Independent Financial Group Broker, Tatyana Bunich, Has Had Two Customer Complaint Disclosures Since June 2020
Tatyana Bunich (CRD# 2288860) is a Financial Advisor at Independent Financial Group in Columbia, MD. Tatyana Bunich has been in the securities industry since 1992 and previously worked at 14 different brokerage firms including CL Wealth Management LLC, Cabot Lodge Securities LLC, and FINRA expelled Allied Beacon Partners, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June and July of 2020, Tatyana Bunich was the subject of two (2) customer complaints, alleging sales practice misconduct:
• July 2020—”Claimant alleges that the Parking REIT was an unsuitable investment. Claimant also alleges failure to properly supervise.”
• June 2020—”The Claimant alleges the recommendation of an unsuitable investment.”
For a copy of Tatyana Bunich’s CRD, click here
The Parking REIT, Inc. f/k/a the MVP REIT I & II, Inc. is a non-traded REIT that invests in parking lots across the United States. The Parking REIT is managed by MVP Real Advisors, LLC, an affiliate of former FINRA member brokerage firm MVP American Securities. The price per share of the Parking REIT has declined 50% since its initial offering of $25 per share.
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.
On January 26, 2018, it was reported in the Las Vegas Review Journal that Michael Shustek’s brokerage firm, MVP American Securities, which purportedly raised “$180 million from investors for MVP REIT I and MVP REIT II”, is being investigated to determine whether it violated securities laws. It has been further alleged that inaccurate financial and compensation information was provided by MVP American Securities to FINRA as part of its investigation of the sales practices relating to the MVP REIT I and MVP REIT II.
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.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s:
• Other investments
• Financial situation and needs
• Tax status
• Investment objectives
• Time horizon
• Liquidity needs
• Risk tolerance
• Any other information disclosed by the customer
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. 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. We can be reached at 800.931.8452 or by email at email@example.com.