Articles Posted in REIT Complaints

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Cindy CornettePublic records published by the Financial Industry Regulatory Authority (FINRA) on December 4, 2016 indicate that Tennessee-based Wells Fargo Advisors Financial Network broker/adviser Cindy Cornette 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 Ms. Cornette (CRD# 3163387).

Cindy Cornette has spent seventeen years in the securities industry and has been registered with Wells Fargo Advisors Financial Network in Chattanooga, Tennessee since 2012. Previous registrations include Merrill Lynch in Chattanooga, Tennessee (2009-2012); Ameriprise Financial Services in Chattanooga, Tennessee (1999-2009); and IDS Life Insurance in Minneapolis, Minnesota (1999-2006). She is a registered broker and investment adviser with seventeen US states and territories: Alabama, Arizona, Arkansas, California, Florida, Georgia, Maryland, Missouri, New York, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Utah, Virginia, and Wisconsin.

According to her BrokerCheck report, Cindy Cornette has received two customer complaints.

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United Development Funding IVThe securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments in United Development Funding IV, which recently announced that it makes no recommendation concerning the unsolicited tender offer, by SCM Special Fund 3, LP and MacKenzie Capital Management, LP, of $1/share of United Development Funding common stock.

According to United Development Funding IV’s release, published on the Securities and Exchange Commission website: “You should be aware that the Trust is not in any way affiliated with the Offerors and our Board of Trustees (the ‘Board’) makes no recommendation, expresses no opinion and remains neutral regarding whether you should accept or decline the Tender Offer. As stated in the Offerors’ letter, the Offerors are making this offer ‘with the intention of making a profit from the ownership of the Shares.’ Further, the Offerors state that they ‘are motivated to establish the lowest price which might be acceptable to [you] consistent with the [Offerors’] objectives.’”

United Development Funding IV is a mortgage real estate investment trust (REIT) that conducts business lending funds for the development of properties. In February 2016, per Investment News, the Federal Bureau of Investigation (FBI) raided United Development Funding IV’s offices, Its stock price fell 81% in recent months, after a hedge fund alleged United Development Funding IV operates “like a Ponzi scheme.” Investment News reported that United Development Funding IV’s share price fell 55% “after it was reported that the FBI agents were carrying boxes out of the company’s headquarters.” The stock price descended to $3.20/share; in December, it stood at $17.20/share. The aforementioned tender offering is for $1.00/share.

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Northstar Real Estate The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding the Northstar Real Estate Income II real estate investment trust (REIT).

According to the company’s website, NorthStar Real Estate is a “public, non-traded real estate investment trust (REIT) that originates, invests in and manages a diversified portfolio of commercial real estate debt, commercial real estate securities and select equity investments.” A press release published on November 9, 2016 announced that NorthStar Real Estate Income II “priced a $284.2 million non-recourse, match-term, non-mark-to-market financing transaction in the form of a commercial mortgage-backed securitization (CMBS), NorthStar 2016-1, at a weighted average cost of funds of LIBOR + 2.07% and an advance rate of 68% ($193 million of investment grade bonds issued and sold).”

The transaction was “collateralized by a pool of 10 commercial real estate mortgage loans, all but one of which was directly originated by NorthStar Income II and three senior participations originated by NorthStar Real Estate.” NorthStar Income II contributed about $254.7 million of collateral; NorthStar Income contributed another $29.5 million of collateral in the transaction, which closed on November 9.

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Bryon MartinsenPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 30, 2016 indicate that New York-based Centaurus Financial broker/adviser Bryon Martinsen has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Martinsen (CRD# 1621649).

Bryon Martinsen has spent 29 years in the securities industry and has been registered with Centaurus Financial in Northport, New York since 1999. Previous registrations include AXA Advisors in New York, New York (1987-1999) and the Equitable Life Assurance Society of the United States in New York, New York (1987-1999). He is a registered broker and investment adviser with seventeen US states and territories: California, Colorado, Connecticut, Florida, Iowa, Minnesota, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Virginia, Washington, and West Virginia.

According to his BrokerCheck report, Bryon Martinsen has received three customer complaints and one pending customer complaint.

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Ryan BenningPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 6, 2016 indicate that North Dakota-based Berthel Fisher & Company broker/adviser Ryan Benning has received a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Benning (CRD# 4205469).

Ryan Benning has spent sixteen years in the securities industry and has been registered with Berthel Fisher & Company Financial Services in Hazen and Bismarck, North Dakota since 2000. He has no previous registrations. He is a registered broker and investment adviser with thirteen US states and territories: Arizona, California, Colorado, Idaho, Indiana, Kansas, Minnesota, Missouri, Montana, North Dakota, South Dakota, Texas, and Wyoming.

According to his BrokerCheck report, Ryan Benning has received one pending customer complaint and has been named in a pending regulatory investigation.

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Frank GodfreyPublicly 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.

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Tony KassaeiPublic records provided by the Financial Industry Regulatory Authority (FINRA) on September 6, 2016 indicate that California-based Centaurus Financial broker/adviser Tony Kassaei has been the subject of resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kassaei (CRD# 4375259).

Tony Kassaei has spent fifteen years in the securities industry and has been registered with Centaurus Financial in Irvine, California since October 2015. Previous registrations include Summit Brokerage Services in Irvine, California; JP Turner & Company in Irvine, California; LPL Financial in Newport Beach, California; UBS Financial Services in Weehawken, New Jersey; Citicorp Investment Services in Long Island City, New Jersey; and Morgan Stanley DW in Purchase, New York. He is a registered broker and investment adviser in California.

According to his BrokerCheck report, Tony Kassaei has received one customer complaint and one pending customer complaint.

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Harvey SteinPublic records provided by the Financial Industry Regulatory Authority (FINRA) on July 6, 2016 indicate that Florida-based LPL Financial broker/adviser Harvey Stein has been the subject of resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Stein (CRD# 1231200).

Harvey Stein has spent 32 years in the securities industry and has been registered with LPL Financial in Boca Raton, Florida since 2011. Previous registrations include Prime Capital Services in Boca Raton, Florida; Nathan & Lewis Securities in New York, New York; Triad Financial in Holbrook, New York; MLC Securities Corporation; Windsor Capital Markets; and Aegis Capital. He is a registered broker and investment adviser with 16 US states and territories: Arizona, California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, and Virginia. Continue reading →

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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. Continue reading →

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Lance HarshbargerPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 17, 2016 indicate that Kansas-based Securities America broker/adviser Lance Harshbarger has received resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Harshbarger (CRD# 3059198).

Lance Harshbarger has spent 18 years in the securities industry and has been registered with Securities America in Overland Park, Kansas since 2014. He was previously registered with Sunset Financial Serviecs in Overland Park, Kansas (1998-2014). He is a registered broker and investment adviser with 14 US states and territories: Arizona, Arkansas, Colorado, Florida, Hawaii, Illinois, Iowa, Kansas, Louisiana, Missouri, Nebraska, Oklahoma, Tennessee, and Texas. Continue reading →