Soreide Law Group, Securities Arbitration Law Firm (888) 760-6552, recently obtained this information from the FINRA website under “Disciplinary and Other FINRA Actions, March, 2013.”

Alan Richard Joyce (CRD #1683601, Registered Principal, Jacksonville, Florida)

was fined $7,500 and suspended from association with any FINRA member in any capacity for 60 business days. Without admitting or denying the findings, Joyce consented to the described sanctions and to the entry of findings that he recommended stock and mutual fund transactions in a customer’s account without having reasonable grounds for believing that such transactions were suitable in view of the customer’s account objectives and financial situation and needs. The findings stated that the customer won lottery proceeds in her home state. In connection with the opening of the customer’s account with Joyce’s member firm, an Index Advisory Service Agreement was executed that set forth the parties’ responsibilities as it pertained to the measuring index, which basically represented the desired asset allocation to be maintained in the account.

FINRA’s findings also stated that the Index Agreement required that Joyce, on the firm’s behalf, assist the customer in determining an initial measuring index, consult with the customer in making changes to the measuring index, and obtain final approval of the measuring index (as well as any recommended changes to the measuring index) from a third party assisting the customer in the handling of her lottery winnings. Over the course of a year, the account suffered losses of approximately $183,355.57, resulting in a balance of $48,720.64. With little remaining assets in the account, and distributions continuing at the same rate, the balance had further dwindled and a final distribution of $4,281.33 was sent to the customer. Joyce received $2,457.32 in total compensation for handling the account.

FINRA found that at various times, Joyce exercised discretionary power in the trust account established for the customer’s benefit, without the trustee’s written authorization to place discretionary trades and without his firm’s written acceptance of the account as discretionary.

The suspension is in effect from February 4, 2013, through April 30, 2013. (FINRA Case #2010024156301)

The following information is from FINRA’s BrokerCheck:

Alan Richard Joyce is currently employed by and registered with the following FINRA Firm(s):

RAYMOND JAMES & ASSOCIATES, INC.
245 RIVERSIDE AVENUE
SUITE 500
JACKSONVILLE, FL 32202
CRD# 705
Registered with this firm since: 10/3/2003

Alan Richard Joyce was previously registered with FINRA at the following brokerage firms:

DEUTSCHE BANK SECURITIES INC.
CRD# 2525
NEW YORK, NY
01/2001 – 10/2003

DB ALEX. BROWN LLC
CRD# 17790
BALTIMORE, MD
12/1999 – 01/2001

PRUDENTIAL SECURITIES INCORPORATED
CRD# 7471
NEW YORK, NY
08/1998 – 09/1998

This ends the information from FINRA’s website.

If you have suffered financial losses due to your broker/dealer’s recommendations, call Soreide Law Group for a free consultation with an attorney: 888-760-6552.

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For someone with Alzheimer’s disease, one of the first skills to decline is the high-level function required to accomplish financial tasks such as paying bills, balancing a checkbook or reading a brokerage statement.

Unfortunately, the number of Americans with Alzheimer’s disease is expected to nearly triple by 2050. This epidemic will put even more pressure on financial advisors and stockbrokers to make sure they are not taking advantage of their clients.

According to a new government-funded report, which was published in the medical journal Neurology, the number of people suffering from this devastating disease will increase to 13.8 million over the next four decades, from 5 million today. Nearly half of those 85 and older are victims, according to the Alzheimer’s Association.

Only a few federal, state or industry guidelines exist to help financial planners navigate the potential legal, ethical and practical challenges of dealing with clients who exhibit mild or moderate dementia.

Were your loved ones sold investments or asked to make financial decisions by their brokers or financial advisors while suffering from Alzheimer’s disease? Call Soreide Law Group for a free consultation with an attorney at: 888-760-6552

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Finra warned investors that if the interest rates rise – as most pros expect – bond investors could be slammed by long duration, writes Dan Jamieson in a Feb. 14th., 2013 article for InvestmentNews.com

FINRA, the Financial Industry Regulatory Authority Inc. in an investor alert, told investors that in the event of rising interest rates, “outstanding bonds, particularly those with a low interest rate and high duration may experience significant price drops.”

FINRA gave the example of a bond fund with 10-year duration will decrease in value by 10% if rates rise one percentage point, the alert warns.

FINRA added that bond-fund investors can find measures of duration in a bond fund’s fact sheet, and individual bond investors can check with their investment professionals, the bond’s issuer, or they can use an online calculator to get the figure.

Short duration doesn’t mean risk-free, the alert says.

“Bonds and bond funds are subject to inflation risk, call risk, default risk and other risk factors,” the warning says.

Bonds are not without risk, however in many instances bonds are presented as the safe alternative.

If you find yourself in this position, call Soreide Law Group for a free consultation on how to potentially recover your financial losses: 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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Nicholas Rowe and his firm, Focus Capital Wealth Management, Inc. of Bedford, New Hampshire, were found liable in a case alleging negligence, civil fraud, and other misdeeds, involving the sale of risky ETFs (Exchange Traded Funds) to nine investors, according to a ruling by a Financial Industry Regulatory Authority (FINRA) arbitration panel. Some of these investors were in their fifties and sixties, including two widows. Rowe was ordered to pay $1.8 million to the investors.

The Reuters article goes on to explain that leveraged and inverse ETFs were designed to amplify short-term returns by using debt and derivatives and are considered more suitable for professional traders than for long-term investors or anyone does not want a high-risk portfolio. In 2009, FINRA and other regulators began issuing warnings about the sale of leveraged and inverse ETFs because they worried that brokers were selling them to buy-and-hold investors – a strategy likely to cause heavy losses.

The Reuters article says that FINRA arbitration may be the last hope for some investors whose advisers guided them to leveraged and inverse ETFs and then mismanaged the investments.

Investors in the Rowe case were all heavily concentrated in leveraged and inverse ETFs. That strategy is nearly guaranteed to lead to losses, since the investments effectively require betting on whether the market is going up or down.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. If you invested with Nicholas Rowe or Focus Capital Wealth Management, Inc., or had losses in other leveraged and inverse ETFs, call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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Recently, a New York City man working as a broker/dealer in Stamford, Connecticut, has been charged with securities fraud, according to a news release from U.S. Attorney David B. Fein’s office.

Jesse Litvak, 38, while working in the Stamford office of Jefferies & Co., is suspected of scheming to defraud by misrepresenting transactions either with the seller’s asking price to the buyer, or the buyer’s price to the seller, the release said. The difference in the price paid would be kept for Jefferies, the release said.

The release also said that he is suspected of misrepresenting bonds to buyers in Jefferies inventory by offering them for sale by third parties he made up, the release said. If he did this he was then able to charge the buyer an extra commission, the release said.

Jesse Litvak is suspected of doing this with residential mortgage-based securities, and allegedly defrauded six Securities Public-Private Investment Program funds and multiple private funds for $2 million, the release said. Litvak was also was charged with 11 counts of securities fraud, one count of Troubled Asset Relief Program fraud, and four counts of making false statements to the federal government, the release said.

If you feel you have been involved in this or any other rip-off to the investors by broker/dealers, call Lars Soreide of 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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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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Financial regulators are confronting investor frauds that are giving retirement savers steep losses on complex products that until a few years ago were aimed only at the most sophisticated investors, writes Nathaniel Popper in a New York Times article from Feb. 11, 2013.

These victims are among the millions of Americans whose mutual funds and stock portfolios fell in the financial crisis, and who started searching for ways to make better returns. Many investors put money into speculative bets promoted by aggressive financial advisers. These investments included private loans to young companies and shares in bundles of commercial real estate properties.

“Since the crisis, we’ve seen more and more people reaching out into different types of exotic investments that are a big concern to us,” said William F. Galvin, the Massachusetts secretary of the commonwealth.

Wednesday, Feb. 6th., 2013, Mr. Galvin’s office ordered one of the nation’s largest brokerage firms, LPL Financial, to pay $2.5 million for improperly selling the real estate bundles, known as nontraded REITs, or real estate investment trusts, to hundreds of Massachusetts residents from 2006 to 2009, in some cases overloading clients’ accounts with them.

J. Bradley Bennett, chief of enforcement at the Financial Industry Regulatory Authority, or FINRA, said that for the last two years, 10 staff members have looked at the “proliferation of these products, to understand how they are being sold.”

“It’s got our attention,” he said. “We recognize the trends.”

Brokers are eager to sell these investments because they often bring in higher commissions. Several of these products hold out the promise of higher returns. Many of the investors in these complex products have filed claims with FINRA.

Private placements have been on the list of top enforcement concerns published by the national organization of state securities regulators every year since 2007. The private placements are supposed to be available only to wealthy, sophisticated investors, but several loopholes have allowed them to end up in the portfolios of less sophisticated retirement savers.

REITs have been one of the most heavily sold products. The new version, nontraded — the type that got LPL Financial in trouble in Massachusetts — can be bought and sold only in private transactions.

The outstanding amount of such nontraded REITs grew to $65 billion last year, from $43 billion in 2009. FINRA also issued a $14 million fine in October against David Lerner Associates, a large purveyor of nontraded REITs in the New York area.

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 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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With the stock market crash of 2008-2009 there has been an onslaught of investors filing lawsuits against their stock brokers and brokerage firms for providing them with unsuitable advice. There is a direct inverse correlation with stock index averages and new case filings. In other words, in a down market more cases are filed. Many of these cases had no merit and were largely suits over market losses, but a large percentage represented investors that were legitimately steered into investments products that proved to be illiquid, commission laden, or a complete fraud, such as a ponzi scheme. All of these claims against stock brokers and brokerage firms must be filed with the Financial Industry Regulatory Authority or “FINRA” for short.
Recently investors have been having success bringing FINRA arbitrations against brokerage firms for the sale of the following types of investments:

1) Reverse convertible notes- These were marketed as safe securities that produced an income that are typically linked to the common stock of a particular company and if the underlying stock drops, then the note converts to common shares, and unsuspecting investors who thought they had a fixed income product end up with large amounts of falling common stock they never wanted;

2) Fannie and Freddie Mac preferred shares -sold on and after their 2008 IPO where investors were told the investments were government insured when they were not;

3) Tenant in common or TIC investments- Investors were told to shelter their real estate profits by purchasing a TIC through a 1031 exchange but ended up paying excessive commissions that far exceeded any tax liability and ended up with an over leveraged illiquid asset;

4) Private Placements- Many of these investments have proven to be illiquid, commission laden, and lack material disclosures to the investors;

5) Account Churning- This is where the broker trades excessively in the account with a high velocity generating excessive commissions usually disguised to the investors as “mark ups” or “mark downs”. This is an extra “hidden” commission the investors do not usually realize typically this is coupled with an excessive use of margin; and

6) Overconcentration- This is where a broker recommends a high concentration in one security or one asset class which can result in unnecessary risk, especially if you are at or nearing retirement.

If you are an investor and you feel your stock broker recommended an inappropriate investment or investment strategy that resulted in significant losses, Soreide Law Group offers a free consultation and portfolio analysis to decide if you have legal grounds to pursue a FINRA arbitration. To speak with a lawyer call (888) 760-6552 or (954) 760-6552.

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