Lisa Hallaian of Cambridge Investment Research is the broker named in a pending customer arbitration over a non-traded REIT investment. Hallaian's CRD number is 1485651. The claim's allegations are unproven, and no arbitrator has ruled on them.
A customer filed the claim with FINRA on September 16, 2026. It seeks $500,000 and lists a non-traded REIT or real estate product. The disclosure names Cambridge Investment Research as the firm.
According to the statement of claim, the investments recommended to the customer were unsuitable. The claimant also alleges not understanding the risks tied to the investment. BrokerCheck shows the claim as pending against Lisa Hallaian.
A FINRA arbitration starts with the statement of claim, which sets out the customer's allegations and damages. The broker and the firm then file answers. Under FINRA's rules, Lisa Hallaian and the firm can each respond to the allegations.
Next, the parties pick arbitrators from lists that FINRA sends them. Document exchanges follow, and the panel rules on any discovery disputes. A hearing comes last, unless the parties settle or the claimant withdraws the claim first.
Many cases take a year or more to reach a hearing.
An unsuitability claim sets the recommendation against the customer's profile. That profile covers age, income, net worth, goals, risk tolerance and need for cash. A non-traded REIT can tie up money for years, and share redemptions often face limits.
So a claim like this usually turns on whether the customer needed the money sooner and understood that limit. Arbitrators in a case like the one naming Lisa Hallaian weigh that profile against the product. One early question we ask in a REIT case is how much of the customer's savings went into it.
Nearly every brokerage account agreement has an arbitration clause, so investor disputes are usually heard in FINRA arbitration rather than in court. The first step is the investor's statement of claim, which sets out what happened and what is owed. The brokerage firm and the broker then answer the claim in writing. Next, the parties pick a panel of one or three arbitrators from lists FINRA provides. After that comes discovery, where each side exchanges account records and other documents. Many claims settle before a hearing is held. Those that do not are decided by the panel in a written award. Awards are public on FINRA's website, while a settlement amount shows up only on the broker's BrokerCheck report.
Every FINRA member firm must supervise its brokers. Investors with questions about an account Lisa Hallaian handled can call Soreide Law Group at (888) 760-6552. You can also reach us online. Our attorneys represent investors in FINRA arbitration nationwide. We take these cases on a contingency fee basis. You can read more about how FINRA arbitration works.
This post summarizes public FINRA records, including BrokerCheck, as of November 11, 2026. Allegations in customer complaints and arbitrations are claims, not findings. Pending claims remain open and undecided. A settlement is also not an admission of wrongdoing. FINRA may also update or correct these records after that date.
Delaware Statutory Trusts sponsored by Versity Investments are at the heart of each pending claim on Edward Fernandez's BrokerCheck report. Fernandez (CRD 2956661) is the broker, and the disclosures name Capulent as the firm. The claims are pending, and their allegations are unproven. In statements on BrokerCheck, Fernandez denies them.
A pending customer claim tops April Waldman's BrokerCheck report, and an older dispute at the same firm settled in 2024. Waldman (CRD 4653460) is the broker on both, and each names Centaurus Financial as the firm. The pending claim is an unproven allegation, and no arbitrator has ruled on it.
Lisa Hallaian of Cambridge Investment Research is the broker named in a pending customer arbitration over a non-traded REIT investment. Hallaian's CRD number is 1485651. The claim's allegations are unproven, and no arbitrator has ruled on them.
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