Did You Experience Losses in AFIN With First Allied Securities and Broker Mike Robertson?

Soreide Law Group has filed two FINRA arbitrations on behalf of their clients against:
FIRST ALLIED SECURITIES, INC.
The clients claim an alleged lack of supervision and actions of their former broker/financial advisor, now deceased:
WILLIAM MICHAEL ROBERTSON (AKA: MIKE ROBERTSON) (CRD#: 823461).
William Michael Robertson was based in the Houston, Texas area.  Robertson was registered in the securities industry for forty years.  He was the host of the radio program known as "Straight Talk Money."  This program aired in the Houston, Texas area. “Mike” Robertson founded ROBERTSON WEALTH MANAGEMENT, LLC of HOUSTON, TX which was registered from 10/05/2000 to 02/08/2017.
The primary losses these clients have suffered due to the alleged recommendation of “Mike” Robertson were losses in American Finance Trust, Inc. (AFIN).  AFIN was formerly known as American Realty Capital Trust, and is a publicly traded real estate investment trust (REIT) listed on the Nasdaq focusing on managing and acquiring a high-quality single and multi-tenant portfolio that is service-retail focused, according to Yahoo Finance. Many investors were allegedly advised that AFIN would provide a safe and secure stream of income for retirement. AFIN dropped approximately 40% in a single trading day after the investment started trading publicly. Many investors have suffered substantial losses to their portfolios and retirement savings due to the alleged improper recommendations in AFIN. Both FINRA and the SEC have issued warnings regarding REITs and the risks involved.  Brokers are required to disclose those risks to their clients before they invest in REITs.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, WILLIAM MICHAEL ROBERTSON, has 5 Disclosures on his report. All 5 Disclosures are “Customer Disputes.” The significance of Robertson’s FINRA Customer Complaints is underscored in FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints. In other words Robertson’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 
According to FINRA’s BrokerCheck, beginning in October of 1990, a client alleged, “misrepresentation regarding the risk of & unsuitable recommendations of several mutual funds and limited partnerships.” The settlement amount was $45,000.00.
In July of 2009, a client alleged, “churning, unauthorized trading, unsuitability, and reckless use of margin by First Allied Securities.  Alleged activity took place between February 2008 to April 2009.” The settlement amount was $110,000.00.
In January of 2018, the “Claimant alleges that, from approximately 2008 through June 2014, Claimants' investment advisor recommended unsuitable investments and failed to disclose risks associated with Claimant's investments. Claimants allege breach of fiduciary duty, misrepresentations, and failure to supervise.” The settlement amount was $3,500,000.00.
In September of 2018, the “Claimant alleges his former financial advisor recommended investments that were not suitable for him. Claimant generally alleges breach of fiduciary duty, breach of contract, negligence and failure to supervise.” This case is currently pending and the client is seeking $75,000 in damages.

10/03/2000 - 12/13/2016  FIRST ALLIED SECURITIES, INC - DEER PARK, TX 
If you were a client of former FIRST ALLIED SECURITIES, INC. broker, WILLIAM MICHAEL “MIKE” ROBERTSON and experienced significant financial losses, especially in AFIN, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses through a FINRA arbitration at:   888-760-6552.   
Soreide Law Group represents our clients nationally before FINRA.  We operate on a contingency fee basis—no fee to you if no recovery.