A National Securities Arbitration & Investment Fraud Law Firm

FacebookTwitterLinkedInJustiaFeed

Articles Tagged with Non-traded REITs

Published on:

Silver Law Group is investigating former Greenville, South Carolina-based broker James T. Flynn (CRD# 3082615) after FINRA permanently barred the broker.

FINRA Bars James T. Flynn After Numerous Customers File FINRA Arbitrations

According to Flynn’s FINRA BrokerCheck report, FINRA permanently barred Flynn in June 2018 after he failed to respond to a FINRA inquiry. The FINRA bar follows approximately 17 disclosures on Flynn’s FINRA BrokerCheck report and two employment terminations within one year.

Published on:

Silver Law Group is investigating brokers and brokerage firms that sold American Finance Trust, Inc.  Recently, the American Finance Trust (Stock Ticker: AFIN) begins trading on the Nasdaq Exchange 40% less than what investors initially paid.

American Finance Trust went public and was listed on the Nasdaq Exchange in July 2018.  American Finance Trust began trading on the exchange at $15-per-share, which is $10 less per share than what many investors paid when they initially purchased the investment, making it a collective billion-dollar disaster for investors.

Published on:

Silver Law Group is investigating Wilmington, Delaware-based Coastal Equities, Inc. (CRD# 23769) broker Luke Johnson (CRD# 461987) for unsuitable recommendations in non-traded REITs, annuities and other illiquid investments.

In August 2017, a Coastal Equities customer filed a FINRA arbitration alleging that Johnson recommended unsuitable securities purchased in approximately 2015.  The FINRA arbitration complaint alleges $56,000 in damages.  In 2005, Johnson’s previous firm permitted Johnson to resign after he admitted that he signed the name of his office’s designated supervisor on four (4) variable life insurance application forms which indicated an acceptable suitability review by the supervisor.

Johnson operates under the name Legend Capital Group Inc. As part of his business under Legend Capital Group, he sells fixed insurance and annuity products for various insurance companies, according to his FINRA BrokerCheck report. He is also an investment advisor with Coastal Equities.

Published on:

The Parking REIT recently announced that the board unanimously approved the suspension of all cash distributions and stock dividends, effective March 22, 2018.  Their press release states, ”The Board is focused on preserving capital in order to maintain sufficient liquidity to continue to operate the business and maintain compliance with debt covenants, including minimum liquidity covenants…”

Additionally, it has notified the SEC that the company will not be able to make its 10-K filling on time.

This company, the product of a recent merger between two REITs, (real estate investment trust) is a publicly registered, non-traded entity that focuses on a specific type of real estate. In this case, the focus is parking lots and parking-related facilities. The merger between MVP REIT and MVP REIT II was finalized in late 2017. The company is now known as “The Parking REIT,” and is based in Las Vegas, NV. (A REIT is required to pay out 90% of its income in order to avoid corporate income tax.)The company has a portfolio with 44 parking facilities across 15 states.

Published on:

Silver Law Group is investigating the Parking REIT after the company ceased paying its shareholders dividends and distributions. If you’ve invested in the Parking REIT or its affiliates, we may be able to help you recover your money.

The Parking REIT’s and its CEO’s Background

The Parking REIT was formerly two (2) separate non-traded REITs: MVP REIT and MVP REIT II. MVP REIT II changed its name to the Parking REIT and, in December 2017, the two (2) REITs merged.

Published on:

Silver Law Group is investigating the Parking REIT after the public, non-traded REIT suspended cash distributions and stock dividends to its shareholders. If you’ve invested in the Parking REIT or its affiliates, we may be able to help recover some of your money.

The Parking REIT Ceases Distributions and Dividends

In March 2018, the Parking REIT announced that the board of directors unanimously authorized a suspension of the Parking REIT’s cash distributions and stock dividends to “focus on preserving capital” and “seek to enhance the value of the [Parking REIT] … through potential future acquisitions.”

Published on:

Broker Dawn Bennett Has Suspension Lifted by FINRA on silverlaw.comSilver Law Group is investigating St. Augustine Florida-based D.H. Hill Securities, LLLP (CRD# 41528) broker Charles T. Stevens (CRD# 1698058) after FINRA sanctioned D.H. Hill Securities over misconduct concerning public non-traded REITs.

Charles Stevens and St. Johns Financial Planning

Stevens’ runs his own St. Augustine, Florida-based D.H. Hill Securities office under the moniker St. Johns Financial Planning.  St. Johns Financial Planning and Stevens hold themselves out as an independent agency specializing in retirement and estate markets that has been in business in the St. Augustine, Florida area for the past twenty-five (25) years, according to Stevens’ and his firm’s website.

Published on:

Leon Vaccarelli Fined and Sanctioned by FINRA on silverlaw.comSilver Law Group is investigating Kingwood, Texas-based brokerage firm D.H. Hill Securities, LLLP (CRD# 41528) (“D.H. Hill”) after FINRA sanctioned the firm for its conduct concerning the firm’s role as underwriter of a real estate investment trust (“REIT”).

D.H. Hill Securities Enters into a Settlement with FINRA

D.H. Hill entered into an Acceptance, Waiver & Consent (“AWC”), signed in November 2016, with FINRA.  The AWC alleged that, between February 2012 through April 2013, D.H. Hill participated as a dealer manager of a REIT offering, replacing another firm in the process.  When D.H. Hill replaced the previous brokerage firm, it failed to seek or obtain authorization from FINRA’s Corporate Financing Department to proceed with the offering, a requirement under FINRA Rule 5110.

Published on:

Silver Law Group is investigating Houston, Texas-based IMS Securities Inc. (CRD# 35567) broker Michael J. Spears (CRD# 4501523) after two (2) customers filed complaints against Spears regarding non-traded REITs.

According to Spears’ FINRA BrokerCheck report, two customers filed complaints against Spears in 2016.  The first, in August 2016, alleges negligence, misrepresentation, failure to supervise, breach of fiduciary duty and involves non-traded REITs.  The FINRA arbitration claim alleges over $1.6 million in damages.

The second, filed in July 2016, also involves real estate securities as well as variable annuities (“VAs”).  This FINRA arbitration complaint alleges negligence, overconcentration, breach of fiduciary duty, misrepresentations, failure to supervise and damages in the amount of $3 million.

Contact Information