Broker Barred by FINRA for Over-Concentration in REITs and Other Illiquid Alternative Investments

Soreide Law Group, (888) 760-6552, obtained this information from FINRA’s website listed as “Disciplinary and Other FINRA Actions, February, 2014.”

Gary Joel Chackman (CRD #1705039, Registered Principal, North Wales, Pennsylvania)

was barred by FINRA. According to the FINRA investigation, Gary Chackman recommended real estate investment trusts (REITs) and other alternative investments to his member firm customers and those purchases were in higher concentrations then the firm's limit on alternative investments. These purchases were made at different intervals into the accounts. Allegedly, Chackman did not identify the customers' liquid net worth which was required on the firm's forms. By falsifying the alternative investment forms, Chackman increased his sales, but over-concentrated his customers illiquid alternative investments. Chackman was able to evade the firm's supervision, which in turn caused the firm's books to be inaccurate.
(FINRA Case #2012031742301)

Gary Chackman was previously registered with the following FINRA firm(s):

SUMMIT BROKERAGE SERVICES, INC. (CRD# 34643) - BALTIMORE, MD
03/2012 - 04/2013

LPL FINANCIAL LLC (CRD# 6413) - BALTIMORE, MD
12/2001 - 03/2012

AXA ADVISORS, LLC (CRD# 6627) - NEW YORK, NY
05/1990 - 12/2001

THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES (CRD# 4039) - NEW YORK, NY
05/1990 - 01/2000

This ends FINRA's information available on their website.

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