Securities Fraud Lawyer Blog
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.
REITs and variable annuities entail significant risk, and are not suitable for all investors. In addition, it is not unusual to see fees of over 12-15% coming off the top, meaning that for every dollar invested, only 85 cents goes towards the project.
Lucia Securities registration and disciplinary history
In order to lawfully sell investments to the public, a broker dealer must either be registered or exempt from registration. FINRA maintains a database that the public can access to check the credentials of firms and their financial advisors. The website, also known as broker check has a listing for Lucia Securities, as well as the registered representative who is the subject of a pending customer complaint alleging unsuitability in the purchase of REITs.
If you are the victim of investment fraud, or have had your account over concentrated in illiquid investments 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.