MILLER & MILOVE

Miller & Milove is a leading business and securities law firm comprised of experienced and dedicated attorneys focusing on the recovery of investor losses due to deceptive or fraudulent sales practices. Our firm possesses a reputation for excellence built on more than 28 years of professional representation of clients nationwide in complex litigation, arbitration and mediation proceedings. We possess extensive state and federal court litigation experience in class actions, business litigation cases and arbitrations. Most of our cases are a result of referrals from former clients, other attorneys and Judges familiar with our performance. 

 

PRIVATE PLACEMENT INVESTOR ALERT:  Private Placements, TICs and “Alternative Investment” Sales are defrauding investors out of life savings as Financial Advisors push high commission/high risk Private Placements instead of traditional investments appropriate for retirement and estate planning

 

Conservative and retired investors seeking safe income producing investments have been defrauded in private placement securities offerings. Starting in 2004 and continuing today in this low interest rate environment, various Brokers, Investment Advisors, Wealth Management and Financial Planning firms have ramped up marketing and sales of complex, commission rich and risky “Alternative Investments“. Securities regulators, such as FINRA, have warned brokers and investment professionals that “Alternative Investments”, such as Tenant In Common Real Estate offerings (TICs), Non-traded REITS and other real estate and oil and gas deals – all sold through “Private Placement” offerings – are unsuitable for most, if not all, retail investors. Representatives of the TIC industry admit to the outright fraud of promoters amongst their association. However the benefit of huge commissions paid to the brokers selling these unsuitable products has encouraged continuing unlawful sales of “Alternative Investments” and has caused devastating losses to retirees and conservative investors alike. Recent Miller & Milove cases include,

DEC.15,2013: MASSACHUSETTS SUPERIOR COURT CONFIRMS $5.2 MILLION JUDGMENT IN FAVOR OF MILLER & MILOVE CLIENTS FOR ALTERNATIVE INVESTMENT/PRIVATE PLACEMENT SECURITIES FRAUD

JUNE 4, 2013: FINRA PANEL AWARDS MILLER & MILOVE CLIENT OVER $5 MILLION FOR TENANT IN COMMON (TIC)  FRAUD AND UNFAIR BUSINESS PRACTICES

 

PROSECUTIONS BY SECURITIES REGULATORS OF PRIVATE PLACEMENT “ALTERNATIVE INVESTMENT” BROKERS AND SPONSORS ARE RAMPING UP

 

Clients of various FINRA broker dealers have been sold fraudulent and unsuitable private placement investments such as Tenant In Common (TICs), REITs, oil and gas and other purportedly safe and well researched investments. Many investors have been left to FINRA arbitration proceedings as their only means to recover losses from the selling brokers. While FINRA previously warned the brokers against selling alternative investments , such as TICs, many brokers solicited and sold these commission rich products to unknowing retail clients. Various authorities have recognized the depth and severity of the fraud and are pursuing sellers of fraudulent or unsuitable investments.

 

- December 2012-February 2013 – Massachusetts Regulators Sue LPL Financial for Private Placement Violations

- May 2013  -  Five Independent Network Broker Dealers pay $7M Settlements for Private Placement sales

-  May 2013 -  LPL Financial Fined $9 Million by FINRA for Email ‘Failures’

- July 3, 2013 – Federal Court Judge Marcia Crone sentences the principals of Provident Royalties to prison for up to 12 years for private placement sales through FINRA broker dealers.

- August 6, 2013 - California based Real estate syndicator Tony Thompson defrauded investors, Finra claims

- August 8, 2013 - FINRA charges Tenant In Common (TIC) sponsor Tony Thompson and TNP Properties (formerly Argus Realty Investors) with $50 million fraud.

- August 8, 2013 – Stockbroker found guilty of fraud in Medical Capital private placement sales faces 12 years in jail - former FINRA broker John Guyette was convicted of 15 counts of felony securities fraud for making untrue statements and failing to share pertinent information with investors

- August 11, 2013 - Real estate and TIC fixture Tony Thompson defrauded investors: FINRA Regulators Allege Fraud

- December 2013 – Miller & Milove Client’s Fraud Award Confirmed by Mass. Court: Argus TIC/Real Estate Investor’s $5 Million Judgment Confirmed

- Feb. 2014 – TIC Private Placement brokers censured by Washington State Securities regulators; Pacific West Securities, William Swayne and Robin Naylor censured

Visit the TIC Awards page for Miller & Milove Client Recoveries.

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