NEW YORK, Oct. 30, 2012 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com) announced today that it is continuing to investigate the sales practices and due diligence of Financial Industry Regulatory Authority ("FINRA") securities broker-dealers who solicited customers to invest in tenants-in-common ("TIC") investments, including investments in DBSI, Covington Main Street Commons, Sequoia Stonebriar, TSG, Geyser Realty, USA View at Encino Commons, Braintree Park, Eliason, Behringer Harvard St. Louis Place, Mission Bellevue Ridge, NNN Mt. Moriah Apartments 1, Connor Farms, NNN Papago Spectrum TIC, NNN Satellite Place, Mission Antioch, Argus Realty Investors, Heron Cove, US Advisors Houston Levee, Mission Briley Parkway, Mission Matthews Place, Darien Business Center, Townley Business Park 3, and NNN Park Central 4. K&T has filed numerous securities arbitration cases on behalf of TIC investors.
Over the past decade, TIC investments became increasingly more common. In 2003, the IRS amended its rules which allowed investors to avoid capital gains taxes by investing proceeds from a property sale into TIC investments. Individuals who invest in TICs become fractional owners of a single property. When the real estate market crashed, many TIC investors saw the value of their investments decline substantially.
FINRA securities brokerage firms who sold TIC investments to their customers were required to conduct adequate due diligence into the investments before selling the products. Financial advisors who sold TIC investments often represented the products as safe and guaranteed, with returns of 7 to 12 percent per year. With the recommendation to invest in the TICs, however, many advisors failed to properly advise their customers of the risks associated with the products.
Earlier this year, a FINRA Arbitration Panel ordered LPL Financial to pay two investors about $1.4 million for losses sustained in two TIC exchanges: Heron Cove, LLC and Braintree Park, LLC. The sponsor of the two deals was Direct Invest, LLC. LPL was also held responsible for $35,700 in hearing session fees.
Investors who purchased TIC investments from a full-service securities broker-dealer and sustained significant losses can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you have information relating to this investigation or have investment losses of $100,000 or more in TIC securities, 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 http://www.nasd-law.com.
CONTACT: Klayman & Toskes, P.A. 888-997-9956Source:Klayman & Toskes P.A.