First Allied Securities Investment Loss Attorney

Real Estate Investment Losses with First Allied Securities

One of the things that many investors look for is independent financial advisors and brokers. These are financial professionals that are not tied to a big firm such as Merrill Lynch. They are independent contractors that take on more responsibility for running their own businesses. These professionals are supposed to be more objective than larger firms and the Wall Street establishment.

First Allied Securities was set up as an independent brokerage and financial advisory firm in 1994. Their goal is to give investors more objective financial advice that you can’t find with the big Wall Street firms.

The problem is that First Allied Securities is dealing with lots of regulatory issues because of unscrupulous financial advisors and brokers. First Allied is owned by Centera Financial and shut operations last December.

The Financial Industry Regulatory Authority (FINRA) regulates the financial industry. According to FINRA, First Allied has 18 reportable regulatory events. Many of the firm’s financial advisors and brokers like the access they get to alternative investments through First Allied Securities. Lots of these problems came from the real estate losses with First Allied Securities.

First Allied has settled many different cases with FINRA for violating industry rules, including:

  • Making unsuitable investments
  • Unauthorized trading
  • Overcharging on commissions for mutual funds
  • Failure to supervise personnel.

The sale of the firm was reportedly about consolidation in the industry. The reality is that First Allied Securities had no choice but to make the deal and consolidate under Centera Financial. Its regulatory complaints began to mount and this became a liability for the firm.

Those who suffer are the investors that trust in their financial professionals and the firm to do the right thing. The problem is that despite all of the regulations the firm’s brokers, financial advisors, and supervisory personnel looked out for themselves.

Situations such as this are when you need to talk to the First Allied Securities investment loss attorney at the Wolper Law Firm, P.A.. We have decades of experience working on cases involving broker and financial advisor misconduct. We hold the financial professionals and the firm accountable for their actions and the losses you experienced because of unsuitable advice.

Contact us now at 954.406.1231 / 800.931.8452 and schedule your free consultation with a skilled First Allied fraud attorney. We will look at your case and lay out the different options we can pursue. Our knowledge and experience will make a difference in holding those responsible for your losses accountable.

First Allied Securities Complaints are Mounting

First Allied Securities has been passed around from one firm to the next for the last 20 years. The company’s repeated regulatory challenges make it a risk for firms that want to limit their exposure to customer complaints.

Firms have been interested in First Allied because of its affluent client base that wants access to alternative investments. These are investments that are considered to be very risky, such as private placements.

FINRA is cracking down on these investments for fraud and violations of the Best Interest Rule. This is a FINRA regulation that states all recommendations in private placements must disclose the risks, compensation, and any conflicts of interest. None of this was provided to clients and the losses began to mount. This is when complaints to regulators rose and the owner of First Allied Securities sold it to get out from under the regulatory problems.

Centera finally closed the firm because its operations were streamlined with First Allied and to avoid redundancies. The reality is that the regulatory issues at First Allied became too costly and Centera has no choice but to consolidate the firm.

The clients are the ones that suffer from bad investment advice. They are losing money and don’t know what to do when their financial professional and the firm won’t help them. Situations such as this are happening more with First Allied and its customers. The clients are upset about the losses and are taking legal action against the firm.

The Wolper Law Firm, P.A. practices securities and trial law. We have a 99% success rate in recovering money for wronged investors. Our team of dedicated professionals will investigate and gather evidence that we will use to show where FINRA’s rules were broken. This helps us to recover money for you and hold the firm and the financial professionals accountable for their actions.

Contact us now at 954.406.1231 / 800.931.8452 to schedule your free consultation with a skilled First Allied fraud attorney. We will go over your case and discuss the different options we can pursue. You are under no obligation, and all discussions are strictly confidential.

Why Choose Us?

One of the problems with the securities industry is regulators are slow to react. When firms do break FINRA’s rules, these firms use their money and influence to get a slap on the wrist. Nothing happens to the firm other than paying a small fine and some restitution to investors.

These situations have been unfolding for decades and this is why firms such as First Allied Securities face continuing regulatory actions. We level the playing field in your favor by giving you access to the same legal resources and advice given to the big Wall Street firms.

Our founder Matthew Wolper saw firsthand how these firms bought their way out of so many situations. He worked as legal counsel for a Wall Street firm for 14 years and knows the tricks they will use to absolve themselves of responsibility. We make sure that they answer the charges against them and will pursue every avenue to do so.

  • You work with a team of dedicated professionals that will stand up and fight for you.
  • We will not stop until getting you the maximum settlement under the law.
  • Our team will thoroughly investigate your case, and we will create a customized legal strategy.
  • We will reach out to the other side to avoid having to go to arbitration and get you a settlement that is fair.
  • Our knowledge and experience are what will make a difference.

We offer a free consultation to go over your case and discuss the different options. All information you give us is confidential, and you are under no obligation. This consultation is a chance to know what your options are to make an informed decision. You get practical and objective legal advice that is customized to your situation.

The Wolper Law Firm, P.A. has the knowledge and experience to help you to go after First Allied Securities and the financial professionals responsible for your situation. They have a duty to protect you and look out for your best interests. The real estate investment losses with First Allied Securities are illiquid and speculative. You should have been told about these risks before any trade occurred in your account.

The fact that this did not happens means you may be entitled to compensation. We will work tirelessly to go after the firm and the financial professionals. We will not stop until getting you the maximum settlement under the law. Our tenacity and dedication are what make a difference. This is why we have five-star reviews and have recovered money for wronged investors in 99% of the cases we handle.

Contact us now at 954.406.1231 / 800.931.8452 to schedule your free consultation with a skilled First Allied Securities fraud attorney. We will give you objective advice and go over the different options we can pursue with your case. You have nothing to lose and everything to gain by speaking with a skilled attorney about your situation.


FINRA arbitration is a way of resolving disputes between investors, financial professionals, and their firms. FINRA oversees the securities industry and arbitration speeds up the dispute resolution process by lowering costs compared to litigation. Most investors at First Allied Securities agreed to settle their disputes using FINRA arbitration. You more than likely waived your right to sue and settle any disputes by arbitration when you opened your account. It is one of the clauses in the fine print that most people don’t read until later.

We advise always using an attorney to go to arbitration. The securities laws are complex, and you need a skilled lawyer that understands the law and how to make a strong case for you. This is how you will get a judgment and an award that reflects the damages.

It will take between 12 and 18 months to resolve your case. The timeframe depends on the evidence and the complexities of the law. We recommend getting the assistance of a skilled attorney to help you with this situation. Our team will investigate, gather evidence, and offer advice on the best avenues to get the desired results.

The statute of limitations for taking action against First Allied Securities is 6 years. It can be from the date of occurrence or an event giving rise to the situation. We recommend speaking with a skilled attorney to see when the statute of limitations started and how long you have to take legal action.

No. We prefer not to go to arbitration to settle the dispute and will reach out to Centera (the owner of First Allied Securities) to see if we can make a deal. These situations involve dropping your claim and agreeing to take a certain amount of money. You agree not to discuss your situation with anyone and Centera admits to no wrongdoing on the part of First Allied Securities. We use arbitration as leverage to show that the high costs in terms of fines, suspensions, and restitution aren’t worth it. This is when we can make a deal that holds the financial professionals responsible, recovers money for you, and lets the firm know we are watching.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]