National investment loss lawyers KlaymanToskes is investigating William Aubrey Morrow (CRD# 836500) of Financial Designs, Ltd., following the filing of two pending customer complaints which allege over $100,000 in collective losses due to unsuitable and high-risk investment recommendations in Alternative Investments such as non-traded real estate investment trusts (REITs).
According to FINRA BrokerCheck, William Aubrey Morrow is currently registered as a broker and investment advisor with Concorde Investment Services in Del Mar, CA and San Diego, CA. Morrow is reportedly doing business as Financial Designs, Ltd.
Investors that suffered losses with William Aubrey Morrow may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman, Esq., for a free consultation to discuss recovery options at 888-997-9956 or lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, William Aubrey Morrow has been hit with two customer complaints. One customer alleges $100,000 in damages due to high risk investment recommendations that were not in line with their stated objectives and risk tolerance. A second pending customer complaint alleges poor investment recommendations related to a Direct Participation Program and Limited Partnership (DPP & LP Interests).
Morrow has 12 additional customer complaints, including 9 of which have been settled in favor of the investors. In 2015, a customer complaint filed against Morrow settled in favor of the investor for $100,000 and alleged unsuitability, breach of fiduciary duty, and other securities violations related to the sale of unregistered securities in connection with tenant in common (TIC) investments.
In 2012, a complaint against Morrow was settled in favor of the investor for $380,000 and alleged unsuitable transactions, omissions, misrepresentation, and breach of contractual and fiduciary duties. Other customer complaints filed have related to real estate investments, limited partnerships, and unsecured notes.
Direct Participation Program (“DPP”) investments are considered illiquid due to not being traded on a market exchange. DPP’s are generally organized as a partnership whereby the investors or “limited partners” deliver their funds to a “general partner,” who invests the pooled capital on behalf of the group.
Typically when investors purchase DPP’s, they are unable to liquidate until their target maturity date. As a result, DPPs are likely only suitable for investors who can afford to have their funds tied up for long holding periods, sometimes decades.
While DPPs may provide investors with high returns and tax advantages when managed correctly, investors in DPPs may face severe losses as a result of poor management. Brokerage/advisory firms and their registered representatives may be held liable for DPP & LP Investment losses under the Securities Act of 1934 and the Financial Industry Regulatory Authority’s (“FINRA”) Rule 2310.
Customers of William Aubrey Morrow who suffered investment losses are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free consultation to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com