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The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, announced today that it filed another claim against LPL Financial to recover damages sustained in Inland Western Real Estate Investment Trust n/k/a Retail Properties of America (NYSE: RPAI) (“Inland Western REIT”). The securities arbitration claim was filed with the Financial Industry Regulatory Authority (“FINRA”), and seeks damages of about $500,000.
According to the claim, LPL and its advisor recommended that the Claimant, a retiree, purchase the Inland Western REIT in his Individual Retirement Account (“IRA”). Claimant’s LPL advisor stated that the REIT was a safe, dividend paying investment with minimal risk. To the contrary, the REIT was a speculative, illiquid investment that was not suitable for the Claimant. The REIT declined well over 50%, while the Claimant was unable to withdraw any of his monies. Moreover, instead of diversifying the Claimant’s IRA, the LPL advisor concentrated the account in the Inland Western REIT, which was also unsuitable. As a result, the Claimant’s investment portfolio was exposed and sustained substantial losses.
Investors who purchased Inland Western or other REITs from LPL Financial or other FINRA brokerage firms can contact KlaymanToskes to explore their legal rights and options. KlaymanToskes is presently pursing claims on behalf of investors who sustained losses by purchasing REITs including Apple REITs sold by David Lerner Associates, KBS REIT, AmREIT, Behringer Harvard REITs, Cornerstone Core Properties REIT, and Wells REITs.
KlaymanToskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or invested $250,000 or more Inland Western or other REITs from LPL Financial or other FINRA brokerage firms, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of KlaymanToskes, at 888-997-9956, or visit us on the web at www.klaymantoskes.com