(December 12) Legal action by Massachusetts securities regulators serves as a warning to investors about an entire class of investments. Charges were filed against LPL Financial LLC, the largest organization of independent financial advisors in the U.S., on the sales of nontraded REITs offered by Inland American Real Estate Trust, the largest nontraded REIT in…
Continue reading ›PORTLAND, Ore.— Banks Law Office is investigating claims filed by the Financial Industry Regulatory Authority (FINRA) against David Lerner & Associates (DLA) for selling non-traded real estate investment trusts (REITs) to seniors without disclosing the risks of the investment, violating federal securities laws. Last month, clients holding shares in non-traded REITs created by Apple REIT Cos.…
Continue reading ›Scott McKee Investor Update: In response to a number of recent inquiries from clients of Scott McKee, we are posting updated information. Here is what we can tell investors as of October 5, 2011. McKee No Longer at Morgan Stanley Mr. McKee’s last day at Morgan Stanley was September 30, 2011. At Morgan Stanley’s request,…
Continue reading ›By Robert Banks, Investor Rights Lawyer Non-traded REIT (Real Estate Investment Trust) sales are once again in the news. The Financial Industry Regulatory Authority (FINRA) filed an enforcement case against David Lerner & Associates for selling Apple REITs to seniors without disclosing the risks of the investment. Several private class action lawsuits have been filed…
Continue reading ›David Lerner & Associates, Inc. (DLA), of Syosset, NY, is under investigation by FINRA, the Financial Industry Regulatory Authority. FINRA filed a complaint charging the firm with soliciting investors to purchase shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT) without conducting a reasonable investigation to determine whether it was…
Continue reading ›Banks Law Office is actively investigating Apple REITs, certain collateralized mortgage obligations (“CMOs”), and Real Estate Mortgage Investment Conduits (“REMICs”) sold by David Lerner Associates, Inc. ( “DLA”). This investigation follows a formal complaint filed by FINRA alleging that DLA sold Apple REIT Ten shares “targeting unsophisticated and elderly customers” to buy illiquid securities. Glade…
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