Securities America Broker, Leslie Goldstein, Has $1 Million Customer Complaint Regarding The Sale Of REITs
The Wolper Law Firm is currently investigating claims against Leslie Goldstein, a Financial Adviser at Securities America in Park Ridge, Illinois. Leslie Goldstein has been in the securities industry since the 1980s and was previously employed by CIGNA Financial Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 23, 2018, a customer filed a complaint against Leslie Goldstein, alleging sales practice violations in connection with the sale of non-traded real estate investments trusts (“Non-Traded REITs”). The complaint specifically alleged:
Claimants allege that the representative concentrated claimants’ accounts in illiquid investments, annuities, life insurance and non-traded REITs which were unsuitable. Allegations include churning, excessive commissions, breach of fiduciary duty, and negligence.
The complaint alleges damages of $1 million and remains pending.
Non-traded REITs do not trade a public securities exchange. For this reason, non-traded REITs can be illiquid, meaning investors may be unable to sell their investments on demand. Typically, the commissions generated on non-traded REITs are higher than industry norm and may be subject to extreme volatility due to associated risk factors. Non-traded REITs are only suitable for investors with a long-term investment horizon who are willing to accept higher levels of risk in their investments. Financial Advisors have been increasingly recommending Non-Traded REITs because they generate higher commissions for Financial Advisors that more traditional investment vehicles. FINRA has issued notices regarding the sale of Non-Traded REITs due to their speculative characteristics and the investing public’s lack of understanding of said characteristics and risks.
In addition, Leslie Goldstein has previously been the subject of two prior customer complaints earlier in her career, including one for the sale of unregistered securities. Both complaints were resolved with compensation being paid to the customer. Leslie Goldstein was also suspended by the National Association of Securities Dealers in 1990.
For a full copy of Leslie Goldstein’s BrokerCheck disclosures, click https://brokercheck.finra.org/individual/summary/1300590#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm is interested in speaking with clients of Leslie Goldstein as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.