FSC Securities Clients Take Aim At Frank Briseno For Bad REITs
FINRA discloses troubling information in regard to securities broker Frank Briseno (CRD#: 1177246, Metairie, Louisiana). Notably, the regulator indicates that Briseno has been targeted by at least three investors in disputes about his sales practices. It seems that Briseno might have caused clients' losses by selling risky, inappropriate investments. Here’s what those investors indicate in their disputes about Briseno.
FSC Securities Corporation Settles Lawsuit About Frank Briseno’s Unsuitable Recommendations
Apparently, a client of FSC Securities Corporation contested Frank Briseno’s actions via a lawsuit in July 2019. Mainly, the client alleged that Briseno made “unsuitable recommendations” of a variable annuity and a real estate security. It seems that Briseno failed to consider the client’s risk tolerance, investment objectives, goals, experience or other things relating to suitability. Supposedly, Briseno did not have a reasonable basis to believe that his recommendations were suitable for any investor, let alone this client. Evidently, FSC Securities Corporation settled the client dispute in July 2020 by paying $3,500,000 to the client.
Briseno Supposedly Gives Bad Investment Advice About Non-Traded REITs
Evidently, in May 2020, a second client of FSC Securities Corporation complained about Frank Briseno. Apparently, just like the first client indicated, this client alleged that Briseno made unreasonable recommendations of non-traded real estate investment trusts (non-traded REITs). Notably, these types of securities are aggressive and can be especially problematic for those investors who require liquidity. It seems that Briseno may have failed to take the client’s interests or suitability profile into consideration before giving advice. For this reason, the client supposedly experienced $100,000 in losses which the client seeks to recover.
FSC Securities Client Suggests That Frank Briseno Misrepresented Information In Connection With Securities Transactions
Apparently, in June 2017, a client of FSC Securities Corporation alleged misrepresentations by Frank Briseno regarding non-traded REITs. Specifically, Briseno seems to have misled the client by making false statements about annuities, corporate bonds, stocks, money market funds and real estate securities. Not only that, but the client took issue with the valuation of the non-traded REIT and the losses that the client incurred. For this reason, the client asked for more than $5,000 in compensation. However, this complaint was denied.
FINRA BrokerCheck indicates that Frank Briseno denies all allegations of misconduct.
Did Briseno Sell You Bad Investments?
Have you experienced losses by investing with Frank Briseno? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors.
