Claimant Says Cetera Investment Services Unsuitably Recommended NorthStar Healthcare Income, Healthcare Trust, and Griffin Realty Trust
Cetera Investment Services Broker Chang Vung Named in Six-Figure Non-Traded REIT Claim
A self-employed New York investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Cetera Investment Services and its broker Chang Jen Vung. The claimant sustained losses in non-traded real estate investment trusts.
The claimant is pursuing up to $500K in damages and contends that Vung used their shared cultural affinity when recommending that he concentrate his portfolio on high commission, illiquid products. These products included Healthcare Trust Inc., Griffin Realty Trust, and NorthStar Healthcare Income REIT.