San Francisco, CA (PRWEB) March 19, 2012
The Law Offices Of Jeffrey A. Feldman currently represents an Ohio man who lost a substantial portion of his total net worth when broker Edward M. Detomaso, Jr. of Securities America, located in Mayfield, Ohio, sold him unsuitable investments in a private placement called IMH Secured Loan Fund, and a REIT called Behringer Harvard Opportunity REIT, according to allegations in a statement of claim filed with FINRA (FINRA Case No. 12-00542). More information about the Law Offices of Jeffrey A. Feldman can be found at http://www.jeffreyfeldman.com.
At the time the Claimant invested in IMH and Behringer, he was both out of work and nearing retirement age, and according to allegations in the claim filed with FINRA, did not want to take risks with his investment funds. As alleged in the FINRA arbitration claim, Broker Edward M. Detomaso, Jr. of Securities America, recommended IMH and Behringer as investments that would allow the Claimant to avoid the risks of the stock market, while providing income, safety of principal, and liquidity. To the contrary, as set forth in the FINRA Arbitration claim, IMH, which was not publicly traded at that time, was in fact a high risk private real estate investment trust that made real estate loans. IMH loaned money on speculative raw land, not yet approved for development, and according to allegations in the FINRA claim, this information was glossed over in IMH marketing materials and representations made by Securities America and Mr. Detomaso. Similarly, the Behringer REIT, also represented as safe, stopped paying interest and dividends soon after the Claimant purchased it, as alleged in the claim filed with FINRA.
Contrary to the representations made to the Claimant, the investments in IMH and the Behringer REIT were speculative, risky and highly concentrated, according to allegations in the FINRA arbitration claim. The Claimant had never before put so much of his money into one investment sector, and as alleged in the claim filed with FINRA, only did so because he was told how safe IMH and Behringer were. Presently, there appears to be no market for these securities, and the Claimant stands to lose all of the money he put into these investments, according to allegations in the FINRA arbitration claim.