Tenant in Common Claim vs Workman SecuritiesResults in $300k Award

A married couple recently received a favorable arbitration award from a Financial Industry Regulatory Authority  (FINRA) arbitration panel. FINRA Case#12-259.

Workman Securities was sued by the couple for bad advice given by Workman's broker that the couple sell some of their real estate and use the proceeds to invest in a Tenant in Common (TIC) investment called Hawaii Self Storage 1, LLC.

Claimants contended that they wanted their money invested in a safe, secure property and to minimize their tax impact. Their claim further stated that the broker failed to disclose the adverse tax ramifications and the complexity of the TIC, thereby making the investment unsuitable for them.

The arbitration panel found Workman Securities Corporation liable and ordered them to pay the couple $300,000.

If you have losses in your brokerage account, you may be able to recover all or a part through FINRA arbitration.

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