The following information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”

Robert Ronald Liggero (CRD #4623608, Registered Representative, Atlantic 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 20 business days. Without admitting or denying the findings, Liggero consented to the described sanctions and to the entry of findings that he signed customers’ names on documents related to the opening of authorized IRAs without the customers’ knowledge or consent.
The suspension is in effect from May 20, 2013, through June 17, 2013.

(FINRA Case #2011028393301)

This broker was previously registered with FINRA at the following brokerage firms:

LPL FINANCIAL LLC
CRD# 6413
JACKSONVILLE, FL
06/2011 – 04/2013

BULL & BEAR BROKERAGE SERVICES, INC.
CRD# 113866
JACKSONVILLE, FL
03/2003 – 07/2011
This ends the information obtained on FINRA’s website.

Soreide Law Group, PLLC, represents clients nationwide before FINRA. Call for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.

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BLAKE BANCROFT RICHARDS (CRD #4051402)

Blake Richards of Buford, Georgia, was charged by the Securities and Exchange Commission (SEC) with violations of the federal securities laws for misappropriating investor funds. In May, the SEC filed an emergency action seeking a temporary restraining order and other emergency relief in federal court against Richards.

The SEC’s complaint alleges that, since (at least) 2008, Richards, a registered representative of a broker/dealer, misappropriated at least $2 million from at least seven investors. The majority of the misappropriated funds constituted retirement savings and/or life insurance proceeds from deceased spouses.

The SEC also alleges that Richards instructed investors to write out checks to entities under his control with the understanding that Richards would invest their funds in fixed income assets, variable annuities and/or common stock. The complaint alleges that none of these investments were ever made. None of the investments appeared on the client’s brokerage account statements, and Richards received no commission income from these investments. The complaint further alleges that Richards used the funds for personal use.

According to FINRA’s BrokerCheck, Blake Richards was previously registered with FINRA at the following brokerage firms:

LPL FINANCIAL LLC
CRD# 6413
BUFORD, GA
05/2009 – 05/2013

AMERIPRISE ADVISOR SERVICES, INC.
CRD# 5979
DULUTH, GA
02/2007 – 05/2009

A. G. EDWARDS & SONS, INC.
CRD# 4
BRASELTON, GA
08/2004 – 02/2007

If you experienced a financial loss due to Blake Richards, call Soreide Law Group for a free consultation with an attorney on how to potentially recovery your investment at: 888-760-6552.

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With mounting pressure from regulators, broker/dealers are making changes to how they sell alternative investments.

VSR Financial Services Inc., Berthel Fisher & Co. Financial Services Inc. and the Cetera Financial Group Inc., which has four independent-contractor broker-dealers under its umbrella, this year have revised policies or added new guidelines and procedures for the sale of certain alternatives, such as nontraded real estate investment trusts (REITs), according to Bruce Kelly in a recent article from InvestmentNews.com.

These changes particularly affect alternative investments that are illiquid. Illiquid securities are not traded on an exchange, leaving investors with little or no ability to sell them immediately. Illiquid products remain enormously popular with clients.

In making these changes, the broker-dealers are following the lead of both state regulators and FINRA, the Financial Industry Regulatory Authority Inc.

In February LPL Financial LLC agreed to pay Massachusetts $500,000 to settle complaints tied to the firm’s sale of nontraded REITs, which are illiquid real estate investment trusts. Massachusetts Commonwealth Secretary William Galvin in December had charged LPL with failure to supervise registered representatives who sold the nontraded REITs in an alleged violation of both state limitations and the company’s rules.

For clients who are 70 to 75, the maximum percentage of illiquid investments a client can own is 25% of a portfolio; for clients between 75 and 84, the new maximum is 15%. The firm is not accepting orders for illiquid investments — commonly referred to as direct participation programs — for clients who are 85 and above.

If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552.

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FINRA, the Financial Industry Regulatory Authority Inc., is alerting broker-dealers to a number of shortcomings in how they communicate with investors about non-traded real estate investment trusts (REITs).

According to FINRA, broker-dealers are falling short in a some areas, including distributing materials that contain misleading and inaccurate statements about the potentials of investing in illiquid real estate programs.

“Recent reviews by FINRA of communications with the public regarding real estate programs have revealed deficiencies,” FINRA said. These broker-dealer communications “have emphasized the distributions paid by a real estate program and failed to adequately explain that some of the distribution constitutes return of principal,” the FINRA notice said.

FINRA’s notice to members is the latest effort to improve the sales practices around and increase transparency of illiquid REITs, which are sold almost exclusively through independent broker-dealers such as LPL Financial LLC, and Ameriprise Financial Services Inc.

Some broker-dealers may be downplaying the risks associated with such REITs. “In addition, some communications have not provided sufficient discussions of the risks associated with investing in the products in order to balance the presentation of benefits.”

Disclosure should be more accurate and explain how the REITs operate, FINRA said. Descriptions of the REITs in communications to clients also should be consistent with the REIT’s prospectus.

“In order to be fair and balanced, firm communications concerning a real estate program may not include an annualized distribution rate until the program has paid distributions that are, on an annualized basis, at a minimum equal to that rate for at least two consecutive full quarterly periods,” the FINRA notice said.

If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding non-traded REITs, private placements, or other illiquid, complex products, call for a free consultation on how to potentially recover your losses. To speak with an attorney call Soreide Law Group at 888-760-6552.

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The Soreide Law Group, PLLC, a Securities Arbitration Law Firm, (888) 760-6552, found the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, April, 2013.”

Arthur Apostol (CRD #2265647, Registered Representative, Ashford, Connecticut)

was fined $5,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Apostol consented to the described sanctions and to the entry of findings that while he was in the process of transferring his customers’ accounts from his former member firm to a new member firm, he affixed customers’ signatures onto new account forms by cutting and pasting their signatures from documents they had executed earlier. Apostol then submitted those forms to his firm.

FINRA’s findings stated that the customers had authorized the opening of the accounts, but Apostol did not have their authorization or consent to affix their signatures to the forms. These findings also stated that on other occasions, Apostol asked customers to sign blank forms for future use.

This suspension is in effect from February 19, 2013, through May 18, 2013. (FINRA Case #2012032570701)

The following information was found on FINRA’s BrokerCheck:

This broker was previously registered with FINRA at the following brokerage firms:

LPL FINANCIAL LLC
CRD# 6413
EAST HARTFORD, CT
05/2011 – 05/2012

NEWALLIANCE INVESTMENTS, INC.
CRD# 126880
EAST HARTFORD, CT
04/2004 – 06/2011

INFINEX INVESTMENTS, INC.
CRD# 35371
MERIDEN, CT
11/2001 – 04/2004

This ends the information from FINRA’s website.

Call Soreide Law Group, a Securities Arbitration Law Firm, for a free consultation with an attorney on how to potentially recover your investment losses at 888-760-6552.

Arthur Apostol Ashford Conneticut · Arthur Apostol LPL Financial · broker asking clients to sign blank forms for future use · broker falsifying signatures · cut and pasting customers signatures by brokers · failure to notify member firm of broker activity · falsifying customer signatures · Infinex Investments Inc · LPL Financial LLC · Newalliance Investments Inc

Soreide Law Group- Securities Arbitration Law Firm – (888) 760-6552 stated in a blog from this website dated March 13th., 2013, LPL Financial, LLC, is now the nation’s fourth-largest brokerage firm — after Wells Fargo, Morgan Stanley and Merrill Lynch — and the largest in much of rural America. LPL’s explosive growth has brought the difficulties regulators face in overseeing far-flung financial advisers.

LPL has been censured by state and federal authorities with unusual frequency. LPL brokers have been penalized for selling complex investments to unsophisticated investors, for speculative trading in customer accounts, and, in a few cases, for outright stealing from clients.

It was since reported on March 25, 2013, Maureen Sloan, 63, of Newport Beach, Calif., an heiress to the Knott’s Berry Farm theme park, has filed an $8.5 million arbitration claim against LPL Financial LLC. Ms Sloan claims former LPL broker, Alberto Neira, stole $4.5 million from her through a fraudulent auto-financing scheme called Silver Oak Leasing. Ms. Sloan said she lost another $4 million in unsuitable trading of preferred stock.

Also her daughter, Cynthia von Hoffman, 46, is part of the case, which was filed last Thursday with the Financial Industry Regulatory Authority Inc. Ms. Hoffman alleges she lost $700,000 in Silver Oak, plus another $1 million from inappropriate trading.

Neira was terminated January, 2011, for failing to fully disclose participation in outside business activity and selling away in violation of firm policies, according to FINRA records. In November, 2012, FINRA barred Neira from the industry after he failed to respond to Finra’s request for information regarding $2 million in Silver Oak investments made by 14 LPL clients. FINRA said Neira failed to disclose that he was a paid director of Silver Oak, not just a passive investor, as he had claimed.

LPL overhead costs are relatively low, so the company can pass a large percentage of commissions and fees — upward of 80 percent — back to its brokers. Because the brokers, in many instances are essentially independent contractors, paying their own expenses, this leads to supervision problems, allegedly attracting brokers for all the wrong reasons.

If you or a family member have experienced losses through LPL Financial, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552.

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According to a recent article in the New York Times, LPL Financial, has 13,300 brokers, 6,500 offices, 4.3 million customers — and a growing list of problems with regulators.

LPL is now the nation’s fourth-largest brokerage firm — after Wells Fargo, Morgan Stanley and Merrill Lynch — and the largest in much of rural America–its specialty. LPL’s explosive growth has brought the difficulties regulators face in overseeing far-flung financial advisers.

LPL has been censured by state and federal authorities with unusual frequency. LPL brokers have been penalized for selling complex investments to unsophisticated investors, for speculative trading in customer accounts, and, in a few cases, for outright stealing from clients.

State regulators in Illinois, Massachusetts, Montana, Oregon and Pennsylvania have penalized LPL for failing to oversee its brokers properly.

Many investors have turned to independent brokerage firms like LPL. LPL brokers are essentially contractors. They get LPL e-mail addresses and come under LPL compliance but pay for office space and staff. With overhead costs relatively low, the company can pass a large percentage of commissions and fees — upward of 80 percent — back to its brokers.

But analysts say that the high commissions leave LPL less money for compliance and can attract brokers interested in skirting the rules.

Massachusetts secretary of the commonwealth, William F. Galvin, came to a $2.5 million settlement with LPL in February. Mr. Galvin said LPL had failed to properly examine who the products were being sold to, and had pushed the investments without mentioning that they provided big commissions to LPL and its brokers. In Washington State last year, authorities brought a case against a LPL broker who had sold nontraded REITs to dozens of older clients.

In the latest quarter LPL executives said they had added 182 brokers and increased revenue 14 percent from a year earlier.

If you or a family member have experienced losses through LPL Financial, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552.

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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.

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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.

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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.

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