oreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against (Respondent), NATIONAL SECURITIES CORPORATION (NSC).
The Claimants, a married couple from New York, maintained accounts with the Respondent. The lawsuit alleges that the losses they suffered were sustained because the Respondent mishandled the Claimants’ assets by failing to properly allocate and diversify the Claimants’ life savings. Allegedly, the Respondent and their Financial Advisor, EDWARD PAUL DEICKE (EDWARD DEICKE) recommended speculative non-traded REITs such as Northstar Healthcare and the AR Global NYC REIT. According to the allegations in the lawsuit, NATIONAL SECURITIES CORPORATION (NSC) failed to disclose the high fees and commissions earned for these illiquid investment recommendations. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. EDWARD DEICKE is not named in this lawsuit.
The lawsuit alleges that the Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns of actual damages of no less than $80,000. According to the lawsuit NSC’s actions in this case constitute: negligence, breach of contract, negligent supervision, breach of fiduciary duty, and violations of FINRA rules.
Non-traded REITs, are illiquid investments with substantial risk. Non-traded REITs do not re-price on a regular basis, are expensive, have historically been outperformed by REITs that are traded on national exchanges, and carry significant risk. Most non-traded REITs pay large commissions. Many of the dividend payments made by non-traded REITs do not actually represent distribution of earnings from the REIT, but instead either represent debt or a return of principal.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, EDWARD DEICKE, has two Customer Disputes on his CRD report. He has been in the securities industry for 29 years and is currently listed with, since 6/24/2015:
NATIONAL SECURITIES CORPORATION (NSC)
255 EXECUTIVE DRIVE SUITE 305
PLAINVIEW, NY 11803
If you have experienced losses due to the recommendations or actions of NATIONAL SECURITIES CORPORATION (NSC) and/or their broker, EDWARD DEICKE, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.