Securities Lawyer, Lars Soreide of Soreide Law Group, PLLC, recently announced that he is investigating claims against Linsco Private Ledger (LPL Financial) for investors who have suffered losses by former LPL broker Alberto Neira.

The clients of former LPL representative Alberto Neira were solicited to invest in the now defunct Silver Oak Leasing – a business operated by Alberto Neira that was allegedly engaged in the financing of luxury cars in Southern California. These clients suffered a complete loss on their investment in Silver Oak Leasing.

FINRA, the Financial Industry Regulatory Authority, permanently barred Albert Neira in December, 2012, for defrauding at least fourteen investors, many of whom were LPL customers at the time they were solicited to invest in Silver Oak Leasing. This is also known as a selling away scheme. The following passage is from FINRA’s website: “Between July 1, 2008, and January 18, 2011, Respondent (Neira) made recommendations that resulted in over $2 million in investments in Silver Oak to at least 14 firm customers. These investments included stock and promissory notes. The customers understood that the invested funds were to raise money for the general use of Silver Oak’s business enterprise. The sales were conducted privately and not through Respondent’s employing firm. Respondent failed to disclose these securities transactions to his firm.”

If you invested in Silver Oak Leasing with broker, Alberto Neira, or with LPL Financial, call Soreide Law Group at: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

Alberto Neira barred by FINRA · Alberto Neira LPL broker · Alberto Neira Silver Oak Leasing losses · brokerage supervisory deficiencies · brokers recommending risky investments · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · fort lauderdale securities fraud lawyer · high risk investments · inadequate supervisory procedures by broker/dealers · Lars Soreide · Linsco Private Ledger · LPL · LPL Financial LLC · risky investments · selling away scheme · Silver Oak Leasing · Silver Oak Leasing losses · Soreide Law Group PLLC · Stock fraud lawyer · Unsuitable investments to elderly

Last week LPL Financial Holdings agreed to pay $2.5 million in fines and restitution for improperly supervising brokers who sold non-traded real estate investment trusts. (Please note that LPL neither admitted nor denied wrongdoing.) These non-traded REITs are high-yielding and very popular. These non-traded REITs have jumped about 50% since 2009, to $65 billion. They are difficult to track and value, since they don’t trade on public exchanges.
Below is a list of REITs, some of which LPL Financial Holdings were fined for allegedly selling with improper supervision to clients who were not interested in taking the risks with their conservative portfolios.

American Realty Capital Daily Net Asset Value, Inc.
American Realty Capital Global Trust, Inc.
ARC Retail Centers of America
American Realty Capital Trust IV, Inc.
ARC Healthcare Trust
American Realty Capital Phillips Edison
Shopping Center REIT
American Realty Capital Trust, Inc. Update
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
CNL Global Growth Trust, Inc.
CNL Global Income Trust, Inc.
Cornerstone Core Properties REIT, Inc.
Hines Global REIT, Inc. 2012
Inland Real Estate Income Trust, Inc.
Inland Diversified REIT
Lightstone Value Plus REIT II Update
NetREIT Dubose Model Home REIT, Inc.
NetREIT $200,000,000 Stock Offering Update
O’Donnell Strategic Industrial REIT, Inc.
Preferred Apartment Communities, Inc.
RREEF Property Trust, Inc.
UCM US RMBS Opportunity REIT, Inc.
US Apartment Investors 2010, Inc.
Wells Core Office Income REIT

If you purchased these or other REITs, and sustained investment losses due to your stock broker or financial advisor’s recommendations, call Soreide Law Group, PLLC, 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.

brokerage supervisory deficiencies · brokers recommending risky investments · clients with low risk portfolios · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · finra securities arbitration · fort lauderdale securities fraud lawyer · high risk investments · high-risk private placements · inadequate supervisory procedures by broker/dealers · Lars K. Soreide Soreide Law Group · LPL · LPL Financial LLC · LPL fined over REIT sales · LPL REIT investors · LPL sale to elderly · LPL sued by Massachusetts · non-traded real estate investment trusts · Non-traded REIT loss lawyer · nontraded REIT loss · Nontraded REITs · Real Estate Investment Trust · securities lawyer · Unsuitable investments to elderly

In an article in the Wall Street Journal, Feb. 11, 2013, Matthew Heimer writes that ever since the Federal Reserve started pushing interest rates to new lows, it’s been a common theme for retirees and other conservative investors accepting more risk to get a decent income from their portfolios. Last week LPL Financial Holdings agreed with state regulators to pay $2.5 million in fines and restitution for improperly supervising brokers who sold non-traded real estate investment trusts. (LPL neither admitted nor denied wrongdoing.) Non-traded REITs are high-yielding and popular – assets invested in the product have jumped about 50% since 2009, to $65 billion. But they’re for investors to track and value, since they don’t trade on public exchanges.

As Nathaniel Popper reports this week in the New York Times, opaque investments are becoming increasingly popular with less-sophisticated investors, leaving the investors overexposed to risks they don’t understand or vulnerable to fraud. The Financial Industry Regulatory Authority (FINRA) recently issued a notice expressing concern about products like these that could prove “potentially unsuitable and otherwise problematic for retail investors.” Other investments on FINRA’s list include business development companies, which invest in the debt of small privately held businesses, and private placement securities, which represent direct investments in such firms.

If you sustained investment losses due to your stock broker or financial advisor’s recommendations regarding non-traded REITs, private placements, or other complex products, 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.

brokerage supervisory deficiencies · brokers recommending risky investments · elder abuse in investments · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · fort lauderdale securities fraud lawyer · high risk for long term investors · high risk investments · high risk REITs · high-risk private placements · inadequate supervisory procedures by broker/dealers · Lars K. Soreide · LPL · LPL Financial LLC · LPL fined over REIT sales · LPL nontraded REITs · LPL REIT investors · LPL sale to elderly · LPL sued by Massachusetts · non-traded real estate investment trusts · Non-traded REIT loss lawyer · Non-traded REITs · private placements · REIT · Soreide Law Group PLLC · Unsuitable investments to elderly

In an article, Feb. 7, 2013, in the New York Post, it was reported that (broker-dealer owner), Anastasios “Tommy” Belesis’ firm, John Thomas Financial, is being investigated by the FBI, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority Inc. (FINRA).

Mr. Belesis has made many media appearances on cable business/financial shows.

According to FINRA’s BrokerCheck, S.W. Bach & Co. fired him in 2005 for “inaccurate representation of identity to customer.” In 2001, a client sued him and a firm for $750,000 for churning and a FINRA arbitration panel later awarded the client $259,000. Mr. Belesis and firms he’s worked for have settled two other FINRA arbitration claims for nearly $100,000. Belesis paid $46,000 as his share of the settlements.

John Thomas’ FINRA record shows failures to disclose fees to clients about transaction charges. Arkansas Securities Department fined John Thomas $25,000 last year for allegedly not disclosing to clients handling fees for stock orders. The Connecticut Banking Department fined the firm $20,000 over similar failures on fee disclosures, and FINRA fined it $275,000 for “postage and handling” violations.

If you have been a client of Anastasios “Tommy” Belesis, and/or his firm, John Thomas Financial, and experienced financial losses call a securities lawyer at (888) 760-6552 or visit http://www.securitieslawyer.com.

Anastasios Belesis · broker churning accounts · brokerage supervisory deficiencies · brokers recommending risky investments · failure to disclose fees by broker to client · failure to supervise brokers · fee disclosures by bokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · FINRA brokercheck · finra lawyer · finra securities arbitration · fort lauderdale securities fraud lawyer · inadequate supervisory procedures by broker/dealers · investigation into John Thomas Financial · John Thomas Financial investigation · Lars K. Soreide Soreide Law Group · SEC · Securities and Exchange Commission · securities arbitraton lawyer · securities lawyer · Stock fraud lawyer · Tommy Belesis · Tommy Belesis John Thomas Financial

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

Steven Jay Oshinsky (CRD #2339197, Registered Principal, Boca Raton, Florida)

was suspended from association with any FINRA member in any capacity for one year.

Without admitting or denying FINRA’s allegations, Oshinsky consented to the described sanction and to the entry of findings that he failed
to timely respond to FINRA requests for documents and information to investigate his potential failure to disclose tax liens and outside business activities on his Form U4.

FINRA’s findings stated that Oshinsky’s failure to timely respond impeded FINRA’s investigation.

The suspension is in effect from December 17, 2012, through December 16, 2013.

(FINRA Case #2012030894301)

This ends the information from FINRA’s website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one 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: http://www.securitieslawyer.com.

broker failure to diclose information on U4 · broker failure to report tax lien · Broker failure to respond to FINRA requsest for information · Broker failure to submit info on Form U4 · broker tax lien · brokerage supervisory deficiencies · failure to disclose tax liens by broker · failure to list outside business activities by broker on Form U4 · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · FINRA brokercheck · finra lawyer · fort lauderdale securities fraud lawyer · Lars K. Soreide · Soreide Law Group PLLC · Steven Jay Oshinsky Boca Raton FL · Steven Jay Oshinsky suspended by FINRA · supervisory failures

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

William Earl Manley (CRD #1177744, Registered Representative, Sarasota, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Manley consented to the described sanction and to the entry of findings that he failed to respond to a FINRA request for information regarding his arrest, felony charge and termination from his member firm. The findings stated that Manley advised FINRA he would not respond to a request for information.

(FINRA Case #2012031461701)

This ends the information from FINRA’s website.

If you feel you may have a claim against William Earl Manley, contact
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, who represents clients nationwide before FINRA. For a free consultation with an attorney on how to potentially recover your losses, call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

Broker failure to respond to FINRA requsest for information · brokerage supervisory deficiencies · failure to respond to FINRA · failure to respond to FINRA on felony arrest · failure to respond to FINRA on termination from firm · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · finra lawyer · finra securities arbitration · fort lauderdale securities fraud lawyer · Ft. Lauderdale Securities Lawyer · inadequate supervisory procedures by broker/dealers · Lars Soreide · securities lawyer · Soreide Law Group PLLC · Stock fraud lawyer · stockbroker misconduct · supervisory failures · William Earl Manley Sarasota FL · William Manley barred by FINRA · William Manley FINRA

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”

John Boyd Dexter (CRD #1354376, Registered Principal, North Miami, Florida)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Dexter consented to the described sanction and to the entry of findings that he failed to appear for
testimony as FINRA requested in connection with an investigation that FINRA had initiated concerning alleged suspicious activity at a member firm’s branch, where Dexter was employed as branch office manager.

The findings stated that in a telephone conversation with FINRA, Dexter stated that he would not provide testimony or cooperate with the
investigation because he was no longer employed in the securities industry. (FINRA Case #2011030204601)
This ends the information from FINRA’s website.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one 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: http://www.securitieslawyer.com.

Broker failure to respond to FINRA requsest for information · brokerage supervisory deficiencies · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · FINRA brokercheck · finra lawyer · finra securities arbitration lawyer · fort lauderdale securities fraud lawyer · Ft. Lauderdale Securities Lawyer · inadequate supervisory procedures by broker/dealers · John Boyd Dexter barred by FINRA · John Dexter · John Dexter N Miami · Lars K. Soreide · securities lawyer · Soreide Law Group PLLC · stock loss · stockbroker misconduct · supervisory failures

FINRA, the Financial Industry Regulatory Authority levied a total of $68 million in civil fines during 2012, according to statistics released by FINRA on Tuesday, January 8, 2013. This was slightly less than $71.9 million imposed by FINRA in 2011. The high-profile cases against large brokerages accounted for about one-third of total fines in 2012.

It was also noted that FINRA ordered brokerages to repay harmed investors a record $34 million.

FINRA oversees about 4,290 brokerages and 630,000 brokers.

Many of FINRA’s cases against Wall Street’s largest brokerages in 2012, including Morgan Stanley, Merrill Lynch, UBS, AG, and Wells Fargo Corp. These cases stem from FINRA’s increased interest in potential conflicts of interest and complex products, such as certain types of exchange-traded funds, said Richard Ketchum, FINRA’s chairman and chief executive, in an interview with Reuters.

These priorities “will result in more cases against large firms because they’re the ones engineering those products and the ones that have many of the conflicts because of their complexity,” Ketchum said. For example, brokerage units that underwrite offerings of certain risky products stand to profit when retail brokers in the same firm boost sales of those products by pushing them to investors, even though they may not be suitable.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one 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. Visit our website at: http://www.securitieslawyer.com.

broker conflicts of interest · brokerage supervisory deficiencies · brokers recommending risky investments · complex product losses · complex products sold to investors · exchange traded fund · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · FINRA fines in 2012 · FINRA fines up · finra lawyer · finra securities arbitration · finra securities arbitration lawyer · fort lauderdale securities fraud lawyer · Ft. Lauderdale Securities Lawyer · hidden costs in complex investments · inadequate supervisory procedures by broker/dealers · Lars K. Soreide · risky investments · Stock fraud lawyer · supervisory failures · unsuitable investment recommendations · unsuitable investments

The following article appeared in the “Tewksbury Advocate:”

“Tewksbury scam victims win $155,250 settlement
By Steve Adams

GateHouse News Service

Tewksbury —

A Tewksbury couple who lost $255,000 to a Quincy financial adviser’s investment scam have won a $155,250 settlement.

An arbitrator ruled last week that Harvest Financial LLC must repay a Tewksbury couple because it was negligent in supervising the activities of Gregg Rennie, who was convicted of securities fraud in 2010.

Rennie worked at the company’s Providence office from May 2007 until July 2008.

“The firm has a responsibility to supervise their registered personnel,” said attorney Lars Soreide of Fort Lauderdale, Fla.

Rennie was hired in a managerial role to recruit more representatives, Soreide added.

“That put more of a burden on Harvest Capital to do more due diligence into his background,” he said.

The lawsuit, filed in 2011, argued that Harvest Financial was negligent in failing to supervise Rennie’s dealings with clients.

Soreide’s clients, Dominic and Annette Mancini of Tewksbury, had to postpone their retirement for 10 years after losing their nest egg, he said. The couple invested with Rennie after hearing his financial advice show on local radio stations.

Rennie sold bogus federal “housing certificates” guaranteeing double-digit returns to clients and used the money to pay for personal expenses and to prop up a failing condo project in Quincy. His other victims included an 80-year-old man who lost the bulk of his life’s savings, and a congregation saving up to build a new church.

In 2010, he pled guilty to 14 counts of securities fraud and wire fraud in U.S. District Court. A judge sentenced Rennie, 46, to seven years in prison and ordered him to repay $3.8 million to his victims.

“My clients were part of that restitution order and they haven’t received one penny, and I don’t imagine anyone has,” Soreide said.

Attorneys for Wethersfield, Conn.-based Harvest Capital argued that the company was not aware of Rennie’s transactions and that Rennie concealed his illegal activities from his broker-dealer.

“Harvest Capital is as much a victim of Mr. Rennie as the claimants themselves,” wrote attorney W. Bradford Bernadt.

Rennie was not an employee, but a registered representative, according to the company’s court filings.

On Sept. 26, an arbitrator for the Financial Industry Regulatory Authority ordered Harvest to pay the Mancini’s $158,250 in restitution, or approximately half the amount they requested.

Rennie, 46, is scheduled to be released from a federal prison in Fort Dix, N.J. in 2016.”
End of article.

The Claimants, although Massachusetts residents, hired Florida-based firm, Soreide Law Group, PLLC, headed by Massachusetts native, Lars Soreide. The Claimants located the firm though the firm’s website: http://www.securitieslawyer.com. Soreide Law Group handles FINRA arbitrations and mediations for investors nationwide and can be reached at (888) 760-6552.

broker theft from customers · brokerage supervisory deficiencies · elder abuse in investments · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · fort lauderdale securities fraud lawyer · Ft. Lauderdale Securities Lawyer · Gregg Rennie · gregg rennie securities fraud · Harvest Capital FINRA Arbitration · harvest financial · inadequate supervisory procedures by broker/dealers · Lars Soreide · Lars Soreide wins award in Gregg Rennie arbitration · securities lawyer · Soreide Law Group PLLC · Stock fraud lawyer · targeting elderly investors · Unsuitable investments to elderly

In an effort to protect investors over the sale of private placements, the new Financial Industry Regulatory Authority (FINRA), Rule 5123, was effective on December 3, 2012. Under the new FINRA Rule 5123, FINRA member firms that sell an issuer’s securities in a private placement will be required, subject to certain exemptions (which include private offerings to most types of institutional investors), to:
•file with FINRA a copy of any offering documents used to sell the private placement, such as private placement memoranda, term sheets or other offering documents or
•indicate that no offering documents were used.

Member firms must make this filing within 15 days from the date the firm makes the first sale of securities in private placements. New FINRA Rule 5123 also requires that firms file any amended versions of offering documents originally filed.

The new FINRA Rule 5123 will be limited primarily to private placements involving individual accredited and non-accredited investors who are not exempt from the Rule’s filing requirements.

Each member firm that participates as a placement agent in the offering is responsible for filing under new FINRA Rule 5123, but one member firm may be designated to file on behalf of the other participating member firms as long as all participating member firms are listed in the FINRA filing. Each firm relying on a designated filer should receive confirmation of the filing from the designated filer to satisfy its own filing obligation. Also, exemptions are applied on a firm-by-firm basis. Firms must electronically file the requisite offering documents in searchable PDF format with FINRA through the Private Placement Filing System on the FINRA Firm Gateway.

Available Exemptions

The new FINRA Rule 5123 includes private placement offerings solely to one or more of the following purchasers:

•Institutional accounts
•Qualified purchasers
•Qualified institutional buyers
•Investment companies
•An entity composed exclusively of qualified institutional buyers
•Banks
•Employees and affiliates of the issuer
•Knowledgeable employees
•Eligible contract participants and
•Institutional accredited investors

Other private placements that are exempt from filing under new FINRA Rule 5123 include, offerings of exempt securities, Rule 144A and Regulation S offerings, and offerings of interests in commodity pools operated by a registered commodity pool operator. New FINRA Rule 5123 will, in practice, be limited primarily to private placements involving individual accredited and non-accredited investors, who are not exempt from the Rule’s filing requirements.

New FINRA Rule 5123 became effective on December 3, 2012, and applies only prospectively to private placements that begin selling efforts on or after that date.

Under Rule 5122, FINRA outlines standards on disclosure, use of proceeds and filing requirements for private placements of securities issued by member firms themselves, rather than sales of securities by other issuers. Also effective December 3, 2012, firms must submit filings regarding member firm private offerings, as required by FINRA Rule 5122, through the FINRA Firm Gateway.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one 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. Visit our website at: http://www.securitieslawyer.com.

broker-dealer sale of private placements · filing private placements with FINRA · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · FINRA Rule 5122 · FINRA Rule 5123 · FINRA Rule 5123 exemptions · finra securities arbitration · fort lauderdale securities fraud lawyer · high-risk private placements · inadequate supervisory procedures by broker/dealers · Lars K. Soreide Soreide Law Group · New FINRA Rule Private Placements · private placements · private placements loss lawyer · risky investments · securities lawyer · stockbroker misconduct · unsuitable private placements