Former National Securities Corporation broker Mark Kolta (CRD #5324620) allegedly concentrated a married couple’s portfolios into American Realty Capital NYC, a non-traded real estate investment trust (REIT). Kolta allegedly described the investment as “short-term,” a one year to 18 month investment that would safely yield 12-18 percent depending on when the REIT went public. The lawsuit against the firm alleges National Securities Corporation failed to supervise Mark Kolta in order to prevent his mishandling of the client’s portfolios. Kolta allegedly recommended the couple and other clients make several purchases in the REIT. The REIT was high-commission and risky and illiquid in nature. REITs are non-conventional investments and have the potential for customer harm or confusion.
Kolta was previously registered with Merrill Lynch in Edison, New Jersey from January 2008 until April 2008, Chase Investment Services in New York, New York from April 2008 until December 2011, Cetera Advisors in New York from November 2011 until September 2013, National Securities Corp in New York from September 2013 until June 2017, and Aegis Capital in New York from June 2017 until February 2018. He is currently registered with Worden Capital Management in Garden City, New York, and has been since April 2018.
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