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Robert Rex
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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
My blog:
Rex Investment Loss Recovery Blog
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  • Update On Investigation Of VSR Financial Broker Dennis Van Patter-Plano Texas

    Rex Securities Law has been investigating VSR Financialbroker Dennis Van Patter and anticipates filing a FINRA arbitration against VSR Financial on behalf of one of Van Patter's former clients. The arbitration is on behalf of a widow who opened an account following her husband's death and was sold a large number of alternative investments, including the following:

     

    • Atlas Energy Public 17-2008B
    • Atlas Energy Public 18 2009B

    • Boston Capital Series 44

    • Boston Capital Series 47

    • CNL Lifestyle Fund

    • Cole Credit Property Trust II

    • Cypress Equipment Fund 15

    • Inland American Real Estate Trust

    • KBS Real Estate Investment Trust Inc.

    • MPF Income Fund 25

    • Penneco Oil Company 2008-1

    • United Development Funding III


    The arbitration alleges that the investments are unsuitable and that VSR was negligent in the supervision of their registered representative Dennis Van Patter and breached their fiduciary duty to their customer. Van Patter operates a company called First Financial Services Group in Plano, TX.

    If you believe you were sold unsuitable investments by your broker, call to discuss your legal rights with an experienced securities attorney.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Apr 10 2:48 PM | Link | Comment!
  • Inland American Share Repurchase---Options For Investors

    In a letter dated March 14, 2014, Inland American Real Estate Trust notified investors that it was offering to buy back about 6% of the outstanding shares. Investors were provided with a form allowing them to elect to offer for sale, all, or some of their shares at prices ranging from $6.10 to $6.50 per share. This is well below the $10 that most investors paid when they bought their shares from the company.

    Inland American is a non-publicly traded REIT and as investors now know, illiquid.

    The company is only committing $350 million to this buyback so it is highly likely that the amount of shares investors want to sell at this price will far exceed the amount that investors will offer. This means that many investors will still be stuck owning their shares with the only sales option being one of the privately operated secondary markets where shares of Inland American have been trading for about $6.

    Inland American was the largest REIT offered by Inland Group, Inc. the Oak Brook that formed the REIT in 2004. During 2007, Inland Group was raising $300 million a month.Inland American was their largest REIT, raising about $8 billion between 2005 and 2009, which is purportedly the record amount ever raised by any unlisted REIT.

    Many investors were sold unlisted REITs like Inland American with the promise of regular and dependable distributions of income (like a bond) , an assurance that the value was not likely to decline and with an expectation of making a profit within 5-7 years. Most investors did not understand that they might have trouble liquidating the investment should they need cash.

    Investors who were misled by their broker as to the true nature of non traded REITs may wish to consider filing a FINRA arbitration to recover damages. Call to discuss your legal rights with an experienced securities attorney.

    Nationwide representation

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Apr 09 11:10 AM | Link | Comment!
  • RSL Investigates Ash Flat, Arkansas Broker Jason Miller

    Rex Securities Law is investigating Jason Todd Miller who previously worked for Investment Professionals, Inc. (IPI), in Ash Flat, Arkansas. Our client is an elderly widow who was anticipates filing a FINRA arbitration alleging that Miller convinced her to invest the bulk of her liquid net worth into unsuitable investments, including Inland American real estate investment trust. In connection with the investment, our client alleges that Miller misrepresented her income level, her liquid net worth, tax bracket and investment experience.

    Miller worked out of an IPI office located within the Horseshoe Bend branch of FNBC Bank.

    According to FINRA records, Miller was a registered representative of IPI from 8/2003-3/2009 and he is not currently registered with any broker dealer. His previous registrations include:

    • American Express Financial Advisors, Little Rock, Arkansas

    If you have information you feel would be helpful to this investigation, we would appreciate hearing from you.

    Rex Securities Law is a securities litigation & arbitration law firm located in Boca Raton, Fl, representing individuals, trusts, and companies nationwide.

    If you have questions about the way your brokerage account has been handled, call to speak with an experienced securities attorney.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Apr 08 1:49 PM | Link | Comment!
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