Broker Jason McBride Has Five Customer Complaints, Including One Pending Complaint Alleging The Unlawful Sale Of Non-Traded REITs
The Wolper Law Firm is currently investigating claims against Jason McBride, a Financial Advisor at Presidential in Greenwood Village, Colorado. Jason McBride has been in the securities industry since the 1980s and previously worked for four brokerage firms that have since been expelled from the industry by the Financial Industry Regulatory Authority.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 1, 2018, a customer filed a complaint against Jason McBride, alleging “unsuitability, breach of fiduciary duty, negligence, failure to supervise…in the purchase of two non-traded REITs…” The customer alleges damages of $251,300 and the matter remains pending.
Four other clients have filed customer complaints against Jason McBride, alleging sales practice violations, including the following complaints:
- July 2014—Customer alleged “suitability, misrepresentation and omission, fraud, negligence…relating to the purchase of a TIC real estate investment…” The case went to a final arbitration hearing and the customer was awarded $653,000.
- November 2013—Customer alleged “unsuitable recommendation, misrepresentation, omission of material facts…” The alleged damages were $46,000 and the matter was settled.
To review a full copy of Jason McBride’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1875972#disclosuresSection
Non-traded REITs do not trade a public securities exchange. For this reason, non-traded REITs can be illiquid, meaning investors may be unable to sell their investments on demand. Typically, the commissions generated on non-traded REITs are higher than industry norm and may be subject to extreme volatility due to associated risk factors. Non-traded REITs are only suitable for investors with a long-term investment horizon who are willing to accept higher levels of risk in their investments.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Trading long-term investment vehicles in short duration is per se improper as it presents very little benefit to the customer and only benefits the Financial Advisor, who earns commissions. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Jason McBride and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
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