Published on:

Gregory Chona (Ameriprise) Has REIT Complaints

Gregory ChonaPublic records provided by the Financial Industry Regulatory Authority (FINRA) in September 12, 2016 indicate that former Florida-based Ameriprise Financial Services broker Gregory Chona is unaffiliated with any licensed broker-dealer and has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Chona (CRD# 1643600).

Gregory Chona has spent 27 years in the securities industry and was most recently registered with Ameriprise Financial Services in Sarasota, Florida (2013-2016). Previous registrations include MetLife Securities in Sarasota, Florida; Brookstone Securities, which has since been expelled by FINRA, in Sarasota, Florida; Raymond James Financial Services in Sarasota, Florida; Merrill Lynch in New York, New York; American Express Financial Advisors in Minneapolis, Minnesota; MetLife Securities in Springfield, Massachusetts; and Metropolitan Life Insurance Company in New York, New York. He is currently not registered with any state or firm.

According to his BrokerCheck report, Gregory Chona has received two customer complaints.

In 2014, a customer alleged Gregory Chona, while employed at MetLife Securities, inappropriately recommended that he invested in real estate investment trusts, and did not inform him of the “high risk” of the product. The complaint settled in October 2015 for $45,000.

In 2013, Gregory Chona paid $154,999.19 “through a short sale” to settle a debt of $409,595.71 with Ocwen Loan Servicing, LLC.

In 2006, a customer alleged Gregory Chona, while employed at Raymond James Financial Services, executed unauthorized trades in an account shared with another financial advisor. The complaint settled for $6,634, to which Mr. Chona individually contributed $6,634.

A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, certain REITS, and especially non-traded REITs, may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

 If you have lost money investing with Gregory Chona, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. Time to file your claim may be limited by law, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.