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Sep 26, 2017

FRANKOWSKI FIRM INVESTIGATING STEPHEN JOE WILLIAMS AND NEXT FINANCIAL GROUP, INC.

By |September 26th, 2017|Non Traded Real Estate Investment Trust|

The Frankowski Firm is investigating potential claims against stockbroker Stephen Joe Williams, who works in the Madison, Alabama office of NEXT Financial Group, Inc. NEXT Financial Group is headquartered in Houston, Texas. Mr. Williams’ FINRA BrokerCheck report reveals six disclosures since 2004, including one regulatory action against Mr. Williams and five customer disputes. The two [...]

Jan 24, 2017

FINRA January 2017 Disciplinary Actions

By |January 24th, 2017|Alabama, Bonds, Broker Check, Churning, Conflict of Interest, Conspiracy, Failure To Supervise, Fiduciary Duties, FINRA, FINRA News, Fraud, Georgia, Hedge, Bond & Mutual Funds, Legal Matters, Master Limited Partnership, Misappropriated Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, Private Placements, Pump-And-Dump, REIT, SEC, Securities Law Violations, Selling Away, Suitability, Variable Annuity|

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may [...]

Jan 2, 2017

VFG Securities Settles Claims With FINRA

By |January 2nd, 2017|FINRA, FINRA News, Non Traded Real Estate Investment Trust, Press Releases & News, Suitability|

VFG Securities Inc., a small broker-dealer, and its owner, Jason Vanclef, reached a settlement agreement with FINRA regarding allegations that he and the firm had customers overly concentrated in illiquid investments and had used a book he had written to pump up these alternative investments. FINRA had filed a complaint claiming that the firm failed [...]

Oct 19, 2016

SEC Hits UDF With Wells Notice

By |October 19th, 2016|Fraud, Misrepresentation and Fraud, NASDAQ, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

The Frankowski Firm, LLC currently represents multiple investors who have invested in troubled United Development Funding REITs. Earlier this week, the Securities and Exchange Commission issued a Wells notice against the Texas company, which indicates that the SEC has made a preliminary determination to potentially recommend an enforcement action against it. Meanwhile, the NASDAQ stock [...]

Oct 10, 2016

Mickey Long Banned From Selling Alt. Investments

By |October 10th, 2016|Non Traded Real Estate Investment Trust, Press Releases & News, Private Placements, Suitability|

The Texas State Securities Board has banned broker Mickey Long from recommending alternative investments, including nontraded REITs, after he concentrated a client's account with too many such investments. The state also suspended him for forty-five days and put him on heightened supervision by his firm, Calton & Associates Inc., for two years. Regulators have [...]

May 25, 2016

UDF IV Defaults On $35M Loan

By |May 25th, 2016|Fraud, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC|

United Development Funding IV (UDF IV), a Texas Real Estate Investment Trust (REIT), has defaulted on a $35 million term loan and has suspended its distributions to shareholders. The trust has been surrounded by trouble since December, when an anonymous post on an investor website claimed that UDF IV was operating as a Ponzi scheme. [...]

Mar 2, 2016

Frankowski Firm Investigating UDF REITs

By |March 2nd, 2016|FINRA, Fraud, Legal Matters, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, Securities Arbitration, Securities Law Violations, Suitability|

The Frankowski Firm is continuing its investigation into United Development Funding III and IV (UDF) on behalf of investors in the company's real estate investment trusts (REITs). The FBI recently raided the company's offices in Texas, and immediately afterward UDF IV's price dropped to $3.20 per share, more than 81% lower than its December 2015 [...]

Feb 19, 2016

Texas REIT Offices Raided By FBI

By |February 19th, 2016|Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

The FBI raided the office of a Texas REIT, United Development Funding IV, this week. The firm saw its stock price drop 81% in the past two months after a hedge fund alleged it was operating for years like a Ponzi scheme. “The FBI is lawfully present and conducting law enforcement activity” at the UDF [...]

Feb 9, 2016

Broker Lies About Charging $11M In Commissions For Nontraded REITs and BDCs

By |February 9th, 2016|Failure To Disclose, Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, REIT|

FINRA charged a broker for lying to a Native American tribe about the $11 million in commissions he charged when he sold the tribe $190 million in nontraded real estate investment trusts and business development companies. Between June 2011 and January 2015, broker Gopi Krishna Vungarala “regularly lied to his customer, a Native American tribe, regarding [...]

Jan 22, 2016

Top Investor Threats

By |January 22nd, 2016|Non Traded Real Estate Investment Trust, Oil / Gas Investments, Ponzi Scheme, Press Releases & News, REIT, Securities Law Violations, Unregistered broker dealer, Unregistered Securities|

The following is a list compiled by the North American Securities Administrators Association of the top financial products and practices that threaten to trap unwary investors and small business owners: Unregistered Products / Unlicensed Salesmen: The offer of securities by an individual without a valid securities license should be a red alert for investors. Con artists [...]

Dec 28, 2015

FINRA December 2015 Disciplinary Actions: Part II

By |December 28th, 2015|Failure To Supervise, FINRA, FINRA News, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Press Releases & News, Private Placements, REIT, Securities Law Violations, Variable Annuity|

Wunderlich Securities, Inc. (Memphis, TN) submitted an AWC in which the firm was censured and fined $50,000. FINRA found that it failed to establish, maintain, and enforce an adequate supervisory system and written procedures regarding the preparation and dissemination of consolidated reports. The findings stated that although the firm’s WSPs expressly permitted the preparation and dissemination [...]

Dec 14, 2015

Texas REIT Plummets Following Ponzi Allegations

By |December 14th, 2015|Fraud, Misrepresentation and Fraud, NASDAQ, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC|

Stock in United Development Funding IV has gone into a free fall following a report published on an investor website that alleged the real estate investment trust has operated for years like a Ponzi scheme. Harvest Exchange, an online professional network for investors, published an anonymous post about UDF called "A Texas-Sized Scheme: Exposing the [...]

Dec 3, 2015

RCAP Shutting Down Wholesaling REIT Division After Fraud Charges, Drop In Sales

By |December 3rd, 2015|Fraud, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Press Releases & News, Securities Law Violations|

RCS Capital Corp. ("RCAP") announced this week that it is closing its wholesaling brokerage division following a decline in sales of nontraded real estate investment trusts and allegations of fraud. The shutdown will result in the layoff of roughly 150 employees. Another 50, elsewhere in the company, will also lose their jobs. The company was [...]

Nov 17, 2015

AR Capital Halts Creation Of New Nontraded REITs

By |November 17th, 2015|Fiduciary Duties, Non Traded Real Estate Investment Trust, Press Releases & News, REIT|

AR Capital, the massive real estate investment trust sponsor established by Nicholas Schorsch, will cease creating and selling new alternative investment products. “As a result of regulatory and market uncertainty affecting capital raising for both new and existing offerings in the direct investment industry,” AR Capital will stop taking new investor funds for the programs [...]

Oct 15, 2015

FINRA Fines Six IBDs For Failing To Discount Large REIT Sales

By |October 15th, 2015|Failure To Supervise, FINRA, FINRA News, Non Traded Real Estate Investment Trust, Press Releases & News, REIT, Securities Law Violations|

Voya Financial Advisors Inc., Transamerica Financial Advisors Inc. and four other independent broker-dealers failed to give clients appropriate discounts on large sales of nontraded real estate investment trusts and business development companies. In turn, FINRA fined the six over $500,000 combined. The fines comes as part of FINRA's crackdown on firms not properly giving their customers [...]

Aug 4, 2015

Former Broker, Robert K. Smith, Under Investigation

By |August 4th, 2015|Broker Check, FINRA, FINRA News, Non Traded Real Estate Investment Trust, Press Releases & News, Private Placements, REIT, Suitability|

Robert Keith Smith, formerly a broker with Berthel Fisher, has been accused by more than ten of his clients throughout his career of overconcentrating their accounts in private placement securities, including equipment leasing programs, oil and gas investments, and non-traded real estate investment trusts. Smith started his career in 2000 with American General Securities and [...]

May 13, 2015

LPL Financial Fined $11.7M For ‘Widespread Supervisory Failures’

By |May 13th, 2015|Failure To Supervise, FINRA News, LPL, Non Traded Real Estate Investment Trust, Press Releases & News, REIT, Securities Law Violations, Variable Annuity|

FINRA ordered LPL Financial to pay $11.7 million in fines and restitution for what it called "widespread supervisory failures" pertaining to sales of complex products. According to the regulator authority, from 2007 to April 2015, LPL failed to adequately supervise sales of particular investments, such as exchange-traded funds, variable annuities, and nontraded real estate investment [...]

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