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Investors who purchased shares in the publicly registered non-traded REIT Hospitality Investors Trust, Inc. (“HIT”) upon the recommendation of their financial advisor may be able to recover their losses in FINRA arbitration. HIT owns a portfolio of hotel properties throughout North America, including various Hilton-, Marriott- and Hyatt- branded hotels, within the select service and…

On May 15, 2015, the Wisconsin Department of Financial Institutions, Division of Securities (the “Division”) entered an Order against Respondent insurance agents Jace McDonald, Peter Viater, and Derek Anderson, in connection with private placement sales of life settlements to Wisconsin investors. Additionally, the Division named Conestoga Life Settlements, Conestoga International, Conestoga Trust, and Conestoga Member…

Investors in certain REITs based in Las Vegas may have arbitration claims against brokers or financial advisors if a FINRA-registered broker dealer that recommended the investment did not live up to its obligations under applicable rules. As members and associated persons of FINRA, brokerage firms and their financial advisors must ensure that adequate due diligence…

Recently, the Financial Industry Regulatory Authority (“FINRA”) ordered Wells Fargo & Co. to pay a $3.4 million fine in connection with sales practice issues related to recommendations of volatility-linked exchange-traded funds (“ETFs”) and volatility-linked exchange-traded notes (“ETNs”) to customers. Specifically, FINRA determined that between July 2010 and May 2012, some Wells Fargo brokers affiliated with…

Investors in Atlas Resources 28-2010 L.P. (“Atlas 28-2010” or, the “Partnership”) may be able to recover investment losses through FINRA arbitration. Atlas 28-2010 is a Delaware limited partnership formed on April 1, 2010, with Atlas Resources, LLC serving as its Managing General Partner and Operator (“Atlas Resources” or “MGP”). Atlas Resources is an indirect subsidiary…

Hospitality Investors Trust Inc. (formerly known as ARC Hospitality Trust, Inc.) is a non-traded real estate investment trust (REIT) focused on ownership of hotels and other lodging properties in the United States. As a publicly registered non-traded REIT, Hospitality Investors Trust was permitted to sell shares to the investing public at large, oftentimes upon the…

Investors in American Realty Capital Healthcare Trust III Inc. (“ARC HT III”) may be able to recover losses on their investment in FINRA arbitration. ARC HT III is a publicly registered non-traded real estate investment trust (“REIT”) sponsored by AR Global and based in New York, NY. As its name suggests, this non-traded REIT is…

Investors in ATEL 14 LLC (“ATEL 14,” or the “Company”), or a similar illiquid investment product, may be able to recover losses on their investment through FINRA arbitration, or in some instances, securities litigation. The attorneys at Law Office of Christopher J. Gray, P.C. possess considerable experience in representing aggrieved investors who have lost money…

Increasingly, hackers are breaking into retail brokerage accounts in order to steal investor assets or make illegal trades. This rise in cyber-generated theft and fraudulent securities schemes and activities has prompted the Securities and Exchange Commission (“SEC”) to begin tracking cyber-related criminal activity more closely. In June 2017, the SEC appointed Stephanie Avakian and Steven…

On October 11, 2017, Michael Giokas, the founder of Giokas Wealth Advisors, was reportedly arrested on fraud charges. Mr. Giokas’ arrest was the result of an investigation by the FBI Buffalo Office concerning allegations that the Williamsville broker misappropriated $200,000 from one of his clients. At Mr. Giokas’ arraignment before Magistrate Judge Michael J. Roemer,…