Category Archives: Reg D Offerings(private placements)

Alternative Investments, Failure to Supervise, Fraud, Private Placements, Reg D Offerings(private placements), Theft, UBS

John Maccoll Charged With Stealing Nearly $4 Million from UBS Customers-Birmingham, MI

August 2018-Birmingham, Michigan

The FINRA records of  John C. Maccoll,  a  stock broker who was last employed by UBS Financial Services ,  disclose that he was recently discharged by UBS after failing to cooperate with a FINRA investigation alleging that he misappropriated money from a client.

According to a complaint filed in Federal court by the Securities & Exchange Commission (SEC) , Maccoll defrauded at least 15 of his brokerage clients out of $4 million. Maccoll used high pressure tactics to convince his customers to invest, by telling them there was only a short window of opportunity.

According to the SEC complaint about $400,000 was used by Maccoll to make Ponzi-like payments to some of the customers to keep the scheme alive. The balance was used for Maccoll’s personal benefit.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Maccoll’s FINRA record discloses 11 prior customer disputes that were resolved by cash payments. Some of these prior cases were for unsuitable investments, including annuities and private placements.

There are two pending customer arbitrations by UBS customers seeking damages in excess of $1 million related to annuities and private placements.

Maccoll was employed by UBS Financial from 1/2006-3/2018.

If you have losses in an account handled by John C. Maccoll call for a no charge consultation to discuss your options for recovery of damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Madison Avenue Securities, Misrepresentation, Niagara International Securities, Private Placements, Reg D Offerings(private placements), REITs, Stockbroker Malpractice, Unsuitable Investments, VFG Securities

Mark Trewitt-Former VFG Securities Broker-Subject of Numerous Customer Suits-Plano, TX

May 2018-Plano, TX

According to publicly available records Mark A. Trewitt , (CRD# 1364490) ,  a   stockbroker who formerly worked for VFG Securities discloses 3 pending and 10 final customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The three pending cases seek total damages of over $1 million in damages and relate to investments in oil and gas private placements.

The prior cases include:

FINRA Case 17-2010-a customer of VFG Securities sought damages of $150,000 for negligence and breach of fiduciary duty in connection with the recommendation to purchase private non publicly traded real estate investment trusts (REITs). That case settled for $77,952.

In March 2017 a customer of VFG Securities filed FINRA Case 17-0669 seeking damages of $300,000 alleging an over concentration of alternative investments, including limited partnerships, direct investments in equipment leasing, promissory notes and real estate investments. That case settled for $139,645.

In February 2017 a customer of Madison Avenue Securities and VFG Securities filed FINRA arbitration 17-0217 claiming damages of $400,000 and alleging that between 2007-2011 Trewitt sold the customer real estate investment trusts (REITs) and private placements that were misrepresented. The case settled for $48,413.

Trewitt worked for  VFG Securities from 11/2010-11/2017 and  Niagara International Securities from  4/2017-6/2017. Prior to that he was employed by Madison Avenue Securities in Plano, TX, from 9/2006- 11/2010.

Mark A. Trewitt discloses numerous other business activities with other entities, including:

  • Insurance Funding Solutions
  • Integrated Financial Solutions
  • First Financial Resources
  • Stop the Wealth Leakage, LLC
  • Exceptional Risk Advisors
  • First Life Funding & Succession Capital Alliance
  • SDC Energy (Sandview Development Corp.)
  • Kosmos Management, LLC 

If you have questions about an account handled by Mark A. Trewitt, contact us to discuss your options.

Alternative investments include non publicly traded real estate investment trusts (REITS) , hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Alternative Investments, Failure to Supervise, Private Placements, ProEquities Inc., Reg D Offerings(private placements), Stockbroker Malpractice, Unsuitable Investments

Tom Till-Former ProEquities Broker-Discloses Settlement of Customer Dispute Involving Alternative Investments-Friendswood, TX

May 2018- Friendswood, TX

According to FINRA records,  Thomas  “Tom” A. Till ,  a stock broker who  is not currently registered and who last was employed in the industry by ProEquities Inc. , discloses the settlement of  FINRA arbitration 13-0021 in which a customer of ProEquities alleged various claims, including breach of fiduciary duty and misrepresentations in regard to his investment in three real estate investment trusts (REITs):

  • Inland Western
  • Behringer Harvard
  • Inland American

That case was settled for $30,000.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Till was employed by ProEquities from 10/2000-7/2017, and discloses a business affiliations with APPS Financial Group and Compass Tax Solutions in Friendswood, TX.

Illiquid alternative investments such as REITs are often sold with the promise of a steady and dependable stream of income and the opportunity for a ‘liquidation event’ in 5-7 years. Many investors purchase alternative investments with the mistaken belief that they are similar to a bond investment.

If you have questions about losses  an account handled  by Tom Till , call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

ProEquities Inc. , headquartered in Birmingham, Alabama, has been a FINRA member since 1985. They have over 1200 brokers in over 600 branch offices nationwide. ProEquities’ FINRA records disclose 60 prior regulatory events.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Alternative Investments, Business Development Company (BDC), Oil & Gas Investment, Oil and Gas Partnerships, Private Placements, Reg D Offerings(private placements), Stockbroker Malpractice, Unsuitable Investments

Want to Sell Your Alternative Investments? Want to Recover Losses on REIT Investments?

April 2018

Investors owning non publicly traded alternative investments, such as real estate investment trusts (REITs) and oil and gas partnerships may not have been aware of the meaning of illiquid when  the investments were recommended to them by a financial advisor or stockbroker.

These  investments generated high commissions for the firm and broker and were typically sold to unsuspecting with the promise of a steady dependable stream of income, a promise of steady or increasing value and with little discussion of the fact that the investment cannot be sold on any conventional exchange should a need for cash arise.

Many investors made the decision to purchase these investments without a clear understanding of the risks associated with them. Many purchased them not aware that they are illiquid.

If you have watched the value of your investments in alternative investments decline and wonder how you can get out of these investments that cannot be sold on any conventional exchange, you may be pleased to know that there are several secondary markets that have developed over the years which provide investors the opportunity to dispose of these investments.

Here are two popular market makers. Each has its own set of procedures for buying and selling alternative investments. Visit their sites for details.

Central Trade & Transfer

www.CTTAuctions.com

CFX Markets

www.CFXtrading.com

Recent (April 2018)  trading ranges quoted by CTT Auctions  for some of the most popular non publicly traded alternative investments.

ALTERNATIVE  INVESTMENT                    Recent Price

ARC New York City REIT                                 $13.00-13.28

Black Creek Diversified Prop.                      $6.85-7.00
Business Dev. Corp. (BDCA)                         $6.50-6.75
Carter Validus Mission Critical REIT       $5.50-5.75
CNL Healthcare                                                    $8.61-8.90
Cole Credit Prop Tr. IV                                      $7.65-8.00
Cole Credit V                                                          $18.55-18.85
Corporate Prop 17                                              $9.50-9.65

Corporate Prop 18                                             $7.95-8.17

Healthcare Trust (ARC II)                                $13.96-14.01

Highland REIT (InvenTrust spinoff)          $.21-.22
Hines Global REIT                                               $7.85-8.00

HMS Income Fund                                               $7.20-7.35
Inven Trust (Inland American)                      $1.84-1.90
KBS Legacy Prnrs Apt REIT                           $3.65-3.80
KBS II                                                                           $4.13-4.05

KBS REIT III                                                             $9.85-9.95
KBS Strategic Opp REIT II                             $7.75-8.00

Lightstone Value Plus REIT V                      $5.80-6.01
Northstar Healthcare Income                     $6.50-6.71
Phillip Edison Grocery Center REIT I      $9.25-9.50

Strategic Realty Trust (TNP)                         $4.50-4.55
United Development Fund III                      $2.50-2.65

HAVE YOU SUFFERED A LOSS ON ALTERNATIVE INVESTMENTS?

If you have losses on your alternative investments, you may be able to recover damages from the brokerage firm that recommended the investments to you. Call for a no obligation consultation with an experienced securities attorney to learn about you options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Alternative Investments, Annuities, Failure to Supervise, Limited Partnerships, Reg D Offerings(private placements), Stockbroker Malpractice, Unsuitable Investments, Wells Fargo

Keith Fontenot-Wells Fargo Stockbroker-Discloses Settlement of Customer Suits-Lafayette, LA

April 2018 -Lafayette, LA

According to publicly available records Keith A. Fontenot  (CRD#2296303) ,  a  stockbroker who currently is employed by Wells Fargo Clearing Services, disclose settlements in 2 customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA Case 15-2471 a Wells Fargo Advisors customer sought  damages in an unstated amount  and alleged misleading and unsuitable recommendations regarding buying and selling annuities. In October 2016 that case was settled for $400,000.

In FINRA case 17-1181 a customer of Wells Fargo Clearing Services sought damages of $80,000 and alleged unsuitable recommendations to invest in equities,  direct investments and limited partnerships. That case was settled in 2/2018 for $30,750.

Keith Fontenot has been employed with Wells Fargo Clearing Services since November 2016.  Before then he was employed with Wells Fargo Advisors since May of 2009.

Brokers have a duty to make recommendations that are suitable, taking into account the age, risk tolerance, health and level of financial sophistication of the customer.

If you have losses  in an account handled by Keith Fontenot,  contact us for a no charge consultation to discuss your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870