National investment fraud lawyers KlaymanToskes is investigating Patrick Tantoco a/k/a Hermogenes Gil Patrick Tantoco (CRD# 5249850) of Royal Alliance Associates, Inc. in connection with claims that the Honolulu, Hawaii-based broker and investment advisor may have unsuitably sold Hospitality Investors Trust (“HIT REIT”) to his customers.
According to FINRA BrokerCheck, Patrick Tantoco a/k/a Hermogenes Gil Patrick Tantoco was previously registered with MML Investors Services from 2017 to 2019, with MSI Financial Services from 2016 to 2017, and with Independent Financial Group from 2013 to 2016 in Honolulu, HI.
Investors that suffered losses with Patrick Tantoco may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman, Esq., for a free consultation at 888-997-9956, or lklayman@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Hospitality Investors Trust is classified as a publicly registered Non-Traded Real Estate Investment Trust (“REIT”) that was marketed as offering current income to investors with a conservative to moderate risk tolerance. HIT REIT was formerly known as American Realty Capital Hospitality Trust Inc (ARC).
HIT REIT owned 100 hotel properties in 29 U.S. states and was initially sold at $25 per share, dropping to $8.35 per share by late 2019 and reaching $0.46 per share by March 2021. By May 2021, HIT REIT filed for Chapter 11 Bankruptcy protection in an attempt to restructure its $1.3 billion in unsecured debt.
Brokers, financial advisors, and their firms unsuitably marketed and sold HIT REIT to customers who lacked the investment experience and the necessary risk tolerance needed to fully understand the potentially severe losses they would later experience. We believe the motive for the selling of Hospitality Investors Trust by brokers and their firms is the high commission of up to 10 percent that could be earned off of each transaction.
As part of its ongoing investigation of financial professionals and brokerage firms that may have unsuitably sold Hospitality Investment Trust (“HIT REIT”), KlaymanToskes is investigating Patrick Tantoco for the selling of HIT REIT at Independent Financial Group.
Former and current customers of Patrick Tantoco that suffered investment losses are encouraged to contact securities attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com for a free and confidential consultation. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
FINRA (Financial Industry Regulatory Authority) is the self-regulatory body responsible for regulating all U.S. brokers and brokerage firms doing business with customers in the United States or other countries. Under FINRA, financial advisors and their firms are responsible for providing suitable investment advice. If they fail to do so and misrepresent an investment, omit material facts or make an unsuitable recommendation resulting in losses suffered by the investor, they can be held liable in a FINRA arbitration claim.
KlaymanToskes believes a FINRA securities arbitration claim is typically the best course of action for investors who have suffered realized or unrealized losses as a result of misconduct and/or securities violations by a FINRA-regulated brokerage firm or financial advisor. FINRA arbitration is a more cost-effective process for investors, often occurring with increased speed and efficiency over a court proceeding, allowing investors to maintain greater flexibility over their case.
Investors that have suffered losses at the hands of their advisor may hold their brokerage firm and financial professional responsible through a FINRA arbitration claim. Contact KlaymanToskes today at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your potential case and learn more about the arbitration process.
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
lklayman@klaymantoskes.com
www.klaymantoskes.com