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Articles Tagged with Sierra Income

San Diego-Based Brokerage Firm Under Scrutiny Over Sierra Income Sales

LPL Financial Holdings (LPLA), the largest independent brokerage firm in the United States, has finalized its acquisition of Lucia Securities, a San Diego-based broker-dealer and registered investment advisor. With over $1.5B in assets, Lucia Securities and its advisors will operate under the name Lucia Capital Group. 

Even prior to the acquisition, our San Diego broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at Investorlawyers.com) were investigating Lucia Securities over its sale of Sierra Income Corporation investments to customers. LPL Financial also used to market and sell investments in this nontraded business development company (BDC) to investors but stopped.

Risky, Illiquid Business Development Company Was Not Suitable for Many Investors

If you are someone who invested in the Sierra Income Corporation, you may have lost money. This business development company (BDC) is a non-traded investment. 

Earlier this year, Sierra Income suffered losses after its announced merger with Medley Capital Corp. and Medley Management Inc. was terminated because of the economic uncertainty caused by COVID-19. Not long after that, the company announced that it was suspending monthly redistributions.

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