- December 1, 2019
- Kalos Capital
William Sines (CRD #2190586) was a former Financial Advisor at Kalos Capital in Seminole, Florida. William Sines currently works for Berthel Fisher & Co. William Sines has been in the securities industry since the early 1990s and previously worked for SII Investments and Pruco Securities Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 23, 2019, a customer complaint was reported on William Sines’ disclosure report, in which the customer alleged “the representative pressured her into liquidating an annuity which cost her thousands of dollars in surrender penalties and lost interest credit in order to invest her into a REIT which she feels was an inappropriate investment.” The alleged damages are $38,651 and the matter remains pending.
In addition, William Sines has three other disclosed customer complaints, including the following:
• November 2017—Customer alleges “unsuitable recommendations.” The matter was settled for $19,737.
• May 2007—Customer alleges “REITs are unsuitable for the Marrs Living Trust because they are considered illiquid.” The complaint was denied.
• December 2002—“Client alleges that the sale to her of 2 VA products in December 2000 and January 2001 were improper and unsuitable.” The dispute was settled for $36,000.
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.
For a copy of William Sines’ CRD, click https://brokercheck.finra.org/individual/summary/2190586#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. 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.
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