Articles Tagged with TIC

AdobeStock_762441-1-300x225Financial Industry Regulatory Authority (FINRA) records indicate that Clayton, Missouri-based Arete Wealth Management broker Alvery Bartlett has been involved in pending or resolved customer disputes. Mr. Bartlett allegedly misrepresented and recommended unsuitable investments between 2012 and 2014. He also allegedly misrepresented and recommended unsuitable investments in oil and gas securities and tenant-in-common (TIC) interests. These are not suitable for all investors because they can be highly risky and illiquid investments. A broker must take into account a customer’s age, net worth, investment objectives and investment risk tolerance before recommending or selling an investment. If he does not, his brokerage firm may be liable for losses on a contingency fee basis in the FINRA arbitration forum. The firm has a duty to reasonably supervise its brokers while they are registered there.
Alvery Bartlett was previously registered with Clayton Brokerage Co. of St. Louis, Alvery Bartlett Brokerage, Derand/Pennington/Bass, Mark Twain Brokerage Services, The Bartlett Fund Management Co. and Berthel, Fisher & Company. He is currently registered with Arete Wealth Management in Clayton, Missouri, and has been since August 2016. He has two customer disputes against him, one of which is currently pending. This is all according to his online, public BrokerCheck report with FINRA.

Stoltmann Law Offices is looking to speak to investors who have money in the The Charles, a Bluerock Real Estate property located at 1355 1st Ave. in New York, New York. These are tenant-in-common, or TIC, investments which are properties in which each individual owns a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property. In 2008, investors in the property had the opportunity to invest in two offerings. Both gave investors an opportunity to invest in commercial real estate through TIC interests, or through the purchase of 12% Subordinates Notes. The Charles was scheduled to finish construction in the spring of 2011, but was stalled for several years. It was finished in 2014. It is a 32 story condo building. Investors should be warned that TIC investments can be very risky and speculative, and typically garner returns as high as 10% for the broker who recommends them. Your broker must disclose the risks associated with any investment, and, if he does not, his brokerage firm can be held liable for investment losses. We are a securities law firm located in Chicago, Illinois and we can help you recover your money on a contingency fee basis. Please call us toll free today.

Stoltmann Law Offices is investigating Mark Thomas McCloskey, who has customer complaints against him. McCloskey was most recently registered with FSIC in Seattle, Washington. Before that, he was registered with Pacific West Securities in Renton, Washington from 2002 until 2012, Crosse International Securities in Seattle, Washington from 2001 until 2002, National Securities Corporation in Seattle from 1995 until 1999, G.R. Stuart & Co. in Maynard, Massachusetts from 1993 until 1995, Tucker Anthony Inc. in Boston from 1990 until 1993, Painewebber Inc. in Weehawken, New Jersey from 1988 until 1990 and other firms since 1972.

In 2014, the state of Washington sanctioned Mark Thomas McCloskey, alleging he failed to enforce an adequate supervisory system for the sale of tenant-in-common (TIC) investments. For this, he was fined $5,000. TIC investments can be risky and illiquid ones, and may not be suitable for all investors. Brokers have a duty to do their due diligence to ensure that the investments they recommend are suitable for investors. If they do not, they can be held liable for investment losses and can be sued in the Financial Industry Regulatory Authority (FINRA) forum to recover those losses.

Other complaints allege that he breached fiduciary duty, misrepresented and omitted material facts related to an investment, and engaged in negligence and fraud connected to the purchase of two TIC investments. Some of the complaints against him are still pending. If you lost money with Mark Thomas McCloskey, please call our securities law firm in Chicago, Illinois to speak with one of our securities attorneys. We may be able to help you recover investment losses by suing McCloskey’s former firm, Pacific West Securities, in the FINRA arbitration forum. The call is free with no obligation. Time is of the essence so please do not delay.

Did you lose money with Robert Frederick Blake in risky TIC investments? If so, please call Stoltmann Law Offices at 312-332-4200 to speak to an attorney about your options. We are securities attorneys who help investors recover their financial losses.

Robert Frederick Blake, Vice President of Speer Wealth Management, has a pending arbitration with the Financial Industry Regulatory Authority (FINRA). He also has a complaint against him regarding an unsuitable investment recommendation he made to a client in involving a Tenant-in-Common investment. That was filed on December 8, 2014. Mr. Blake was registered with Dupont Walston Inc., Reynolds Securities, Merrill Lynch, Hanifen, Imhoff, Inc., First Allied Securities, American Fronteer Financial, Auerbach, Pollack & Riachardson Inc. and Presidential Brokerage Inc. He is currently registered with Cambridge Investment Research, and has been since November 2012. He has seven customer disputes against him, one of which is currently pending.

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