|[January 11, 2013]
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 Investors
NEW YORK --(Business Wire)--
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 guaraneed 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
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.
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