Securities Fraud Lawyer Blog
Centaurus Financial was ordered to pay $150,000 to an investor.
In June, 2016, a three member FINRA arbitration panel sitting in Albuquerque, NM issued a $150,000 binding arbitration award against Centaurus Financial for the sale of illiquid, unsuitable investments.
The underlying matter involved the sale of non-traded REITs, including Inland American REIT, Phillips Edison – ARC Shopping Center REIT, Carter Validus Mission Critical REIT and Cole Credit Property Trust. The Claimants’ allegations were that Centaurus Financial made unsuitable recommendations, violated FINRA rules and violated New Mexico law in selling the risky investments to an elderly investor.
After a five day arbitration hearing in April and May, 2016, the arbitration panel rendered their decision and awarded the customers $150,000 in compensatory damages, and interest at 8.75%.
As a result of this award The Law Office of David Liebrader has opened an investigation into Centaurus Financial.
Centaurus Financial’s broker check report lists eight customer complaints over 24 years in the brokerage industry.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Centaurus Financial had thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Centaurus Financial please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.