Category Archives: REITs

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

Business Development Company (BDC), Failure to Cooperate with Regulatory Investigation, Failure to Supervise, H. Beck Inc, LPL Financial, Misrepresentation, REITs, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Richard E. Poston-Former H. Beck Broker-Subject of $500K Customer Dispute-Plano, TX

May 2018-Plano, TX 

The FINRA records of  Richard E. Poston ,  a  stockbroker who is not currently employed in the industry, and who last worked for H. Beck in Plano, TX, discloses a pending customer dispute, 4 prior customer disputes and a termination from employment.

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 March 2016 a customer of H. Beck filed FINRA Case # 16-0766 seeking $200,000 in damages and alleging that he was sold an unsuitable concentration of illiquid investments in non publicly traded real estate investment trusts (REITs) between 10/2007-9/2015. In July 2016 the case was settled for $185,000.

IN 7/2017 a customer of H. Beck filed FINRA Case 17-1789 alleging that Poston over concentrated their account with high risk, illiquid REITs and business development companies (BDCs) and is seeking damages of $500,000.

Poston was employed by H. Beck from 3/2010 until he was discharged in 12/2015 for failing to cooperate with an internal investigation. Prior to that he worked for a number of other brokerage firms in the Plano area, including LPL Financial.

Investors with losses in accounts handled by Richard E. Poston may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. Call for a no charge consultation.

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

Failure to Supervise, Misrepresentation, Newbridge Securities Corp., REITs, Salomon Whitney (SW Financial), Stockbroker Malpractice, Unauthorized Trading, Unsuitable Investments

Dennis Hayes-Former Newbridge Securities Broker-Discloses Numerous Customer Suits-Charlotte, N. Carolina

May 2018- Charlotte, N. Carolina

According to FINRA records,  Dennis Allen Hayes ,  a stock broker who  is not currently registered and who formerly worked for Newbridge Securities Corp. , discloses 3 pending and 2 prior final customer disputes and a termination from employment.

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 16-02002, a customer of Newbridge Securities alleged that they were sold unregistered securities. That case was settled in 8/2017 for $120,000.

In FINRA Case 16-0899 a customer of Newbridge Securities alleged fraud, misrepresentation and violations of the N. Carolina Securities Act. The case was settled in 7/2016 for $12,500.

The pending cases include:

  • FINRA Case 17-03125. A Newbridge Securities customer alleges negligence, concentration and unsuitable investments in non-traded REITs. Damages are unspecified.
  • FINRA Case 17-2853. A Newbridge Securities customer seeks damages of $650,000 and alleges that Hayes recommended unsuitable investments in promissory notes and private placements. The customer also alleges that Hayes engaged in unauthorized transactions.

Hayes was employed by Newbridge Securities from 2/2010-9/2016. In 9/2016  he was “permitted to resign” from Newbridge who made the following allegation on Hayes’ FINRA record: “He was permitted to resign based on two issues, first the firm has an open internal review regarding a customer complaint that evolved into an arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”

Hayes discloses business affiliations with Dennis A Hayes, CPA, and Dennis A. Hayes Finanical Services in Charlotte. He was employed briefly by Salomon Whitney Financial during 4/2017.

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

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

Berthel Fisher and Company, Concorde Investment Services, Limited Partnerships, Moody Securities, Oil & Gas Investment, Oil & Gas Master Limited Partnership (MLP), Oil & Gas Royalty Trusts, Oil and Gas Partnerships, Oil related investments, REITs, Stockbroker Malpractice, Unsuitable Investments

Meredith A. McCutchen-Former Berthel Fisher/Concorde Investment Broker-Settles Customer Suit-Houston, TX

May 2018-Houston, Texas

According to FINRA records,  Meredith Ann McCutchen ,   a stock broker who was previously  employed by Concorde Investment Services and Berthel Fisher and who is currently employed by Moody Securities , discloses a recent settlement of a customer complaint.

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 17-02096 a customer of McCutchen, while employed by Berthel Fisher and Concorde Investments, alleged that their account was mishandled by McCutchen. The investments involved were Oil and Gas and Real Estate securities. In January 2018, the customer was paid $44,000 to resolve the arbitration.

McCutchen has been employed by Moody Securities since 3/2016.

If you have questions about losses  an account handled  by Meredith A. McCutchen, call for a no charge consultation to learn how you may be able to recover 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

Failure to Supervise, FINRA, Misrepresentation, REITs, Stockbroker Malpractice, Unsuitable Investments

Losses on an Investment in The Parking REIT ?

March 2018

The Parking REIT, Inc. , a Maryland real estate investment trust announced suspension of cash distributions and stock dividends on March 23, 2018.

According to a press release issued by the company, the board is focused on preserving capital in order to maintain sufficient liquidity to continue to operate the business and maintain ability to service debt.

The Parking REIT (formerly MVP REIT II) is an unlisted, publicly traded REIT that invests primarily in parking lots and garages in the U.S. Assets include 44 parking facilities in 15 states.

Unlisted REITs are not traded on a national exchange and therefore are difficult, and sometimes impossible, to sell should an investor need liquidity.

Many investors were sold REITs with the promise of a steady and dependable income stream and now are faced with a reduction of income. For retirees on fixed income, this can present serious financial issues.

If the broker who recommended an investment in The Parking REIT misrepresented the risks associated with it or if the broker did not have reasonable basis to make such a recommendation, losses may be recoverable from the firm employing the broker. Call for a no charge consultation to discuss your 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