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The Securities Arbitration Law Firm of KlaymanToskes, www.reitfraudloss.com, announced today that it filed a claim against LPL Financial (“LPL”) to recover damages sustained in Inland Western REIT n/k/a Retail Properties of America (NYSE: RPAI), and as a result of an unsuitable asset allocation. The securities arbitration claim was filed with the Financial Industry Regulatory Authority (“FINRA”), and seeks damages of $200,000.
According to the claim, the Claimants, who are retirees, were advised by their LPL advisor to invest in Inland Western, which at the time was an illiquid investment. Unfortunately, the LPL advisor failed to explain the risks associated with Inland Western. Further, the LPL advisor misallocated the Claimants’ accounts with the purchase of several annuities which were unsuitable for them. The annuities were also somewhat illiquid as they had contingent deferred sales charges and were susceptible to market conditions. When the advisor’s inappropriate investments lost principal, the illiquidity of the Claimants’ assets became a major problem.
Earlier this week, the Massachusetts Securities Division filed a Complaint against LPL for failure to supervise registered representatives who sold non-traded REITs in violation of both state limitations and the company’s rules. Further, LPL was charged with dishonest and unethical business practices. Massachusetts focused on the following non-traded REIT products that were approved for sale by LPL: Inland American, Cole Credit Property Trust, II, Cole Credit Property Trust, III, Cole Credit Property 1031 Exchange, Wells REIT II, W.P. Carey Corporate Property Associates 17 and Dividend Capital Total Realty.
Investors who purchased Inland Western or other REITs from LPL or other FINRA brokerage firms can contact KlaymanToskes to explore their legal rights and options. KlaymanToskes is presently pursuing claims on behalf of investors from across the country who sustained losses by purchasing these types of products.
If you wish to discuss this announcement or invested $250,000 or more Inland Western or other REITs, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of KlaymanToskes, at 888-997-9956.