Customer Complaints of California Broker, ANGELO TALEBI

Soreide Law Group has been contacted by former clients of California broker:
ANGELO TALEBI CRD#: 2243829
The losses the clients suffered were mainly from alleged recommendations in Northstar REITs:  NorthStar Real Estate Income Trust, NorthStar Real Estate Income Trust I, and NorthStar Real Estate Income Trust II.
NorthStar Real Estate Income was formed to invest in real estate debt, select equity and securities investments predominantly in the United States. The company raised more than $1.1 billion in an offering that was declared effective by the SEC in July 2010. NorthStar Real Estate Income II raised $1.1 billion in investor equity before closing its offering in November 2016 and oversaw a $1.6 billion portfolio of 23 investments as of the third quarter 2017, according to Summit Investment Research. 
Real Estate Investment Trust (REIT) products such as NorthStar are typically high risk and speculative investments. Because of this, non-traded REITs are often inappropriate for investors with more conservative portfolio. The investments are also not suitable for investors who require liquidity in their portfolios.
According to FINRA’s BrokerCheck, ANGELO TALEBI, has 34 Disclosures on his report.  Of the 34 Disclosures, 32 are CUSTOMER COMPLAINTS.  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, Talebi has 32. Talebi’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 
Here are a sampling of the 32 Customer Complaints.  The following have all settled:
In September of 2014, the client allegations were, “Alleges unsuitable sale of variable life insurance policy in 2006.  Also alleges unsuitable and illiquid REIT investments and mismanagement and excessive trading and use of margin in securities account.” The settlement amount was, $500,000.00.
In September of 2015, “Alleges misrepresentation and unsuitability, among other allegations, in connection with investment in LEAF IV, a REIT and a variable annuity. Also alleges excessive trading an unsuitable use of margin.” The settlement amount was, $100,000.00.
In December of 2015, “Customers alleged misrepresentation and unsuitability in connection with the purchase of a limited partnership fund.” The settlement amount was $297,000.00.
ANGELO TALEBI has been registered in the securities industry for 23 years and is currently not currently registered as a broker.  He was listed with 5 firms, the 3 most current are listed below:
04/22/2014 - 04/29/2016  INDEPENDENT FINANCIAL GROUP LLC – SHERMAN OAKS, CA
11/16/2012 - 04/11/2014  ROYAL ALLIANCE ASSOCIATES, INC. - BEVERLY HILLS, CA
11/12/1999 - 12/12/2012  LPL FINANCIAL LLC - BEVERLY HILLS, CA 
If you’ve experienced losses due to the recommendations of former broker, ANGELO TALEBI, especially in illiquid REITS, such as the Northstar REITs, contact Soreide Law Group and speak to an experienced securities lawyer at no cost 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 on a contingency fee basis. No fee to you if no recovery.