Rex Securities Law is investigating Mario Porras, a stockbroker from El Paso, Texas, on behalf of a former customer who was sold hundreds of thousands of dollars worth of KBS REIT I. Porras was working for Transamerica Financial Advisors at the time the investment was made. We are investigating the suitability of the recommendation and the representations made in connection with the sale.
As we commented in a recent post, KBS REIT I, which sold for $10 per share, has lost half or more of its value, distributions have ceased and investors wanting to liquidate can only look to secondary markets since this investment does not trade on a conventional exchange.
We have been told by some of our clients that KBS REIT I was sold with the promise of steady and dependable distributions of income and with the understanding that the value would remain constant or increase. Many did not understand the significance of the fact that this investment is not traded on any conventional exchange making it difficult to turn it into cash if the need arises.
If you have information which you believe may be helpful in this investigation, we would appreciate hearing from you. If you have questions about your investment losses, please do not hesitate to call. Free consultation. Nationwide representation.
561 391 1900
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.