Allegations are overconcentration of client assets into a single illiquid investment.

$50,000.00

$14,999.00

Client claims the rep made an unsuitable recommendation.

$150,000.00

$55,000.00

Representative respectfully denies the allegation particularly since the complaint has been denied by the firm. This clients affiliation and initial recommendation was provided by another representative, where I was subsequently assigned to assist the client with service by the firm and clients prompted request to have another representative assigned to the account

Client is upset that money is locked up, and indicates the representative did not tell him the truth regarding these 2 REIT company's refund policies.

$157,760.89

Representative Comment: "Representative respectfully denies the allegation particularly since the complaint has been denied by the firm. The compliance approved product of the non-traded REIT offering was deemed suitable and representative mutually maintains an investment in the aforementioned non-traded REIT. Liquidity provision and share repurchase options were in place and available when the commencement of the investments were made by the client and have been temporarily suspended."

Client indicated she would not have invested had she known the full liquidity procedure, and was denied an emergency refund.

$71,233.71

Representative Comment: "Representative respectfully denies the allegation particularly since the complaint has been denied by the firm. The compliance approved product of the non-traded REIT offering was deemed suitable and representative mutually maintains an investment in the aforementioned non-traded REIT. Liquidity provision and share repurchase options were in place and available when the commencement of the investments were made by the client and have been temporarily suspended."

Client's investment is illiquid. Client states rep provided her with a date of intended liquidity. Client called the REIT company who indicated they can change the terms of the agreement and did not advise the broker to indicate a potential liquidity date.

$35,000.00

Representative respectfully denies the allegation particularly since the complaint has been denied by the firm. The compliance approved product offering of the non-traded REIT offering was deemed suitable and representative mutually maintains an investment in the aforementioned REIT, which founding company has been subject to multiple class action lawsuits, SEC fines and fraud charges.