Soreide Law Group, PLLC, and Securities Attorney Lars K. Soreide, are investigating James J. Albright, Jr., and Sagepoint Financial, Inc., previously known as AIG Financial Advisers, of Manitowoc, Wisconsin.
The alleged claims are based on Albright’s recommendations to his clients to purchase unsuitable, risky and illiquid non-traded real estate investment trusts (“REITs”). Due to the result of Albright’s alleged sales practices, his clients suffered substantial losses and cannot access their funds, which are now locked into illiquid investments.
Some of the REITs involved are: KBS, Behringer Harvard, G, NNN Healthcare Office, and Inland Western.
For years, Soreide Law Group has been cautioning our clients and readers of our blog, about the dangers of these risky REIT investments, including, but not limited to, the illiquidity, and high commissions paid to the brokers. Non-traded REITs are now being scrutinized by the securities regulators. They are watching in particular the suitability for the individual investor, asking whether the investment is suitable and how these products sold or ‘pitched’ to the customer. Non-traded REITs have declined dramatically in value over the past several years.