Stockbroker fraud is a hot topic these days. Thousands of investors make claims each year about investment scams and Ponzi schemes. In many cases, when the dust settles, the only “deep pocket” is the brokerage firm that facilitated the sale of the investment. Other times, registered reps simply don’t take the time to know their […]
REITs Hit The Skids
[Post Updated 2019] It’s no coincidence that the three top headlines in InvestmentNews Daily today all addressed the problems facing REITs. As lawyers that assist investors who were defrauded or misled by stockbrokers and investment advisors, we have heard many sad stories recently… elderly investors who were told to invest in thinly traded REITs, people […]
Citicorp Fined $500,000 For Failing To Supervise Stockbroker
by Brian Mahany Citicorp Global Markets was fined $500,000 by the Financial Industry Regulatory Authority (FINRA) for failure to supervise a stockbroker who stole hundreds of thousands of dollars from clients many of whom were elderly or infirm. According to regulators, one of the victims was her own father! Brokerage firms are responsible for supervising […]
More Bad News For Investors In David Lerner Associates Apple REITS
The bad news continues for investors in the Apple family of Real Estate Investment Trusts (REITs) sold by David Lerner Associates. Apple announced that they will not increase the number of authorized redemptions. That means those David Lerner clients seeking redemption probably will be out of luck. That’s bad news for people who need their […]
FINRA Busts Brokerage Firm For Misleading the Elderly
by Brian Mahany David Lerner Associates, Inc is the latest stockbroker to come under scrutiny by the Financial Industry Regulatory Authority (FINRA). Regulators say the company targeted elderly and unsophisticated investors and improperly recommended investment in real estate investment trusts (REIT’s) shares without informing their customers of the difficulty in later cashing in these investments. Specifically, […]