Soreide Law Group Files FINRA Arbitration Against FSC SECURITIES Due to AFIN Losses

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
FSC SECURITIES CORPORATION (Respondent)
The Claimants, a married couple from Texas, maintained a relationship with FSC Securities and their former financial advisor, Richard Gigliotti. Gigliotti is not named in the lawsuit.
FSC Securities and Richard Gigliotti were allegedly made aware that the Claimants did not want to take any unnecessary risks with their investments. The Claimants were sold American Realty Finance REIT (AFIN) by FSC Securities and their former Financial Advisor, Richard Gigliotti. The Claimants were allegedly told that AFIN would provide a safe income, and was a stable investment because it invested in solid real estate properties. Unfortunately for the Claimants, FSC Securities and Richard Gigliotti allegedly failed to adequately explain the severe risks of the investments and the exorbitant fees and costs that could impact the investments performance. AFIN has traded down more than 50% since going public in July of 2018.
The lawsuit alleges that FSC Securities owed the Claimants a fiduciary duty to act in the Claimants’ best interest. However, the Respondent allegedly over-concentrated the Claimants’ portfolio in a high-commission REIT. Because of the alleged misconduct, the Claimant has suffered significant damages of at least $15,000 during a time when the financial markets have enjoyed record returns.
The lawsuit alleges:  negligence, breach of fiduciary duty, negligent supervision and breach of contract. 
FINRA issued an investor alert to educate the public on these complex products. Prior to its Nasdaq debut, American Finance Trust was designed as a non-traded REIT.  Stockbrokers around the country sold AFIN to retail investors at $25.00 per share. An estimated $1,600,000,000.00 had been accumulated through the company’s offering prior to its going public. AFIN shares currently trade around $11 per share. AFIN was a high-risk investment with high fees, costs, and commissions.
If you were sold American Realty Finance REIT (AFIN) by FSC Securities and their former Financial Advisor, Richard Gigliotti, or any other broker/dealers, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.