Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
WORLD EQUITY GROUP, INC (Respondent)
According to the lawsuit, the Claimants invested with WORLD EQUITY GROUP’s Financial Advisor, Preston Runyan. The lawsuit alleges that the Claimants advised the Respondent and the Financial Advisor that they were looking for a solid and secure investment for their children. Preston Runyan is not named in this lawsuit.
The lawsuit alleges that their Financial Advisor, Preston Runyan, recommended a speculative investment of approximately $25,000.00 in the Hospitality REIT. The lawsuit alleges that WORLD EQUITY GROUP failed to adequately disclose the risks and commission earned on the recommendation. The lawsuit states that as the investment declined, the Respondent and the Financial Advisor assured the Claimants that the investment was protected.
According to the lawsuit, Hospitality REIT recently filed for bankruptcy, and the Claimants may sustain a full loss of principal during a time when the overall markets have generated record returns.
The lawsuit states that the Claimants have allegedly suffered damages of approximately $25,000.00. The lawsuit is claiming: breach of fiduciary duty, breach of contract, negligence, and also violation of NASD, and FINRA rules.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, PRESTON DOUGLAS RUNYAN, has been in the securities industry for 34 years and has 4 Disclosures on his FINRA CRD report. Runyan has had no Disclosures since November of 2009.
Preston Runyan has been employed with the following firm since 1/2/2008:
WORLD EQUITY GROUP, INC.
68 Winthrop New Road
Sugar Grove, IL 60554
Soreide Law Group has been contacted by several investors regarding financial losses in the Hospitality REIT (HIT REIT), and are filing FINRA arbitrations against the brokers/dealers or financial advisors that marketed and sold this REIT as a safe, asset backed investment that was suitable for retirees or conservative income investors.
The Hospitality Investors Trust Inc. (HIT REIT), filed for Chapter 11 bankruptcy in May of 2021 in hopes of restructuring their $1.3 billion in unsecured debt. Hospitality REIT is a non-traded REIT that owns hotel properties and claims due to the impact of the coronavirus on their business, they will no longer have sufficient cash on hand to continue to pay its current obligations for the first half of 2021.
If you have experienced financial losses due to the actions or recommendations of WORLD EQUITY GROUP, INC. and/or their registered representative, Preston Runyon, of Sugar Grove, Illinois, contact Soreide Law Group and speak to an experienced securities 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 basis and represents clients nationwide before FINRA.