Articles Posted in Real Estate Investment Trusts

Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial…

Approximately one year ago a customer lodged a dispute with the Financial Industry Regulatory Authority (FINRA) against broker Jeanpierre Ayala (a/k/a J.P. Ayala) (CRD# 2765730) due to conduct that occurred while Ayala was employed by Laidlaw & Company in Fort Lauderdale, Florida. Ayala is currently registered with Westpark Capital in…

Mercer Hicks III (CRD#: 245170, a/k/a “Mercer Hicks,” “Toby Mercer Hicks III,” or “Toby Hicks III”) is a currently registered broker and formerly registered investment advisor currently employed with Southeast Investments, N.C., INC. (CRD#: 43035) of Charlotte, NC. His previous employers include Capital Investment Group, Inc. (CRD#:14752) and Cantella &…

Silver Law Group has filed FINRA arbitration claims on behalf of clients who have invested with Flynn Wealth Management of Greer, South Carolina. Flynn Wealth Management was owned by now-barred broker James Flynn (CRD# 3082615) and operated under FINRA-registered firm Voya Financial Advisors. As the firm that approved the investments…

Silver Law Group filed another FINRA arbitration claim on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (CRD# 3082615) of Greenville, South Carolina. The claim requests compensatory damages for our clients, and alleges that Voya failed to supervise Flynn’s conduct while he was working for…

Jackie Wadsworth (CRD #2342163) is a barred broker who formerly worked with IMS Securities in Houston, Texas (CRD#: 35567). She previously worked with Retirement Investment Group (CRD#: 7421), also in Houston. She has been in the industry since 1993. Wadsworth is the subject of 9 disclosures, eight of them customer…

American Realty Capital New York City REIT has changed its name, and is now known as New York City REIT (NYCR). The trust recently updated its charter to reflect the new name. Shares of NYCR were initially sold for $25 each. The company’s board recently approved net asset value of…

A new report from FINRA finds that some brokers and brokerage firms are not doing due diligence for their customers when it comes to illiquid securities such as variable annuities, REITs, and private placements. This new report finds that some firms rely heavily on these types of securities, over-concentrating clients…

Real estate investment company MacKenzie Realty Capital has made an unsolicited mini-tender offer to purchase as many as 2 million shares of the non-traded real estate investment trust (REIT) Phillips Edison & Company (PECO). Many independent broker-dealers sold Phillips Edison to retail investors promoting it as a solid investment paying…

A stockholder in The Parking REIT has filed class action lawsuit against the company in Nevada federal court. The lawsuit is related to the proxy statements MVP REIT II filed with the SEC to get shareholder approval to merge with MVP REIT, which created The Parking REIT. The company is…