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The Securities Arbitration Law Firm of KlaymanToskes announced today that it filed a 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”) and eight other illiquid, alternative investments. The claim was filed with the Financial Industry Regulatory Authority (“FINRA”), and seeks damages of $1,000,000.
According to the claim, LPL and its financial advisor over-concentrated the Claimants’ portfolio in illiquid, speculative investments that incorporated a high degree of risk as the recommended securities did not trade freely in the market. Specifically, the advisor constructed a portfolio of alternative investments for the Claimants, including Inland Western REIT, PDC 2005A, ATEL Fund X, ATEL Fund XI, Hines REIT, LEAF Fund, Atlas, Inland American REIT, KBS REIT. The Claimants, who are retirees, wanted a low risk income producing portfolio that would protect their principal during their retirement years. Unfortunately, the LPL advisor misrepresented the risk of the alternative investments and financially benefitted through these high commission investments. Many of the Claimants’ investments have stopped paying dividends, are illiquid and have experienced substantial declines.
Investors who purchased Inland Western or other alternative investments from LPL Financial or other FINRA brokerage firms can contact KlaymanToskes to explore their legal rights and options. KlaymanToskes is presently pursuing claims on behalf of investors who sustained losses by purchasing alternative investments including Apple REITs sold by David Lerner Associates, AmREIT, Hines REIT, Behringer Harvard REITs, Cornerstone Core Properties REIT, and Wells REITs.