Soreide Law Group is investigating claims involving Independent Financial Group, LLC (IFG) and its financial advisor, Wenjinn (James) Chang, out of the firm’s Rockville, Maryland office regarding recommendations to investors to purchase concentrated investments in AFIN. Mr. Chang has been registered with IFG since 2012. Mr. Chang was previously registered with Ameritas from 2004-2012, AXA in 2003-2004, and PFS from 2002-2003. Soreide Law Group has been contacted by customers of Mr. Chang who he recommended large concentrations in AFIN and other REITs. Upon belief it is possible that Mr. Chang recommended AFIN generally to multiple other investors.
American Finance Trust, Inc. (AFIN), formerly known as American Realty Capital Trust, is a publicly traded real estate investment trust 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. American Finance Trust reported in its June 2018 Listing Presentation that its estimated-per-share net asset value (NAV) was $23.56 as of December 31, 2017. The AFIN shares closed on August 1, 2018 at $14.95 – over thirty-six percent less than the estimated NAV.
The investors were advised that AFIN would provide a safe and secure stream of income for retirement. AFIN dropped approximately 40% in a single trading day after the investment started trading publicly. Accordingly, investors have suffered substantial losses to their retirement savings due to the improper recommendations in AFIN.
If you were a customer of Independent Financial Group broker, James Chang of Rockville, Maryland, also known as, Wenjinn Chang, call Soreide Law Group at 888-760-6552 for a free consultation with an experienced securities lawyer.
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