Category Archives: Securities Law

Investors in CNL Lifestyle Properties, Inc. May Have Arbitration Claims

CNL Lifestyle Properties, Inc. (“CNL Lifestyle”) is a publicly registered non-traded real estate investment trust (“REIT”) that is based in Orlando, FL.  Because CNL Lifestyle is registered with the SEC, the non-traded REIT was permitted to sell securities to the investing public at large, including numerous unsophisticated investors who bought shares through the initial public offering (“IPO”) upon the recommendation of a broker or money manager. Non-traded REITs pose many risks that may not be immediately apparent to investors (or adequately explained by financial advisors and stockbrokers who sell them). To begin, one of the more readily apparent risks associated with non-traded REITs has to do with their high up-front commissions, typically between 7-10%.  In addition, non-traded REITs like CNL Lifestyle generally charge investors for certain due diligence and administrative fees, ranging anywhere from 1-3%.  These fees act….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , , | Leave a comment

Payson Petroleum – Update on Fraud Investigation

SEC Charges Griffin brothers with Fraud over Payson Petroleum Partnerships Did you lose money investing in Payson Petroleum at the advice of your financial advisor? If so, the securities attorneys at The White Law Group may be able to help you to recover your investment losses by filing a FINRA Arbitration suit against the brokerage firm that sold you the investment. On November 23, 2016, the SEC filed a civil action charging brothers Matthew Carl Griffin and William Daniel Griffin with fraudulently offering interests in two Texas partnerships. Between November 2013 and July 2014, the Griffins, through their company, Payson Petroleum, Inc., allegedly conducted a fraudulent two-phase offering of interests in two Texas partnerships, raising $23 million from approximately 150 investors for the purpose of developing three oil and gas wells. According to the SEC, the Griffins purportedly misled investors about Payson’s promised participation in the program and about….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , | Leave a comment

Cryptocurrency crackdown

Initial coin offerings have taken off in 2017.The SEC took two strong steps this week toward increased regulation of the cryptocurrency markets and specifically regulation of Initial Coin Offerings (“ICOs”). These steps included the halting of an ongoing ICO and a strong statement by the SEC’s chairman regarding ICOs and their status under the Federal securities laws. These steps were the SEC’s strongest actions to date regarding ICOs, but what is the probable long-term result here? This is getting very interesting as you pit the regulators and their application of traditional securities law concepts against an increasing strong demand in the investment community to invest in these cryptocurrency vehicles. An ICO involves the offering of a token, “coin” or other digital product. In exchange for their investment, investors receive these tokens or coins. The company then uses the proceeds of the ICO for various corporate purposes similar to a….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , | Leave a comment

Joeann Walker-Former LPL Financial Broker-Sanctioned Over Annuity Sales-Brockton, MA

December 2017-Brockton, MA According to FINRA  records Joeann M. Walker, (CRD# 2210194) ,  a   stockbroker who formerly worked for NEXT Financial Group and LPL FInancial  was barred from the securities industry for failing to cooperate with a regulatory investigation. The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers … Continue reading Joeann Walker-Former LPL Financial Broker-Sanctioned Over Annuity Sales-Brockton, MA → The post Joeann Walker-Former LPL Financial Broker-Sanctioned Over Annuity Sales-Brockton, MA appeared first on Home... To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , , , | Leave a comment

FINRA Censures & Fines Next Financial for Supervisory issues

Next Financial Group– New Procedures but Misconduct Reportedly Continues According to the Financial Industry Regulatory Authority (FINRA) on Tuesday, the regulator has fined Next Financial Group Inc.  $750,000 as part of a settlement for several supervisory violations. This is not the first time the firm has been in hot water with FINRA. The regulator fined Next Financial $1.54 million and ordered it to pay $2.1 million in restitution to clients over a variety of issues from 2009 until 2014,  including the sale of fraudulent private placements, excessive trading and account churning. Next Financial reportedly adopted new measures to correct those deficiencies, but misconduct has continued, according to FINRA. The firm’s most recent violations are from August 2012 through September 2015. Next Financial allegedly failed to detect excessive trading in a senior investor’s accounts that resulted in losses of $392,000 and an unnamed broker generating….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , , , , | Leave a comment