Soreide Law Group is currently investigating the Wells Timberland REIT for the investors who suffered financial losses. FINRA, the Financial Industry Regulatory Authority, fined Wells Investment Securities $300,000 for improper sales materials when selling the Wells Timberland REIT, from May 2007 to September 2009. (Wells Investment Securities neither admitted nor denied the charges.)
FINRA stated that the marketing materials for the Wells Timberland REIT contained 116 “improper, unwarranted or exaggerated statements.” FINRA further stated that various information concerning diversification, distributions and redemptions of the REIT was misleading.
“By approving and distributing marketing materials with ambiguous and equivocal statements, Wells misled investors into thinking Wells Timberland was a REIT at a time when it was not a REIT,” said Brad Bennett, FINRA executive vice president and chief of enforcement, in a statement.
If you or a loved one invested in the Wells Timberland REIT due to your stock broker or financial advisor’s recommendation call Securities Lawyer, Lars Soreide, of Soreide Law Group at: 888-760-6552, or visit www.securitieslawyer.com.