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REITs

Home Category: REITs

Real Estate Investment Trust Cases: SII to Repay Clients Who Bought Non-traded REITs, Trustmont Financial Group is Ordered to Pay Client $1M, and Vereit Settles with More Investors Over Accounting Fraud Claims Against ARCP

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SII Investments to Pay Back Clients Over Nontraded REITs Massachusetts Secretary of the Commonwealth William Galvin is ordering SII Investments Inc. to repay clients who purchased non-traded real estate investment trusts through the independent brokerage firm. According to Galvin’s office, SII did not properly supervise these transactions. It was last year that the Massachusetts regulator…

SEC Cases: Atlanta Fund Manager is Accused of Misusing Investors’ Funds and Final Judgments are Reached in $1.95M Matched Trades Scam and in REIT Fraud Case Against Ex-ARCP CFO Brian Block

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SEC Accuses Atlanta Man of Misusing Over $1.2M in Investor Funds In an enforcement action, the US Securities and Exchange Commission is accusing Timothy S. Batchelor of misusing over $1.2M in investor monies. The funds were supposed to go toward the development of a submarine vessel and to businesses involved in national security. According to…

Judge Approves $31M Class Action Securities Settlement Over RCS Capital Shares

SSEK Law

In New York, a federal judge has approved a $31M shareholder fraud settlement reached in the class action securities case filed by investors that purchased stock in former broker-dealer RCS Capital. The plaintiffs, including lead plaintiffs the City of Providence, Rhode Island and the Oklahoma Police Pension Fund, had sued the brokerage firm, its head…

Securities Fraud: Investment Manager is Accused of Bilking Retired Teacher of $950K, Ex-U. Va Football Player is on Trial in $9M, and Former Investment Adviser Pleads Guilty

SSEK Law

Wyoming Investment Manager Indicted for Allegedly Bilking Retired Investor Tyris D. Maxey has been indicted on multiple counts of wire fraud and he was arrested this week. Maxey, a Wyoming investment manager, owns RB Mister Enterprises LLC. He allegedly convinced a retired school teacher to give him about $950K to invest and then using almost…

Securities Fraud: Ex-American Reality Capital Properties CFO is On Trial, Abu Dhabi Investor’s Lawsuit Against Citibank is Revived, and Drivers File Class Action Case Against Juno

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Former REIT CFO’s Criminal Trial is Under Way Brian Block, the ex-American Realty Capital Properties CFO, is on trial over his alleged involvement in accounting errors that led to the former Nicholas Schorsch-controlled real estate investment trust’s release of inaccurate financial statements during the first two quarters of 2014. As a result of the inaccuracies,…

Securities Cases: David Lerner Associates Settles Nontraded REIT Sales for $700K, RBS Resolves Investor Lawsuit, and HSBC Holdings Settles More Libor Rigging Claims

SSEK Law

David Lerner Associates to Pay NJ Over Nontraded REIT Sales David Lerner Associates has agreed to pay a $700K penalty to resolve allegations accusing it of illegally selling nontraded real estate investment trusts in the state of New Jersey. In the consent order from the New Jersey Bureau of Securities, the firm also agreed to…

Investors File Nontraded REIT Fraud Lawsuit Accusing Nicholas Schorsch And Others of Stealing from RCAP

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In Delaware Chancery Court, investors have brought a nontraded real estate investment fraud lawsuit against former RCS Capital (RCAP) CEO Nicholas Schorsch accusing him and his partners of enriching themselves by taking revenue from the publicly traded brokerage holding company. The plaintiffs are part of the RCS Creditor Trust. They are unsecured creditors who say…

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