us for a free case consultation.

To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: http://www.securitieslawyer.com.

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

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The Soreide Law Group, PLLC, is currently investigating claims by investors of the Thompson National Properties 12 Percent Notes Program a/k/a TNP 12 Percent Notes. Thompson National Properties LLC, have suspended interest payments to investors in a private placement sold to raise capital for the firm. Thompson has suspended interest payments on the Thompson National Properties 12 Percent Notes Program. The TNP 12 Percent Notes Program raised $21.5 million from 418 investors in 2008 and 2009, according to a filing with the Securities and Exchange Commission (SEC).

These notes were sold as conservative investments often times to clients who were elderly or retired, and did not wish to have risky investments as part of their portfolios.

If you were sold Thompson National Properties (TNP) 12 Percent Notes Program by your broker/dealer, 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: http://www.securitieslawyer.com.

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

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On the SEC’s website they write that under the Securities Act of 1933, any offer to sell securities must be registered with the SEC or meet an exemption. Regulation D (or Reg D) contains three rules providing exemptions from the registration requirements.
While companies using a Reg D exemption do not have to register their securities and usually do not have to file reports with the SEC, they must file what is known as a “Form D” after they first sell their securities.
The Form D is a brief notice that includes the names and addresses of the company’s executive officers and stock promoters, but contains little other information about the company.
Electronic filing of Form D was phased in during the period September 15, 2008 to March 16, 2009.
Make sure that your broker/deal is in compliance with Regulation D before investing.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. Call to speak with an attorney regarding your investment losses for a free consultation on how to potentially recover those losses: 888-760-6552. Or you may visit our website at: http://www.securitieslawyer.com.

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On the website of the Financial Industry Regulatory Authority (FINRA), it was announced August 23, 2012, that FINRA fined Rodman & Renshaw LLC $315,000 for supervisory and other violations relating to the interaction between the firm’s research and investment banking functions. Rodman’s former CCO, William A. Iommi Sr., was fined $15,000, suspended from acting in a principal capacity for 90 days and must requalify as a general securities principal. FINRA also found that the firm’s supervisory system was deficient, which resulted in at least two incidents where a research analyst participated in efforts to solicit investment banking business, and another incident where a research analyst attempted to arrange a payment from a public company.

Rodman & Renshaw, the New York-based broker-dealer subsidiary of Direct Markets Holdings Corp., according to FINRA, provides investment banking services, including Private Investments in Public Entities (PIPEs) and registered direct offerings, to public and private companies. It also provides research, sales and trading services to institutional investors and therefore must have supervisory and compliance procedures to monitor potential conflicts of interest between research and investment banking, given concerns that research analysts could be pressured to tailor their coverage to the interests of a firm’s current or prospective investment banking clients.

FINRA found that from January 2008 to March 2012, Rodman & Renshaw failed to have an adequate supervisory system to monitor interactions between its investment banking and research functions. Rodman & Renshaw failed to prevent research analysts from soliciting investment banking business.

On FINRA’s website, Brad Bennett, FINRA Executive Vice President and Chief of Enforcement, said, “The deficiencies in Rodman’s supervisory system created an environment in which the conflict of interest between research and investment banking was left unmanaged. FINRA will continue to ensure that firms have adequate supervisory systems tailored to the firm’s business and we will continue to sanction firms that demonstrate a weak culture of compliance and internal controls.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. Call for a free consultation on how you could potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Recently, InvestmentNews.com did an analysis of eight of the largest nontraded real estate investment trusts (REITs). They found that these REITs have lost $11.3 billion, or 37% of their equity value, over the past seven years.

On August 14th., CNL Lifestyle Properties Inc., which initially raised $2.7 billion at $10 a share, became the latest large nontraded REIT to report a sharp decline in value; its share price dropped to $7.31.

In July, the Dividend Capital Total Realty Trust Inc., which raised $1.8 billion in equity at $10 per share, revised its value to $6.69 per share. In March, the REIT said its value was $8.45 per share.

Some industry observers commented that the revaluation of CNL Lifestyle Properties is likely to be the last nontraded REIT to see a substantial decline in value. The eight REITs analyzed for InvestmentNews.com were notable because they had raised more than $1 billion in equity, and their declines in equity value were greater than 20%.

The decline in estimated equity value does not take into consideration the “distributions,” or dividend yields, that the REITs have been paying clients. Such yields can range from 5% to 7% annually. Accounting for those distributions is important in the discussion of nontraded REITs returns, industry executives noted.

These eight REITs which were examined, are a large part of the nontraded-REIT and “direct participation program” investment industry, which will raise between $9 billion and $10 billion from investors this year through independent broker-dealers.

The one exception: The family of REITs known as the Apple REITs was not included in the analysis, because their share prices are currently listed as “not priced.” The Financial Industry Regulatory Authority Inc. (FINRA) last year filed a complaint against David Lerner and Associates Inc., alleging that since at least 2004, “the closed Apple REITs have unreasonably valued their shares at a constant price of $11, notwithstanding market fluctuations, performance declines and increased leverage.” over sales of the REITs.

The InvestmentNews.com article said that during the surge in the commercial real estate market, which peaked near the end of 2007, some registered reps sold nontraded REITs to clients and characterized them as bond alternatives. Some reps sold these investments appropriately, and some reps fell short.

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: http://www.securitieslawyer.com.

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

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Harold James Swart Jr. (CRD #2912854, Registered Representative,
Kissimmee, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Swart consented to the described sanction and to the entry of findings that he willfully filed inaccurate Form U4s and failed to make other material disclosures on his Form U4s regarding an SEC suspension as well as a related administrative complaint filed by the State of Florida’s Board of Accountancy.

The FINRA findings also stated Swart failed to disclose his outside business activities to his member firm and his role as compensated registered agent for numerous additional entities.

FINRA’s findings stated that Swart provided a misleading response to FINRA in connection with a request for information concerning whether any of his outside business activities had ever been alleged or accused to have breached any contract, engaged in any type of fraud or misrepresentation, engaged in any unfair or unethical business practice or violated any rule, regulation, statute or ordinance of law. Swart’s response to FINRA was misleading because one of his outside business activities was the subject of several filed lawsuits involving such allegations.

Swart knew, or should have known, about each of these lawsuits, because, he was properly served in each of the cases.

(FINRA Case #2009020083301)

This information was listed on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2012.”

Soreide Law Group, PLLC, has represented clients nationwide. 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: http://www.securitieslawyer.com.

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Valerie Helen Silverstein (CRD #1413711, Registered Representative,
Coconut Creek, Florida)

was barred from association with any FINRA member in any capacity. Without
admitting or denying FINRA’s findings, Silverstein consented to the described sanction and to the entry of findings that she had a pre-existing relationship with an individual when he became a customer of her member firm.

Silverstein, in an effort to advance a fraudulent scheme to misappropriate funds from the firm, created a false deposit receipt indicating that the customer had deposited a check for $7.8 million into his firm account when he had not.

FINRA’s findings stated that Silverstein also sent letters on her firm’s letterhead, and one email from her firm’s email account, to the customer making various false and misleading statements about the deposit and withdrawal of funds.

According to FINRA’s findings the firm closed the account when the customer attempted to make withdrawals from the account using a debit card, despite never funding the account, and the firm discovered he had a criminal past.

FINRA’s findings also included on several occasions the customer used the documents Silverstein created.
(FINRA Case #2011026509201)

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012.”

Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your losses, please call to speak with an attorney at 888-760-6552, or visit our website: http://www.securitieslawyer.com.

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Alejandro C. Rotundo (CRD #4627887, Registered Representative, Miami, Florida)

was fined $5,000 and suspended from association with any FINRA member in any capacity for 30 business days.

Without admitting or denying FINRA’s findings, Rotundo consented to the described sanctions and to the entry of findings that he executed option trades in a customer’s account without the customer’s written authorization and without his member firm’s acceptance of the account as discretionary.

FINRA’s findings stated that Rotundo’s discretionary trading activity resulted in customer losses of $489,230, which his firm reimbursed to the customer.

The suspension was in effect from June 18, 2012, through July 30, 2012.
(FINRA Case #2010024417501)

This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. If you have investment losses, call for a free consultation on how to potentially recover those losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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