Soreide Law Group has filed a FINRA arbitration against Independent Financial Group for the sale of Tenant In Common, or "TIC" investments, that were recommended to Independent Financial Group customers. Many of the TICs sold were sponsored by Cabot Investment Properties. The first FINRA arbitration against Independent Financial Group was a syndicated real estate investment sponsored by Cabot Investment Properties known as East Town Mall ("Cabot East Town") located in Green Bay, Wisconsin.
Upon information and belief, between 2003 and 2008, Cabot sponsored at least 15 syndicated private placement real estate investments whereby investors could invest as tenants in common ("TIC") to purchase income producing real estate, which offered virtually guaranteed returns of between 6-8% to investors. The default that happened to Cabot East Town TIC investors is not an isolated incident. Cabot East Town is the fourteenth syndicated tenants in common ("TIC") offering sponsored by Cabot. There are also several other Cabot TIC projects, each with 25 or more investors, who are in situations similar to Cabot East Town. Many of the other Cabot properties were also sold by Independent Financial Group brokers and they include:
- Cabot Broward
- Cabot Turfway
- Cabot Ashtabula
- Cabot Oakgrove
- Cabot Golf
If you purchased any of these Cabot TIC investments through Independent Financial Group or any other FINRA broker/dealer call Soreide Law Group, PLLC, at (888) 760-6552 or visit our website at http://www.securitieslawyer.com.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.