TAG | Commonwealth Financial Network sale of private placements
Soreide Law Group, PLLC, announced that they are currently investigating the sale of the Laeroc Funds, including the Laeroc 2002 Income Fund LP, Laeroc 2004-2005 Income Fund LP, Laeroc 2005-2006 Income Fund LP, Laeroc Edge Fund LP and Laeroc Income Fund 2007, LP.
These Laeroc funds were sold as real estate private placements (under Regulation D). Typically, these funds were sold by brokerage firms such as LPL Financial, LLC, and Commonwealth Financial Network. Laeroc Funds is a real estate investment firm that has created 14 funds. Laeroc focuses on income properties with a high concentration in the western US.
The Laeroc funds have suffered substantial declines in value. The Laeroc 2002 Income Fund, L.P. announced the dissolution of the fund to the investors. The Laeroc 2005-2006 Income Fund LP is attempting to raise millions to pay off at least $49 million of debt. This fund recently issued a ‘cash call’ to its investors.
Many broker-dealers marketed these investments as safe and secure to their clients. FINRA has announced that it is monitoring the sale of real estate funds and, in particular, the ways in which broker/dealers marketed and sold the products to their investors. FINRA requires that brokerage firms perform reasonable due diligence on private placements.
Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you feel you have experienced a loss with the Laeroc Fund sold by Commonweath Financial Network, LPL Financial, or any other broker/dealer, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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