Rex Securities Law is investigating the recovery of losses for investors who purchased Tenant in Common (TIC) investments sponsored by Direct Invest, a company headquartered in Boston and run by William F. Rand, President, and Peter W. Evans, Principal.
Direct Invest real estate deals, also known as 1031 exchanges, were sold nationwide from 2006-2008 by various broker/dealers and financial planners, including:
- Invest Financial
- LPL Financial
- National Planning Corp.
- Omni Brokerage
- Pacific West Securities
- Regent Financial Group
- SagePoint Financial
- Welton Street Advisors
Direct Invest sponsored a number of deals, including these:
- Direct Invest Braintree Park (Braintree, MA)
- Direct Invest Brookfield Commons (Richmond, VA)
- Direct Invest Heron Cove (Merrimack, NH)
- Direct Invest International Trade Dr (Richmond, VA)
- Direct Invest Clark's Hill (Framingham, MA)
- Direct Invest Omni Way (Chelmsford, MA)
- Direct Invest N Parham Rd. (Baltimore, MD)
- Direct Invest Cabot Drive (Baltimore)
- Direct Invest 829 Middlesex(Billerica, MA)
- Direct Invest Landover Rd (Landover, MD)
- Direct Invest Riverbend (Hartford)
- Direct Invest 615 Route 303 (Blauvelt, NY)
- Direct Invest University (Waltham, MA)
- Direct Invest Winding Brook (Glastonbury, CT)
A Tenant in Common investment is a real estate investment where multiple parties share ownership of property. The deals sponsored by Direct Invest include Class A/B warehouse, Class A&B office space, and industrial properties.
Many investors were convinced to buy these investments based upon misrepresentations and omissions by the selling broker as to the nature of the risks and without adequate explanation of the illiquid nature of the investment. TIC investments typically generated very high commissions for the broker and his firm.
Time May be Running Out For Bringing Claim
FINRA arbitration rules make it difficult, and sometimes impossible, to pursue claims on purchases made more than six years prior to the date of filing an arbitration claim. Investors who wish to pursue claims for losses on TIC investments would be wise to act before more than six years has run from the date you purchased the investment. If six years has already passed you should consult knowledgeable counsel as they may still be opportunity to bring an action based on a theory that statutes of limitation and jurisdictional rules were tolled.
If you have experienced losses in TIC investments sponsored by Direct Invest, you may be able to recover all or a part of your losses through FINRA arbitration. To learn more about FINRA arbitration, see this.
Contact us for a free consultation to discuss your legal rights.
561 391 1900
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.