The Securities Arbitration Law Firm of Klayman & Toskes Files Another
Arbitration Claim Against LPL Financial As It Continues To Investigate
Claims On Behalf of Inland Western REIT n/k/a Retail Properties of America
NEW YORK -- January 11, 2013
The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”),
www.reitfraudloss.com, announced today that it filed a claim against LPL
Financial (“LPL”) to recover damages sustained in Inland Western REIT n/k/a
Retail Properties of America (NYSE: RPAI), Inland America REIT, Dividend
Capital Trust, and LaeRoc 2004-2005 Income Fund. The securities arbitration
claim was filed with the Financial Industry Regulatory Authority (“FINRA”),
and seeks damages of $225,000.
According to the claim, Claimants’ LPL advisor represented that these products
were low risk, conservative investments. With regard to Inland Western REIT
specifically, the advisor stated that it was a product that had “‘Meat &
Potato’ Recession Resistant Tenants.” He guaranteed that investors who redeem
after one year “will always come away with a profit,” that the income from
Inland Western was “predictable,” and that there had been “no investor Losses,
ever...” Moreover, the LPL advisor placed the accounts’ assets at significant
risk by over-concentrating them in these speculative investments, and failed
to disclose the true risks associated with these products.
Last month, the Massachusetts Securities Division filed a Complaint against
LPL for failure to supervise registered representatives who sold non-traded
REITs in violation of both state limitations and the company’s rules. Further,
LPL was charged with dishonest and unethical business practices. Massachusetts
focused on the following non-traded REIT products that were approved for sale
by LPL: Inland American, Cole Credit Property Trust, II, Cole Credit Property
Trust, III, Cole Credit Property 1031 Exchange, Wells REIT II, W.P. Carey
Corporate Property Associates 17 and Dividend Capital Total Realty.
Investors who purchased Inland America REIT, Dividend Capital Trust, LaeRoc
2004-2005 Income Fund or other direct investments from LPL or other brokerage
firms can contact K&T to explore their legal rights and options. K&T is
presently pursuing claims on behalf of investors from across the country who
sustained losses by purchasing these types of products.
If you wish to discuss this announcement or invested $250,000 or more Inland
Western or other direct investments, please contact Steven D. Toskes, Esquire
or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or
visit us on the web at www.reitfraudloss.com.
Klayman & Toskes, P.A.
Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire, 888-997-9956
Press spacebar to pause and continue. Press esc to stop.