Category Archives: REITs

Arete Wealth Management, Berthel Fisher and Company, Oil & Gas Investment, REITs, StockBroker Misconduct, Unsuitable Investments

Alvery Bartlett- Former Berthel, Fisher & Co. Broker-Discloses Customer Suits Seeking $10M+-St. Louis, MO

September 2019 – St. Louis, MO

According to publicly available records  Alvery Anthony Bartlett, Jr. (CRD#13975), a stockbroker who is currently employed by Arete Wealth Management and who previously worked for Berthel, Fisher & Company Financial Services (BFCFS) disclose one prior prior and 3 currently pending customer disputes.

The Financial 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 December of 2014, a Berthel Fisher customer filed FINRA case #14-03867 alleging they were sold unsuitable investments and that they were victims of misrepresentation.    The case settled for $25,000 with $5,000 of the settlement being paid by Bartlett.

In currently pending FINRA Case 19-1843, a customer of Berthel Fisher is seeking damages of between $1.7 million and $3 million and alleges that Bartlett sold the client unsuitable investments, including Oil & Gas deals, REITs and business development companies. The customer alleges that Berthel Fisher and Bartlett failed to perform adequate due diligence.

In currently pending civil case #A -18-767962 filed in Clark County, Nevada state court , a customer of Berthel Fisher alleges that they were sold unsuitable oil and gas limited partnerships, private placements and hedge funds and is seeking damages of  $6.6 million.

In another currently pending matter, FINRA case #17-03515,  filed in 1/2018 , a Berthel Fisher customer that they were sold unsuitable oil and gas limited partnerships and real estate investments and is seeking damages of $3.9 million.

Alvery Bartlett was with Berthel, Fisher & Company Financial Services, Inc. from 1/1992-8/2016. He has been employed by Arete Wealth Management since 8/2016. Bartlett discloses business affiliations with Alvery Bartlett Fund Management, Alvery Bartlett Fund Distribution, Alvery Bartlett Wealth Management, Alvery Bartlett Group, all located in St. Louis, MO.

If you have questions about an investment account handled by Alvery Bartlett, contact us for a no charge consultation to learn about 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

Annuities, Capital Financial Services, Failure to Supervise, REITs, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

William Gordon-Capital Financial Services Broker-Discloses12 Customer Suits-Clearwater, FL

February 2019 – Clearwater, FL

According to publicly available records  William B. Gordon  (CRD# 2127800) ,  a   registered stockbroker currently employed by Capital Financial Services  disclose a prior regulatory event, a pending customer dispute and 12 prior 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 2009, an Investors Capital Corporation customer filed FINRA case #09-01323 alleging negligence, breach of fiduciary duty and common law fraud in connection with the purchase of certain investments, including REITs.    The customer was awarded damages of  $150,970.

Eleven other Investors Capital Corporation customers filed customer complaints against Gordon with allegations ranging from  unsuitable investments, breach of contract, breach of fiduciary duty, negligence to fraud.   Total settlements paid to the customers was in excess of $1.1 million.

In pending FINRA case 19-0204,  a customer of Capital Financial Services, Inc.,  alleges unsuitability, misrepresentation and omissions and breach of fiduciary duty in connection with REIT and annuity investments. The customer is seeking damages of  $200,000.

Gordon was employed by Investors Capital Corp. from 1998 until November of 2010.   He has been employed with Capital Financial Services, Inc. since 11/2010.

If you have losses in an account handled by William Gordon, contact us for a no charge consultation to learn how you may be entitled 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

Centaurus Financial, Failure to Supervise, REITs, StockBroker Misconduct, Unsuitable Investments

Bill Burks-Centaurus Broker-Discloses Pending Customer Dispute-Flower Mound, TX

January 2019, Flower Mound, TX

According to publicly available records William “Bill”  Burks II , (CRD# 2944992) , a  stockbroker who is registered with Centaurus Financial,  discloses a pending customer dispute and 6 prior 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 a pending matter, in May 2018 a customer of Centaurus Financial  alleged that  a recommendation made by Burks to invest in a real estate investments was unsuitable and the associated liquidity risks were not fully explained.   The customer seeks damages of $415,000.  

In a prior customer dispute in 2011, a customer of Centaurus Financial alleged that Burks made inappropriate recommendations. To resolve the matter Centaurus cancelled two non publicly traded REIT investments totalling $955,291 and arranged for the reversal of five variable annuity withdrawals of over $1  million. 

Burks has been employed with Centaurus Financial since August 2000.   

If you have losses in an account in an account handled by Bill Burks  contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

Aegis Capital Corp, Limited Partnerships, Misrepresentation, National Securities Corporation, REITs, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Worden Capital Management

Mark Kolta-Former National Securities Corp Broker-Subject of Customer Suits -New York

May 2019-Garden City , New York

According to publicly available records Mark Sam Kolta ,  a   stockbroker who formerly worked for National Securities Corp.  and who  is currently registered with Worden Capital Management, disclose 6 currently pending customer disputes, 6 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 recently filed FINRA case 19-920 , a customer of National Securities Corp. alleges that Kolta breached his fiduciary duty and made unsuitable recommendations in variable annuities and real estate securities. The customer seeks damages of $300,000.

In FINRA case 19-312, a customer of Aegis Capital alleges that Kolta breached his fiduciary duty and made unauthorized trades. The customer seeks damages of $55,000.

In currently pending FINRA arbitration 18-3346 a customer of National Securities Corp. alleges that Kolta made misrepresentations. breached his fiduciary duty  and sold them a real estate security. The customer seeks damages of$422,000.

In currently pending FINRA arbitration 18-2394 a customer of National Securities Corp. alleges that Kolta made misrepresentations and sold them an unsuitable real estate security. The customer seeks damages of $120,000.

In another currently pending FINRA arbitration (#18-2017) a customer of National Securities Corp. alleges that Kolta made an unsuitable recommendation to invest in a real estate security and made misrepresentations in connection with the sale. The customer seeks damages of $450,000.

In 2011 Kolta was discharged by a former employer, Chase Investment Services, who makes the following allegation on Kolta’s FINRA record: “Registered rep advised customers of another brokerage firm in the trading of options during his employment with the firm without the firms knowledge or permission.”

Mark Kolta was employed by National Securities Corp. from 9/2013-6/2017. He was with Aegis Capital Corp for a short time from 6/2017-2/2018 and has currently been employed by Worden Capital Management since 4/2018.

If you have questions about an account in an account handled by Mark Kolta , 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

REITs, StockBroker Misconduct

How to Recover Losses on American Finance Trust, Inc. (AFIN)-Formerly American Realty Capital Trust V

April 2019

If you invested  in American Realty Capital Trust V, now American Finance Trust, Inc. (AFIN), in 2013 and paid $25 per share, you may be surprised to know that it is currently trading at under $10. Here is a 5 year recent chart of the decline of this investment:

The name was changed to American Finance Trust when the company went public in June 2018.

In a report just issued by investment bank Robert A. Stanger & Co. the listing of this former non-traded REIT has turned into an ugly “belly flop”. As recently as  June 2018 the company announced an estimated per share net asset value of $23.56, which is far greater than the traded value. This represents a loss of about $1 billion of the company’s equity value.

Investors who may have purchased AFIN five years ago at $25 a share, they have lost more than  40% of their investment. Investors who paid nearly $18 a share for AFIN in the fall of 2018 have lost nearly 50%.

If you have suffered significant losses on an investment in AFIN, call for a no charge consultation to learn about you may be able to recover damages from the broker dealer who recommended the investment.

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