Banks Law Office Files FINRA Arbitration Claim and Continues an Investigation Invoving Former FINRA Financial Advisors
Portland, Oregon (PRWEB) July 31, 2013 -- Banks Law Office has filed a FINRA arbitration claim against Royal Alliance Securities, and its former representative Kathleen Tarr. (FINRA 13-01522). The FINRA arbitration claim alleges that, based on the advice of Ms. Tarr, the client took an early retirement option from AT&T, then sold her diversified retirement investments to purchase non-traded REITs (Real Estate Investment Trusts) and variable annuities recommended by Tarr and Royal Alliance.
In addition, Banks Law reports that they are actively investigating LPL Financial and its former registered representative, Brian Brunhaver. Robert Banks, principal attorney at Banks Law, alleges that, “a financial advisor instructed our client to purchase non-traded Inland America and Inland Western REITs to fund future college costs for teenage children. In fact, the REITs the investors purchased are illiquid, and cannot be sold in time to meet college expenses.”
These investment products have come under new regulatory scrutiny just in the last few months. On May 2, 2013, FINRA issued an Investor Alert entitled, "Public Non-Traded REITs—Perform a Careful Review Before Investing. The alert warns investors about the same sales practices that form the basis of the claim filed by Banks Law. On May 22nd "Investment News Daily" reported that another case filed by William Galvin of the Massachusetts Securities Division (unrelated to the Banks Law Office claim) reached a settlement with five broker-dealers for the improper sale of non-traded REITs. The settlement included an assessment of $9.6 million for fines and restitution.
"The nature of the investments sold to the complaining investors led them seek recovery of their investment proceeds," states Mr. Banks. Banks Law Office represents investors in their claims against financial advisors, accountants, brokers, lawyers, and others.
Information on both Kathleen Tarr and Brian Brunhaver is available on FINRA's BrokerCheck. Banks Law Office joins FINRA, the SEC, and those consumer groups that urge investors to review FINRA's brokercheck database before agreeing to work with a financial advisor.
Please contact Banks Law Office to confidentially discuss concerns about an investment loss. http://www.bankslawoffice.com . http://www.financialproductalerts.com . 503.222.7475
Bob Banks, Banks Law Office, http://www.bankslawoffice.com, 800 647 8130, [email protected]
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