Brian J. Lockett Broker Investigation

Posted on November 18, 2019 by The White Law Group

Financial Advisor Brian J. Lockett, Independent Financial Group in Lynnwood, Washington

Are you concerned about investments with Brian J. Lockett in Lynnwood, Washington? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to the Financial Industry Regulatory Authority on November 12, the regulator reportedly suspended financial advisor Brian J. Lockett after it was determined that he allegedly participated in a private securities transaction without providing prior written notice to his member firm.

According to the Letter of Acceptance, Waiver & Consent posted on Nov. 12, Lockett has reportedly been suspended for 45 calendar days and fined $5,000.

According to his FINRA BrokerCheck report, Lockett is currently affiliated with Independent Financial Group in Lynnwood, Washington and has been since 2013. Prior to that, he reportedly worked for Geneos Wealth Management. Lockett reportedly has 9 customer complaints filed against him. Allegations include “sale of unapproved and unsuitable investments in oil and gas and a penny stock,” among others, according to his broker report.

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Lockett’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unsuitable or unapproved investments or selling private securities transactions without approving it with their employer, the brokerage firm they are working with may still be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Washington. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you are concerned about your investments with Brian J. Lockett, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

The Parking REIT (MVP REIT II) Withdraws $100 million IPO

Posted on September 4, 2019 by The White Law Group

The Parking REIT (MVP REIT II) Lawsuits

Are you concerned about your investment in The Parking REIT? If so, the securities attorneys at The White Law Group may be able to help you.

The Parking REIT, Inc. (formerly known as MVP REIT II, Inc.) is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. Its assets include 44 parking facilities located in 15 states.

As we told you previously on March 22, 2018, the board of non-traded REIT suspended the company’s cash distributions and stock dividends.

According to SEC filings last week, The Parking REIT, Inc. has withdrawn its registration statement that was filed on October 5, 2018.

The company originally filed a preliminary prospectus with the SEC to raise up to $100 million in an initial public offering, but said that it “believes the withdrawal to be consistent with the public interest and the protection of investors.”

The REIT reportedly planned to use proceeds from the IPO to repay approximately $9.1 million in debt, and for general corporate and working capital purposes.

Although the REIT approved an estimated net asset value per share of $25.10 on May 15, 2019, shares have been sold at a secondary price of just $14.01 per share.

The original offering price was $25.00 per share.

The Risks of Non-traded REITs

Non-traded REITs are complicated and often risky investments which should only be sold to high-net worth and sophisticated investors.

The White Law Group is investigating the liability that FINRA registered brokerage firms may have for improperly selling high-risk REITs, like The Parking REIT, to investors.

Notwithstanding the risks of investing in REITs, brokerage firms continue to push this type of investment because of the high commissions associated with their sale and creation. Brokerage firms generally make between 7-10% for selling a REIT, which is far in excess of the typical commission for more traditional investment types.

To speak with a securities attorney regarding your investment in a The Parking REIT or MVP REIT II, please call The White Law Group at (888)637-5510 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group, visit the firm’s website at https://www.whitesecuritieslaw.com.

UBS Yes | UBS Yield Enhancement Strategy Lawsuits

Posted on August 27, 2019 by The White Law Group

UBS Yield Enhancement Strategy (UBS YES) Investment losses

The White Law Group is continuing its investigation of broker dealers who may have unsuitably recommended UBS Yield Enhancement Strategy to investors.

According to an article in Financial News this week, Yield Enhancement Strategy, or YES, has reportedly generated at least $60 million in losses for clients and more than two dozen customer complaints thus far.

The Yield Enhancement Strategy is an option-based trading strategy, designed “to generate returns through the strategic sale and purchase of SPX index option spreads,” according to UBS.

UBS offered the Yield Enhancement Strategy typically to high net worth investors who were required to allocate a minimum Mandate to the UBS YES program.

According to reports, UBS Yield Enhancement Strategy investors have suffered substantial losses in their portfolios. While some investors are expressing serious concerns, the losses are reportedly continuing to increase.

Unfortunately, it appears that some UBS YES investors were asked to provide additional collateral and/or are facing margin deficits.

Others reportedly were not able to get out of the Yield Enhancement Strategy programs, and could be facing catastrophic losses.

YES Investors may have claims.

The White Law Group is investigating potential securities fraud claims involving broker dealers who may have unsuitably recommended UBS Yield Enhancement Strategy to investors.

If you have suffered losses investing in UBS YES, please contact the securities attorneys at The White Law Group. For a free consultation, please call the offices at 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states. Our attorneys have recovered millions of dollars from many brokerage firms in the past, including UBS.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

Benjamin Bourgeois Jr. Broker Investigation

Posted on May 29, 2019 by The White Law Group

FINRA Bars Benjamin Bourgeois Jr. – Commonwealth Financial Network

Have you suffered losses investing with former financial advisor Benjamin Bourgeois Jr.? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to the Financial Industry Regulatory Authority (FINRA), the regulator reportedly barred Bourgeois from association with any FINRA member in any capacity after he purportedly failed to provide information in an investigation into his conduct.

FINRA was apparently investigating Bourgeois after he was reportedly discharged from his member firm, Commonwealth Financial Network on April 1, because he allegedly borrowed money from a client which is against FINRA rules. On April 5, Commonwealth filed an amended form U5 that reportedly disclosed a civil litigation in which a customer alleged that Mr. Bourgeois defrauded her and took her money.

Bourgeois, 52, was arrested last month after authorities say he allegedly stole more than $359,000 from a 78-year old. Charges reportedly include three counts of theft valued over $25,000, three counts of theft valued between $5,000 and $24,999, and six counts of bank fraud and exploitation of the infirm, according to the Jefferson Parish Sheriff’s Office in Metairie, LA.

According to his FINRA BrokerCheck report, Bourgeois was registered with Commonwealth Financial Network in Metairie, LA from May 2015 through April 2019. He reportedly has 3 customer complaints listed on his broker record since 2001.

Broker Fraud Investigation

The White Law Group is investigating the liability that Commonwealth may have for Bourgeois’ alleged actions.

If a registered broker breaks FINRA rules, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.

If you have invested with Benjamin Bourgeois Jr. and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at https://www.wlgattorneys.com.

Austin Dutton & Newbridge – Investors may have claims

Posted on August 30, 2018 by The White Law Group

Securities Fraud Investigation – Austin Dutton – Newbridge

Have you suffered losses investing with Austin Dutton and Newbridge Securities in Doylestown, PA? The securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Arbitration claims against the firm.

According to Austin Dutton’s FINRA BrokerCheck report, he was fined $200,000 in July 2017 for allegations of “dishonest or unethical practices in the securities business,” by the Pennsylvania Department of Banking and Securities.

Newbridge Securities, Dutton’s employer at the time, was also reportedly fined $499,000 by the Pennsylvania state regulator for allegedly failing to supervise a broker in connection with sales of structured products to his clients in the state.

Dutton was registered with Newbridge Securities Corp. in Doylestown, PA from 2007 through August 2017, according to his Broker Check report. He has 14 pending customer disputes listed on his broker report since November 2017 for allegations of unsuitability, negligence and misrepresentation, among others.

Investigating Potential Claims

The White Law Group continues its investigation regarding former financial advisor Austin Dutton and the liability that Newbridge Securities may have for failure to supervise him.

Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Austin Dutton’s former employers failed to properly supervise him, the firm may be held responsible for the losses in a FINRA arbitration claim.

If you have suffered losses investing with Austin Dutton and would like a free consultation to discuss your litigation options, please call the securities attorneys at The White Law Group at 1-888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.