Investigation into NNN Oak Park Office

Thursday, September 18th, 2014

Did you invest in NNN Oak Park Office and suffer losses? If so, The White Law Group may be able to help. The firm is investigating the potential recovery of investment losses through FINRA arbitration claims against the brokerage firms that recommended the investment.

According to the SEC, NNN Oak Park Office is a limited liability company organized in 2004 for the purpose of owning an office building. The filing indicates the company offered $9,850,000 in membership interests with $7,649,000 for real estate.

Private placement investments, especially in real estate, are complex, high risk securities products. Unfortunately some brokers tout the potential income stream the investments may produce and can fail to adequately disclose the risks and potential liquidity problems to investors.

Broker dealers have a responsibility to perform adequate due diligence to determine that the investment is sound and has a reasonable likelihood of success. They also have a responsibility to make suitable investment recommendations to investors. Given that most private placements lack regulatory oversight, are high risk, and often illiquid investments, they are arguably unsuitable for most investors.

Broker dealers that mislead investors or make unsuitable investment recommendations can be liable for investment losses.

If you suffered losses investing in NNN Oak Park Office and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 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.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.

 

Tags: , , , , , , , , , , , , ,

Recovery of Geneva Exchange Fund XXII Investment Losses

Thursday, September 18th, 2014

Have you suffered losses investing in the tenant-in-common (TIC), Geneva Exchange Fund XXII? The White Law Group is investigating potential FINRA arbitration claims to recover investment losses.

According to files with the Securities and Exchange Commission, Geneva Exchange Fund XXII was a TIC in two commercial properties, a Holiday Inn hotel and Wild Wood Water Park, organized in 2004. The filings indicate the properties were purchased for approximately $1.3 million and included the assumption of a construction loan for more than $11 million.

Often investors are attracted to TIC investments, like the Geneva exchange Fund, because of the potential income stream and tax benefits the investment can produce. Although TIC’s may seem like straightforward investments, providing individuals with the opportunity to co-own a piece of commercial real estate, they are much more complex. Since their success is dependent on the performance of the underlying real estate properties and the overall health of the real estate market, TICs are considerably high risk investments.

Unfortunately, some brokers fail to adequately disclose the risks and liquidity problems associated with TICs to investors. Brokers that mislead investors or make unsuitable investment recommendations may be liable for investment losses.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of Geneva Exchange Fund XXII, please contact The White Law Group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

 

Tags: , , , , , , , , , ,

Investigation into NNN 2002 Value Fund and NNN 2003 Value Fund

Wednesday, September 17th, 2014

Have you suffered investment losses as a result of your purchase of NNN 2002 Value Fund LLC or NNN 2003 Value Fund LLC? If so, the White Law Group may be able to help you recover your losses.

According to files with the Securities and Exchange Commission, the NNN Value Funds are limited liability companies that are the operators of nonresidential buildings. Both companies were managed by Triple Net Properties where Tony Thompson was chief executive officer.

NNN is the often used to abbreviate triple net lease. Triple net (NNN) lease are similar in many ways to TIC (tenant- in-common) investments. These types of investments give investors the ability to invest in a small portion of commercial real estate and have distinct tax benefits. However, these are complex investment products and as such carry significant risks.

Both Funds were offered to investors as private placements. Private placements are unregistered securities products and therefore lack regulatory oversight compared to more traditional products such mutual funds or stocks. The risks and lack of liquidity associated with private placement make them arguable unsuitable for most investors.

Unfortunately it is not uncommon for brokers to downplay the risks when selling private placements to investors. Brokers who sell private placements to unsuitable investors or fail to adequately disclose investment risks can be held accountable for losses suffered through FINRA arbitration.

If you have concerns regarding your interests in NNN 2002 Value Fund LLC or NNN 2003 Value Fund LLC and would like to speak with a securities attorney about your litigation options, please call The White Law Group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

To learn more about The White Law Group visit, www.whitesecuritieslaw.com.

 

Tags: , , , , , , , , , , ,

Lance B. Topol barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Lance B. Topol (CRD #5731836, Glen Cove, New York) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Topol consented to the sanction and to the entry of findings that he created and distributed falsified letters of credit (LOCs), falsified Comfort Letters and a falsified term sheet on behalf of his member firm and/or an affiliate of the firm, without the knowledge or authorization of those firms. The findings stated that in Topol’s capacity as a registered representative of the firm, he did not have the authority on behalf of the firm or the affiliate to issue LOCs or make other promises of financing. Despite making several inquiries to responsible officials of the affiliate seeking financing on a company’s behalf, Topol never received authorization from the affiliate or his firm to issue LOCs or other documents promising financing to the company, and he was not an authorized signatory of LOCs issued by the affiliate. Topol was advised on numerous occasions by affiliate officials that it was unwilling to issue LOCs or extend other financing to the company. The total amount of the financing that was promised in the falsified LOCs exceeded $65 million. Topol distributed all or most of the fictitious documents to contractual counterparties or proposed counterparties of the company, and he made false representations to representatives of the company. The company filed a civil action against the affiliate and the firm in connection with its alleged reliance on the fictitious LOCs and other documents that it received from Topol. The findings also stated that Topol made false representations to representatives of another company that his firm was willing to issue it a line of credit. The firm had never indicated that it was willing to do so.

For the full FINRA findings, see case #2013036989001.

According to his FINRA Broker Report, Topol was employed by Cabot Lodge Securities and Merrill Lynch prior to the FINRA enforcement action.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  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.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

Tags: , , , , ,

Jay John Soojian barred from securities industry.

Tuesday, September 16th, 2014

In a recent disciplinary action announcement, FINRA announced that Jay John Soojian (CRD #2768599, Wayne, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Soojian consented to the sanction and to the entry of findings that he fraudulently omitted material facts in connection with his sales of $775,000 of an entity’s limited partnership interest securities to investors. The findings stated that among other things, while soliciting investors and referring them to the entity to invest in the limited partnership interests, Soojian failed to disclose material facts to those investors concerning the civil disciplinary and criminal history of one of the entity’s principals. Soojian also failed to disclose material facts regarding his compensation for those referrals. As a result of his conduct, Soojian willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and FINRA Rules 2010 and 2020. The findings also stated that Soojian participated in private securities transactions for compensation without giving prior written notice to, or receiving prior written approval from, his member firm.

For the full FINRA findings, see FINRA case #2012034353601.

According to his FINRA Broker Report, Soojian was employed by Park Avenue Securities from September 2011 through October 2012 and New England Securities from 2000 through August 2011.

The foregoing information, which is all provided on FINRA’s website, is being provided by The White Law Group.  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.

For a free consultation with a securities attorney, please call the firm at 312/238-9650.  For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.

Tags: , , , ,