Ameriprise Broker Thomas Sharp Charged By FINRA With Misleading Communications Concerning Non-Traded REITs

by Gray on October 20, 2014

in Uncategorized

The Financial Industry Regulatory Authority has charged broker Thomas Sharp with making misleading communications to customers concerning non-traded REITs.    FINRA alleges that Sharp violated NASD Rule 2210(d)  by sending customers e-mails recommending the REITs that were not fair and balanced and failed to provide a sound basis for evaluating the facts. Sharp was associated with Ameriprise as a financial advisor from 1987 through September 2013.

Non-traded REITs have given rise to an increasing number of investor claims in recent years.  These REITs are largely illiquid, carry a risk of substantial loss of principal, and often result in commissions and fees of over 10% of the amount invested.

FINRA rules require that all financial advisor communications with customers be based on principles of fair dealing and provide a sound basis for evaluating an investment. In sanctioning Sharp, FINRA found that Sharp sent e-mails regarding non-traded REITs to two potential customers that were not consistent with these rules.

If you have suffered significant losses as a result of unsuitable recommendations of or misleading communications concerning non-traded REITs by a stockbroker or financial advisor, you may have a valid securities arbitration claim. To find out more about your legal rights and options, contact an attorney at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.

Previous post:

Next post: