FINRA Expels Aaeon Parthemer From Securities Industry

Friday, April 24th, 2015

According to Investment News, the Financial Industry Regulatory Authority (FINRA) has barred Wells Fargo broker and Miami socialite Aaeon Parthemer for failure to disclose his involvement in various outside businesses. FINRA rules require brokers to disclose outside business activity to the brokerage firm where they work.

FINRA alleged that from 2009 to 2013 Parthemer failed to disclose his involvement in the night club Club Play. He also was allegedly involved in a tequila marketing operation and an internet branding startup. In addition, FINRA alleged Parthemer loaned almost $400,000 to the three owners of the night club. The loans violated the firms policy regarding loans.

Furthermore, according to reports, Parthemer falsely represented himself on compliance questioners he provided to Morgan Stanley and Wells Fargo. When Finra began to request more information regarding his outside businesses he again allegedly provided false information.

If you suffered losses investing with Aaeon Parthemer and would like to discuss your potential to recover your losses through a FINRA arbitration claim, please call the securities attorney of 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, please visit our website at www.whitesecurietslaw.com.

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Investigation into Broker Michael Oppenheim

Wednesday, April 22nd, 2015

Have you been defrauded by JPMorgan Chase & Co broker Michael Oppenheim? If so, the securities attorneys of The White Law Group may be able to help.

According to 12News, Michael Oppenheim was arrested for allegedly stealing approximately $20 million from clients and using some of the money for personal investments and expenses. The United States Attorney’s Office for the Southern District of New York has charged Oppenheim with wire, securities, and investment adviser fraud, as well as embezzlement.

In addition to criminal charges, the Securities and Exchange Commission (SEC) has filed a complaint against Oppenheim alleging he abused his position and convinced some clients to withdraw millions from their accounts on false promises that he would invest their funds in safe and secure investment.

Furthermore, the SEC alleges that Oppenheim took illicit steps to conceal his fraud by creating false statements for clients. In one instance, the SEC alleged he transferred money from one client’s account to replenish the funds he had stolen.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker commits fraud and steals from clients, the firm may be liable for negligent supervision and held liable for investment losses.

If you invested with Michael Oppenheim and would like to speak to a securities attorney about your potential to recover losses through Financial Industry Regulatory Authority (FINRA) arbitration, please call the firm’s Chicago office at 312-238-9650.

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, please visit our website at www.whitesecuritiesfraud.com.

 

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Recovery of Losses in Gulf Coast Rig & Equipment

Wednesday, April 22nd, 2015

Have you suffered investment losses in Gulf Coast Rig & Equipment? If so, The White Law Group may be able to help.

Unfortunately for many investors the risks associated with private placements may have been understated and misrepresented by their broker. While these types of investments can be lucrative, they are extremely speculative investments and are not suitable for most retail investors.

The White Law Group continues to investigate potential FINRA arbitration claims involving private placement investments. Financial advisors and broker-dealers have a duty to their clients to perform the necessary due diligence on an investment before offering it for sale to their clients and to ensure that any investment recommendation that is made is suitable in light of the client’s age, investment experience, net worth, and investment objectives.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of Gulf Coast Rig & Equipment, please contact The White Law Group at (312)238-9650.

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, please visit our website at www.whitesecuritieslaw.com.

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Investigation into Griffin-American Healthcare REIT II

Tuesday, April 21st, 2015

According to Griffincapital.com, as of December 3, 2014 Griffin-American Healthcare REIT II completed a $4 billion merger and is now part of Northstar Realty Finance Corporation.

Foxbuisness reported that shareholder would receive $7.75 per share in cash and $3. 75 per share in NorthStar common stock for their shares of the REIT.

The White Law Group continues to investigate potential securities fraud claims involving broker-dealers’ improper recommendation that investors purchase risky non-traded REIT investments.

REITs are complex products that are inherently risky. Unfortunately some brokers emphasized the potential for relatively high dividends and downplayed the risks associated these products. Until recent regulation changes, non-traded REITs could go five years without evaluating net asset value (NAV). Investors had no way of knowing the value of their shares.

Brokerage firms have a fiduciary duty to make investment recommendations that are suitable for clients given their age, net worth, risk tolerance and investment objectives. Firms that overlook suitability requirements can be liable for investment losses.

If you suffered losses in a non-traded REIT, such as Griffin-American Healthcare REIT II, and would like 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 White Law Group, visit www.WhiteSecuritiesLaw.com

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Investigation Involving Summit Healthcare REIT

Friday, April 17th, 2015

Have you suffered investment losses in Summit Healthcare REIT, formerly Cornerstone Core Properties? If so, The White Law Group may be able to help you recover your losses through FINRA arbitration.

Summit Healthcare REIT is a real estate investment trust incorporated in October 2004. According recent SEC filings, as of December 31, 2014 the REIT was valued at $2.04 per share. However, investors looking to sell their shares may have trouble finding a buyer willing to pay the estimated price.

REITs are complex high risk securities that lack liquidity and making them unsuitable for many investors. Unfortunately, the high commissions associated with REITs often provides some broker-dealers with enough incentive to downplay the risks and overlook FINRA suitability rules when making investment recommendations to clients.

The White Law Group is investigating potential securities fraud claims involving broker-dealers’ improper recommendation that some investors purchase REIT investments. Brokerage firms that sell such products are required to perform adequate due diligence on the investments to ensure a reasonable likelihood of success, and to evaluate whether the investments are suitable in light of the client’s age, net worth, investment experience, and investment objectives.

Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim. If you suffered losses investing in Summit Healthcare REIT and would like a free consultation with a securities attorney, please call The White Law Group at (312)238-9650.

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

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

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