FRANKOWSKI FIRM INVESTIGATING LPL FINANCIAL, LLC FOR SALE OF NON-TRADED REITS IN NEW JERSEY
The New Jersey Bureau of Securities has entered an Administrative Consent Order making findings against LPL Financial and assessing a civil penalty of $950,000 for LPL’s unsuitable sales of alternative investments including non-traded real estate investment trusts (REITs), non-traded business development companies (BDCs), and other non-traded (and therefore illiquid) investments. The Bureau found that LPL […]
Frankowski Firm Investigating Broker Bob Wamhoff
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Frankowski Firm Investigating Jerry McCutchen for Multiple Acts of Broker Negligence and Fraud
The Frankowski Firm is continuing its investigation of now-expelled securities broker Jerry McCutchen. McCutchen has been the subject of a multitude of customer complaints since 2000, the vast majority of which were filed since 2012. These complaints contain various allegations of securities law violations, including unsuitable investment recommendations, negligence, and fraud, among other causes of […]
FINRA January 2017 Disciplinary Actions
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What Investors Should Know about Real Estate Investment Trusts
A “good” investment portfolio is diverse, consisting of securities in a variety of industries. Brokers and financial advisors may recommend that you invest in real estate, and one way to do that it through a Real Estate Investment Trust, or REIT. REITs are a lot like mutual funds, in that they allow investors of all […]
SEC Hits UDF With Wells Notice
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 […]
Texas Broker-Dealer Fined Over Variable Annuities
An annuity exchange allows brokers to transfer an investor’s funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 by FINRA for failing to supervise their brokers who used the annuity exchange to benefit themselves, according to a recent Investment News article. The brokers at IMS were […]
UDF IV Defaults On $35M Loan
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. […]
Frankowski Firm Investigating Former Broker Jerry McCutchen
The Frankowski Firm is investigating ex-broker Jerry McCutchen. If you purchased real estate investment trusts (“REITs”) from him and lost money, you may have grounds to bring a securities claim. According to FINRA’s BrokerCheck, McCutchen has been accused of making unsuitable investment recommendations. He has also been the subject of numerous broker fraud claims alleging […]
UMT Headquarters Raided By Law Enforcement
Law enforcement authorities raided the headquarters of United Mortgage Trust (“UMT”) in a suburb of Dallas, Texas this month, looking for documents pertaining to management of the company. A search warrant was issued by a federal magistrate of the United States District Court for the Northern District of Texas. Particular executive offices and employees were […]