NEW YORK, NY, USA, October 19, 2023 /EINPresswire.com/ — National investment loss attorneys KlaymanToskes encourages former and current customers of broker Gilbert Russell Conrad who suffered investment losses to contact the firm immediately at 888-997-9956.
KlaymanToskes reports that the firm has filed a FINRA arbitration claim (no. 23-02737) against broker/investment advisor Gilbert Russell Conrad (CRD# 2746778), and is seeking to recover up to $5,000,000 in connection with his unsuitable recommendations of illiquid Alternative Investments.
According to the claim, the customer, who is an 81-year-old widow, alongside her late husband, sought low risk, income-producing investments to ensure that their retirement savings were safe. Instead, Gilbert Conrad allegedly overconcentrated the customer’s funds in private placement Alternative Investments that were speculative and high-risk. The Alternative Investments recommended by Conrad include the following:
– American Realty Capital (ARC) Hospitality REIT (Hospitality Investors Trust, Inc.)
– American Strategic Investment Co.
– Bluerock Growth Fund I and II
– Bluerock Special Opportunity & Income Fund I and II
– Bluerock REIT
– New York City REIT
– Texas Energy Holdings
– Wells Real Estate REIT
As unsophisticated investors, the customer and her late husband were unaware that the investments were illiquid and essentially locked-up until maturity. Gilbert Conrad allegedly misrepresented the risks associated with the Alternative Investments and repeatedly reassured the customer and her husband that the investments were fine.
Gilbert Russell Conrad was previously licensed as a financial advisor with J.P. Turner which was later acquired by Cetera Advisors Network. Conrad was also registered with Summit Brokerage Services, Independent Financial Group, and Arkadios Capital in Lewiston, NY. All five firms are named in the claim.
Customers of Gilbert Rusell Conrad who suffered investment losses are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com for a free and confidential consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
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.
Contact
Lawrence L. Klayman, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
lawrence@klaymantoskes.com