Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against the Respondent:


The Claimants, a couple residing in Texas, maintained a relationship with Sagepoint Financial, advisor MICHAEL GLEN HILL (Michael Hill) CRD#: 3026108.  The Respondents were allegedly made aware that the Claimants did not want to take any unnecessary risks with their investments. However, the Claimants were sold the American Realty Finance REIT (AFIN) and ARC Healthcare REITs by SAGEPOINT FINANCIAL and their Financial Advisor, Michael Hill. Michael Hill is not named in the law suit.

There are two types of public REITs, those that trade on a national securities exchange and those that do not. Non-traded REITs, are illiquid investments with substantial risk. Non-traded REITs suffer from illiquidity, unreasonable commissions, poor diversification, and numerous conflicts of interest.

American Finance Trust, Inc. (AFIN), formerly known as American Realty Capital Trust, is a publicly traded real estate investment trust (REIT) listed on the Nasdaq focusing on managing and acquiring a high-quality single and multi-tenant portfolio that is service-retail focused, according to Yahoo Finance. Prior to its Nasdaq debut, American Finance Trust was designed as a non-traded REIT, where shares had been sold by brokers to investors at $25.00 apiece. An estimated $1,600,000,000.00 had been accumulated through the company’s offering during its non-REIT phase. AFIN was trading today at 10.07.  AFIN has traded down more than 50%.

ARC Healthcare REITs are publicly registered non-traded real estate investment trusts (REITs) focused primarily on investing in healthcare-related assets including medical office buildings, seniors housing and other healthcare-related facilities.

The lawsuit alleges that the Claimants were told that these investments would provide safe income, and were stable investments that held solid real estate properties. Unfortunately for the Claimants, SAGEPOINT FINANCIAL and Michael Hill allegedly failed to adequately explain the risks of the investments and the high fees and costs that could impact the investments performance. The investments have performed poorly as the Claimants enter retirement.

The allegations of the lawsuit are that SAGEPOINT FINANCIAL and their registered representative, Michael Hill, over-concentrated the Claimants’ portfolio in a high-commission REITs. The alleged damages of the Claimant were at least $51,000 during a time when the financial markets have enjoyed record returns.

The lawsuit alleges the Respondent’s actions in this case constitute: breach of contract, negligence, violation of FINRA rules, and breach of fiduciary duty.

According to FINRA’s BrokerCheck, Michael G. Hill, has 5 Disclosures on his report, 4 of the Disclosures are Customer Disputes.  Hill has been registered in the securities industry for 20 years and was listed with 6 firms, he has been registered with the following firm since 10/5/2012:



PLANO, TX 75023 

If you’ve suffered losses, particularly through the purchase of REITs at SAGEPOINT FINANCIAL, INC. of Plano, Texas, and/or with their registered representative, Michael G. Hill, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to discuss the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationally on a contingency fee basis.