San Francisco, CA (PRWEB) August 06, 2012
The Law Offices Of Jeffrey A. Feldman currently represents a Montana couple who lost a substantial portion of their total net worth when Bobby Parks, a broker at Fintegra, LLC (“Fintegra”) sold them a risky “tenancy-in-common” (“TIC”) investment called NNN Woodside Corporate Park, which was misrepresented as meeting the Claimants’ needs for income and safety of principal, according to allegations in a statement of claim filed with FINRA (FINRA Case No. 11-03733). Fintegra maintained an office in a branch of the Sterling Savings Bank in Montana, according to allegations in the FINRA claim. More information about the Law Offices of Jeffrey A. Feldman can be found at http://www.jeffreyfeldman.com.
As alleged in the FINRA Arbitration claim, Fintegra’s broker told the Claimants that the TIC investment would provide them with above market returns, steady monthly income, and tax benefits. Fintegra’s broker, according to allegations in the FINRA claim, also told the Claimants that upon the eventual sale of the property they could expect additional profit from an increase in the value of the property itself. Per allegations in the FINRA claim, however, the broker failed to discuss the many risks and negatives associated with the investment, including the precarious financial condition of the project. Fintegra and its broker also had knowledge of appraisal information indicating that the property was being sold to TIC investors at a price well above the fair market value of the property, and according to allegations in the FINRA arbitration claim, that information was not disclosed to the Claimants. Ultimately, the returns promised to the Claimants were eliminated altogether, and according to the FINRA arbitration claim, foreclosure on the TIC appears to be imminent, placing the Claimants in danger of losing their entire investment.
Mr. Feldman explained that, “It appears these TICs were speculative investments, only appropriate for sale to wealthy investors who could meet specific criteria for investment experience and income, however, they were being marketed to mom and pop investors like the Claimants for whom this was not a suitable investment, as they could not afford to lose their principal.” Mr. Feldman went on to say that, “Historically speaking, large commercial properties have been purchased by pension funds, insurance companies, REITs and extremely wealthy individuals . . . by packaging these properties in the way that they did, the TICs were sold to people who could not afford to support the properties in times of distress, which can cause a complete loss on the property for all of the investors.”