CMD Investigating Claims Against Stuart Graham Dickinson and WFG Investments, Inc. for Fraud, Failure to Supervise and Unsuitable Investments into Limited Partnerships

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against Stuart Graham Dickinson and WFG Investments, Inc. for fraud, failure to supervise and unsuitable investments into limited partnerships.  According to Mr. Dickinson’s FINRA BrokerCheck, he has been the subject of at least two (2) customer complaints and two (2) regulatory investigations.

According to FINRA, Stuart Dickinson sold securities without reasonable grounds for believing that the investment was suitable for any investor. The findings stated that Mr. Dickinson sold more than $1 million of limited partnership interests in a company whose purported business was to acquire and operate automated teller machines (ATMs) to seven customers while he was associated with WFG Investments, Inc.  The company did not own any ATMs.  WFG Investments, Inc.’s permitted Mr. Dickinson to sell interests in the company as private securities transactions. Mr. Dickinson recommended the securities without first conducting adequate and reasonable due diligence on the company.  Mr. Dickinson failed to verify or confirm information he obtained from interested parties, and failed to detect multiple red-flag warnings that the company was a fraudulent Ponzi scheme.  As a result, the customers lost their entire investments. If Mr. Dickinson had conducted a reasonable investigation, he would have recognized red flags indicating that the offering was fraudulent and thus unsuitable for any investors regardless of their wealth, risk tolerance, age or other individual characteristics.

If you or someone you know lost money investing with Stuart Dickinson and/or WFG Investments, Inc., you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD Investigating Claims On Behalf of Investors Who Purchased Shares of United Development Funding IV (Symbol: UDF)

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims on behalf of investors who own or purchased shares of United Development Funding IV (Nasdaq: UDF).

The Securities and Exchange Commission (SEC) has issued a Wells notice against UDF, an indication that SEC staff has made a preliminary determination to possibly recommend an enforcement action against the company.  Further, the Nasdaq stock market has delisted UDF IV shares.

The UDF family of REITs have been in turmoil for almost a year.  A hedge fund with a short position in UDF IV shares last December said the company had been operating for years like a Ponzi scheme.  Then, the FBI in February raided the REIT’s offices in suburban Dallas.  At the time, Nasdaq halted trading of UDF IV shares at $3.20, down 81% over the prior 12 months.

UDF IV, with $684 million in assets according to SEC filings, is a mortgage and development REIT.  UDF branded REITs and private deals were high yield offerings, promising investors returns of 8% to 10%.  Various UDF REITs, including UDF IV, have halted paying investors distributions over the past year.  UDF IV was a nontraded REIT that listed on Nasdaq in June 2014.  It was sold to investors from 2009 to 2013 at $20 per share.

During the last few months, UDF IV has publicly claimed that it was working to file its 2015 annual reports and its last three quarterly reports with the SEC in order to begin trading again. However, this never happened.

If you or someone you know lost money investing in shares of United Development Fund IV , UDF IV or any of the UDF REITs , you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.

CMD is Investigating Claims Against IMS Securities, Inc. and Jackie Wadsworth Over the Sale of Variable Annuities and Real Estate Securities

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against IMS Securities, Inc. and Jackie Wadsworth for unsuitable recommendations, over-concentration and failure to supervise.

According to FINRA, Ms. Wadsworth faces allegations of negligence, over-concentration, breach of fiduciary duty, misrepresentations and failure to supervise.  The product types in the complaint are variable annuities and real estate securities, such as REITs.

IMS Securities, Inc. is a small Houston, Texas based firm that posted $11.5 million in revenue last year, according to a filing with the Securities and Exchange Commission. Its balance sheet is tilted heavily in the direction of high-commission products like variable annuities and non-traded REITs; close to 86% of its revenue in 2015 came from commissions, according to the SEC filing.

IMS Securities was one of the four leading sellers of real estate investment trusts sponsored by United Development Funding (UDF).  The bottom fell out of those REITs last December, after an investor website posted a report that alleged that UDF IV, which was a non-traded REIT that later listed as a publicly traded REIT, operated for years like a Ponzi scheme.  Management at UDF has denied those allegations.

If you or someone you know lost money investing with IMS Securities, Inc. and/or Jackie Wadsworth, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or contact@cmdllp.com for a free and confidential case evaluation.