Lucia Securities investigation into variable annuity and non-traded REIT sales
The securities attorneys at The Law Office of David Liebrader have opened an investigation into the sale of illiquid and high risk securities by a Henderson, NV based FINRA registered representative with Lucia Securities (aka Lucia Capital Croup).
The pending customer complaint that gives rise to the investigation concerns a number of high commission variable annuities, as well as high risk, illiquid non traded real estate investment trusts (REITS) including Preferred Apartment Communities Income Fund, and Business Development Corporation of America, high commission illiquid REITs. The registered representative with Lucia Securities recommended these illiquid, high commission investments that were supposed to provide income, liquidity and a safe return of principal for retirement purposes. Instead, due to an over concentration into these programs, the customers have been unable to liquidate their holdings, and have suffered substantial unrealized losses. Among the investments at issue are: Preferred Apartment Communities Income Fund, Business Development Corporation of America and Axa and Metlife variable annuities.