Retiree Couple Calling For Punitive Damages and Other Losses
A retired San Diego couple has filed a FINRA arbitration claim against Emerson Equity and its representatives for up to $500,000 following significant losses in Versity Investments/Vintage DSTs. The lawsuit alleges that the firm overconcentrated the seniors’ savings in risky, illiquid private placements while earning high commissions, despite claims of misappropriated funds and unsuitable investment recommendations.
A retired San Diego couple is suing Emerson Equity, firm control person Dominic Julio Baldini, and broker Christopher Thomas Miller for up to $500,000 after they suffered losses in Versity Investments/Crew Enterprises Delaware Statutory Trusts (DSTs). The Claimants entrusted the Respondents with their money and to give them prudent investment advice. Instead, their funds were overconcentrated in a risky, illiquid private placement from a no-name entity. Since then, Versity Investments (NKA Crew Enterprises) and its principals are accused of misappropriating over $56M, allegedly diverting the funds toward personal expenses and to pay for other real estate transactions.
Shepherd Smith Edwards and Kantas Versity Investments Recovery Lawyers (investorlawyers.com) is representing this elderly couple in their FINRA arbitration claim against Emerson Equity and its two registered representatives, who earned up to 12.5% in commissions and fees. That the firm is also the sole underwriter likely means they may have made even more money from the sales.
Why Are Versity Vintage DST Investors Suing Their Broker?
Versity /Crew Enterprise DSTs are privately traded. Given their illiquidity, they are a bad investment for retirees. Even though the minimum investment in Versity was $50K, Emerson Equity recommended that the senior investors place more than $393,000 in Vintage DST, which was a risky, unsuitable investment recommendation given their investment profile.
Our Clients are saying that their Emerson Equity broker never fully explained the risks involved in these Regulation D private placement offerings, which were not in these inexperienced investors’ best interests from the start.
In their FINRA arbitration claim, this retired couple is looking at a near total loss of their entire investment principal. They are also alleging grossly negligent behavior, breach of contract, Regulation Best Interest violations, vicarious liability and more. In addition to direct damages, the plaintiffs are pursuing punitive damages.
I’m A Versity/Crew Enterprises Investor. How Can I Explore My Legal Options?
Contact our Shepherd Smith Edwards and Kantas Versity Investments Recovery Lawyers Today. Already we have filed a number of Versity Investments/Crew Enterprises DST recovery claims on behalf of investors. Unfortunately, it appears that there were brokers who prioritized the high fees they could earn from selling these private placements rather than making sure that they suitable customers.
If we do find that you have grounds for an investment loss recovery case, and we decide to work together, our Delaware Statutory Trust lawyers would file your claim in FINRA arbitration and represent you in all securities proceedings, including all interactions with your former broker.
Contact Our Versity Investments Recovery Lawyers Today
Call (800) 259-9010 or contact us online.