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Articles Posted in Real Estate Investment Trusts

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New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%. Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. New York City REIT (NYC) Public Listing Nontraded REITS are illiquid, which means they can’t be easily sold. However, they often pay a high dividend, and the selling brokers sometimes tell investors that a liquidity event (public listing) could happen in the future that will allow them to get their principal out. Sometimes with nontraded REITS the liquidity event doesn’t happen, as in the case of The Parking REIT, which stopped paying distributions and told investors that a liquidity event may never occur.New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%.

Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. Continue reading ›

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Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987. Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Martinsen Alleged To Have Sold The Parking REIT One of the investments Martinsen and other Centaurus Financial brokers are alleged to have sold clients is The Parking REIT. The Parking REIT was created in 2017 with the merger of MVP REIT and MVP REIT II. The investment is illiquid, but attractive because of the dividend it paid. In 2018, the REIT (Real Estate Investment Trust) stopped paying dividends, and its value has gone down significantly.Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987.

Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Continue reading ›

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Kevin Rainwater (CRD:#3098443) is a currently registered broker and investment advisor currently employed with Arkadios Capital (CRD#: 282710) of Atlanta, GA, since 2017. He was previously employed with Stancorp Equities, Inc. (CRD#:19517), also of Atlanta, and with Manequity, Inc. (CRD#:5249), of Boston, MA.  He has been in the industry since 1998. Rainwater is the subject of four customer disputes: one filed on 4/26/2019, 2/7/2020 for $100,000, and two filed on 3/8/2020 for $125,000 and $650,000. Allegations include unauthorized trading and unsuitable product recommendations. Rainwater denies the allegations. These disputes are currently marked as “pending.”Kevin Rainwater (Kevin Lamar Rainwater CRD#3098443) is a currently registered broker and investment advisor currently employed with Arkadios Capital (CRD#: 282710) of Atlanta, GA, since 2017. He was previously employed with Stancorp Equities, Inc. (CRD#:19517), also of Atlanta, and with Manequity, Inc. (CRD#:5249), of Boston, MA. He has been in the industry since 1998.

Rainwater is the subject of four customer disputes: one filed on 4/26/2019, 2/7/2020 for $100,000, and two filed on 3/8/2020 for $125,000 and $650,000. Allegations include unauthorized trading and unsuitable product recommendations. Rainwater denies the allegations. These disputes are currently marked as “pending.” Continue reading ›

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The Parking REIT said in an April, 2020 letter to investors that the option to provide liquidity to shareholders by listing common shares on a stock exchange is “not currently viable” and “there can be no assurance that the company will cause a liquidity event to occur in the near future or at all.” This is disappointing news for investors in the non-traded REIT, which has already given them quite a bit of disappointment. In March, 2018, The Parking REIT announced that its board had unanimously approved the suspension of all cash distributions and stock dividends. The dividend paid by a non-traded REIT like The Parking REIT was its most appealing quality.The Parking REIT said in an April, 2020 letter to investors that the option to provide liquidity to shareholders by listing common shares on a stock exchange is “not currently viable” and “there can be no assurance that the company will cause a liquidity event to occur in the near future or at all.”

This is disappointing news for investors in the non-traded REIT, which has already given them quite a bit of disappointment. In March, 2018, The Parking REIT announced that its board had unanimously approved the suspension of all cash distributions and stock dividends. The dividend paid by a non-traded REIT like The Parking REIT was its most appealing quality. Continue reading ›

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Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy.Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy. Continue reading ›

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Approximately one year ago a customer lodged a dispute with the Financial Industry Regulatory Authority (FINRA) against broker Jeanpierre Ayala (a/k/a J.P. Ayala) (CRD# 2765730) due to conduct that occurred while Ayala was employed by Laidlaw & Company in Fort Lauderdale, Florida. Ayala is currently registered with Westpark Capital in Boca Raton, Florida.Approximately one year ago a customer lodged a dispute with the Financial Industry Regulatory Authority (FINRA) against broker Jeanpierre Ayala (a/k/a J.P. Ayala) (CRD# 2765730) due to conduct that occurred while Ayala was employed by Laidlaw & Company in Fort Lauderdale, Florida. Ayala is currently registered with Westpark Capital in Boca Raton, Florida.

According to Ayala’s CRD Report, published by FINRA, the customer alleged misrepresentation and recommendation of unsuitable investments over the course of 2013-2017 and now seeks $200,000. Ayala denies these allegations. The dispute arises out of private placement investments, including a real estate investment trust (REIT). The dispute is currently pending resolution. Continue reading ›

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Mercer Hicks III (CRD#: 245170, a/k/a “Mercer Hicks,” “Toby Mercer Hicks III,” or “Toby Hicks III”) is a currently registered broker and formerly registered investment advisor currently employed with Southeast Investments, N.C., INC. (CRD#: 43035) of Charlotte, NC. His previous employers include Capital Investment Group, Inc. (CRD#:14752) and Cantella & Co., Inc. (CRD#:13905), both of Pinehurst, NC, and American Investment Services, Inc. (CRD#:21111, expelled by FINRA in 2003) of Oklahoma City, OK. He has been in the industry since 1972.Mercer Hicks III (CRD#: 245170, a/k/a “Mercer Hicks,” “Toby Mercer Hicks III,” or “Toby Hicks III”) is a currently registered broker and formerly registered investment advisor currently employed with Southeast Investments, N.C., INC. (CRD#: 43035) of Charlotte, NC. His previous employers include Capital Investment Group, Inc. (CRD#:14752) and Cantella & Co., Inc. (CRD#:13905), both of Pinehurst, NC, and American Investment Services, Inc. (CRD#:21111, expelled by FINRA in 2003) of Oklahoma City, OK. He has been in the industry since 1972. Continue reading ›

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Silver Law Group has filed FINRA arbitration claims on behalf of clients who have invested with Flynn Wealth Management of Greer, South Carolina. Flynn Wealth Management was owned by now-barred broker James Flynn (CRD# 3082615) and operated under FINRA-registered firm Voya Financial Advisors. As the firm that approved the investments Flynn Wealth Management sold to its clients, Voya is responsible for Flynn’s conduct and are the respondent claims are made against. Silver Law Group has filed FINRA arbitration claims on behalf of clients who have invested with Flynn Wealth Management of Greer, South Carolina.

Flynn Wealth Management was owned by now-barred broker James Flynn (CRD# 3082615) and operated under FINRA-registered firm Voya Financial Advisors. As the firm that approved the investments Flynn Wealth Management sold to its clients, Voya is responsible for Flynn’s conduct and are the respondent claims are made against. Continue reading ›

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Silver Law Group filed another FINRA arbitration claim on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (CRD# 3082615) of Greenville, South Carolina.The claim requests compensatory damages for our clients, and alleges that Voya failed to supervise Flynn’s conduct while he was working for them relating to the sale of Phillip Edison REIT, Business Development Corp of America (BDC), and other investments.Silver Law Group filed another FINRA arbitration claim on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (CRD# 3082615) of Greenville, South Carolina.

The claim requests compensatory damages for our clients, and alleges that Voya failed to supervise Flynn’s conduct while he was working for them relating to the sale of Phillip Edison REIT, Business Development Corp of America (BDC), and other investments. Continue reading ›

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Jackie Wadsworth (CRD #2342163) is a barred broker who formerly worked with IMS Securities in Houston, Texas (CRD#: 35567). She previously worked with Retirement Investment Group (CRD#: 7421), also in Houston. She has been in the industry since 1993.Wadsworth is the subject of 9 disclosures, eight of them customer disputes, starting in 1999.Wadsworth was the CEO of IMS Securities, which was the underwriter and wholesaler for United Development Funding IV (UDF IV), a real estate investment trust (REIT). In 2016 the FBI raided the offices of UDF IV, and the price of its shares subsequently collapsed.Jackie Wadsworth (CRD #2342163) is a barred broker who formerly worked with IMS Securities in Houston, Texas (CRD#: 35567). She previously worked with Retirement Investment Group (CRD#: 7421), also in Houston. She has been in the industry since 1993.

Wadsworth is the subject of 9 disclosures, eight of them customer disputes, starting in 1999. Continue reading ›

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