Have you suffered losses investing with IMS Securities? If so, the attorneys at The White Law Group may be able to help.
According to FINRA, IMS Securities Inc., is a small broker-dealer and is the target of a $3 million FINRA arbitration complaint over the sale of variable annuities and real estate securities.
IMS is a small Houston-based firm that posted $11.5 million in revenue last year, according to a filing with the Securities and Exchange Commission. The majority of their business is allegedly in high-commission products like variable annuities and nontraded REITs; close to 86% of its revenue in 2015 came from commissions, according to the SEC filing.
InvestmentNews reported in February that IMS Securities was one of the four leading sellers of real estate investment trusts sponsored by United Development Funding.
Those REITs dropped dramatically last December, after an investor website — led by noted hedge fund investor Kyle Bass — posted a report that alleged that UDF IV, which was a nontraded REIT that later listed as a publicly traded REIT, operated for years like a Ponzi scheme. Management at UDF has denied those allegations.
A link to The White Law Group’s investigation in to UDF can be found here.
Brokerage firms and financial advisors have a fiduciary duty to perform adequate due diligence on any investment they recommend and to ensure that such recommendations are appropriate for their client in light of that particular clients’ age, income, investment experience, investment objectives, and net worth.
If you suffered losses investing with IMS Securities, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in claims against their brokerage firm.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.