National investment loss lawyers KlaymanToskes is investigating broker David Kangas (CRD# 6591398) of WealthForge Securities.
According to FINRA BrokerCheck, broker David Kangas is currently involved in a customer complaint alleging $1,250,000 in investor damages. The complaint relates to private placement investments and alleges fraud, lack of suitability, misrepresentations/omissions, negligence, breach of fiduciary duty, and breach of contract.
Investors that suffered losses with broker David Kangas are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Financial advisor David Kangas of WealthForge Securities is currently involved in a customer dispute, according to Financial Industry Regulatory Authority (“FINRA”) records. The customer complaint alleges fraud, lack of suitability, misrepresentations/omissions, negligence, breach of fiduciary duty, and breach of contract. The customer is seeking to recover $1,250,000 in alleged damages.
The broker’s comment listed on the disclosure states: “The investor sold an investment property and completed a 1031 exchange into a diversified portfolio of nine DST replacement properties that aligned with his stated objectives, including diversification, passive income, and maximizing depreciation benefits. More than one year after the investment, the management team at the sponsor of three of the DST properties changed. In subsequent years, those properties experienced market-driven pressures, including increases in insurance costs, property taxes, maintenance expenses, and competition from new construction, along with reduced operating performance under new management. As a result, distributions on those three DSTs were reduced and later suspended. No loss of invested principal has occurred. Distributions in DST investments are not guaranteed. The original management team has since been reinstated by court order and has indicated that the properties may potentially be sold in the future for a profit.”
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker David Kangas, or have concerns regarding your investment portfolio at WealthForge Securities, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.