Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 28, 2016 indicate that Utah-based Key Investment Services broker Frank Godfrey has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Godfrey (CRD# 1533739).
Bruce Godfrey has spent 28 years in the securities industry and has been registered with Key Investment Services in Salt Lake City, Utah since September 2015. Previous registrations include Cuna Brokerage Services in American Fork, Utah; JP Morgan Securities in Sandy, Utah; Chase Investment Services in Sandy, Utah; Wells Fargo Investments in Salt Lake City, Utah; XCU Capital in West Jordan, Utah; Commonwealth Financial Network in Waltham, Massachusetts; Ameritas Investment Corporation in Lincoln, Nebraska; Financial Network Investment Corporation in El Segundo, California; and Pruco Securities in Newark, New Jersey. He is a registered broker in Utah.
According to his BrokerCheck report, Frank Godfrey has received one customer complaint and resigned from two former employers.
In 2013 Frank Godfrey voluntarily resigned from Chase Investment Services following allegations of account churning.
In 2006 Frank Godfrey voluntarily resigned from XCU Capital following allegations he failed to follow firm policies and procedures.
In 2004 a customer alleged Frank Godfrey, while employed at XCU Capital, engaged in misconduct related to a real estate investment trust product: the customer requested an investment that would allow him to withdraw funds without penalty, but incurred a $340 fee when he liquidated the funds. The complaint reached a settlement in which $7,560 of the customer’s original $8,000 investment were sent to him.
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, 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 complaints regarding Frank Godfrey, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.