Inland American REIT has changed its name to Inventrust Properties Corp. In addition, the Company’s SEC fillings report a recent tender offer of $2.00 per unit from Mackenzie Realty. The $2.00 a share tender offer represents a sharp dropoff from Inland American’s initial offering price of $10.00 a share. Inland American is an enormous company-…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) recently fined LPL Financial $10 million fine and ordered it to pay $1.7 million in restitution to investors who lost money with LPL brokers. The charges levied by FINRA alleged widespread supervisory failures involving securities such as nontraditional exchange-traded funds, variable annuities and non-traded real estate investment trusts (or…
Continue reading ›Financial Industry Regulatory Authority (FINRA) records show that broker Christopher Veale (Veale) has been the subject of multiple customer complaints as well as other regulatory proceedings arising out of his dealings with customers. FINRA records indicate that Veale has had at least 12 customer complaints, as well as six judgments, levied against him. FINRA records…
Continue reading ›The Financial Industry Regulatory Authority (“FINRA”) recently sanctioned and barred stockbroker Matthew Davis due to allegations of misconduct while Davis was associated with Beneficial Investment Services, Inc. from November 2008, through April 2010. Davis was later employed by OneAmerica Securities, Inc. from April 2010, through July 2013. FINRA’s charges allege that Davis misappropriate customer funds,…
Continue reading ›South Florida financial advisor Ariel Hernandez, was reportedly arrested and accused of stealing hundreds of thousands of dollars from customers. Hernandez allegedly transferred funds out of customer accounts and into accounts in his name, in the process allegedly forging a customer’s signature. Authorities in the South Florida community of Pembroke Pines have charged Hernandez with…
Continue reading ›Oil prices have rapidly tumbled to under $50 a barrel, from well over $100 a barrel, leaving prices at their lowest level since 2009. As a result of the plummet in oil prices, some investors whose portfolios were concentrated in investments whose value is linked to the price of oil or other energy products have…
Continue reading ›Popular Securities, Inc. (Popular Securities) was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) for violations in their dealings related to Puerto Rico municipal bond funds. Managers touted the Puerto Rico bond funds as providing tax benefits to investors, such as exemption from United States estate and gift taxes, as well as triple tax…
Continue reading ›Derek Weaver was recently barred by the Financial Industry Regulatory Authority (FINRA) after he failed to provide documents and information requested by FINRA to investigate his dealings. FINRA first requested documents from Weaver in December 2014. FINRA authority was looking into allegations that Weaver may have participated in a Ponzi scheme, the nature of which…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) recently sanctioned brokerage firm Sigma Financial, for alleged supervisory failures. FINRA alleges that from April 2011 through June 2012, there existed supervisory deficiencies at Sigma, namely: the supervision of registered representatives, suitability processes and procedures, customer information procedures and branch office registration for trade execution. Sigma’s supervisory and compliance…
Continue reading ›Securities lawyers are investigating brokerage firms who made inappropriate recommendations and sold investments in Icon Leasing Fund 11 and Icon Leasing Fund 12, as well as LEAF Equipment Leasing Income Funds I-IV, to investors who would not be able to withstand the high risks associated with the funds. Equipment-leasing funds of this type are both…
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