Soreide Law Group is investigating claims on behalf of investors who were sold American Realty Capital Finance (AFIN) by former
CETERA INVETMENT SERVICES, LLC, broker, DENNIS ALLEN REEVE (CRD#: 1603350).
Reeve was employed by Cetera for nearly 12 years and worked in the Lake City Bank branch office in Warsaw, Indiana. According to FINRA’s BrokerCheck, Dennis Reeve worked in the securities industry for 17 years, and he was listed with 3 firms, the most recent below:
12/03/2003 - 10/29/2015 CETERA INVESTMENT SERVICES LLC - WARSAW, IN
American Finance Trust, Inc. (AFIN), formerly known as American Realty Capital Trust, 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. Prior to its Nasdaq debut, American Finance Trust was designed as a non-traded REIT, where shares had been sold by brokers to investors at $25.00 apiece. An estimated $1,600,000,000.00 had been accumulated through the company’s offering during its non-REIT phase. Today AFIN is trading at 12.75.
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. Accordingly, many investors have suffered substantial losses to their retirement savings due to the alleged improper recommendations in AFIN. Both FINRA and the SEC have issued warnings regarding REITs and the risks involved. Also, brokers are required to disclose those risks to their clients before they invest in REITs.
If you purchased AFIN through DENNIS ALLEN REEVE or any other broker from CETERA INVETMENT SERVICES LLC of WARSAW, IN, please contact Soreide Law Group and speak to an experienced securities lawyer, at no cost, to discuss your rights at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis—no fee to you if no recovery.
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