- September 13, 2018
- Woodbury Financial Services
The Wolper Law Firm, P.A. is currently investigating claims against Robert Ginsberg, a Financial Advisor at Woodbury Financial Services in Wallingford, Connecticut. Robert Ginsberg has been in the securities industry since 2008 and previously worked at Investors Capital Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 27, 2017, a customer filed a complaint, alleging unsuitable investment recommendations in real estate investment trusts (REITs). The complaint alleges damages of $1 million. Specifically, the complaint alleges:
THE ALTERNATIVE INVESTMENTS WERE SUITABLE FOR THE CLIENTS BASED ON THEIR INVESTMENT OBJECTIVES. THE CLIENTS WERE SPECIFICALLY INTERESTED IN THE ALTERNATIVE INVESTMENTS BECAUSE OF LOSSES PREVIOUSLY SUSTAINED IN THE MARKET. THE CLIENTS LIKED THE IDEA OF POTENTIAL GROWTH WITHOUT THE RISK AND VOLATILITY OF THE MARKET. AFTER AGREEING TO A FINANCIAL STRATEGY AND WHILE RECEIVING FULL DISTRIBUTIONS FROM THE ALTERNATIVE INVESTMENTS, THE CLIENTS PURCHASED A HOME WITHOUT NOTIFYING ME. THE POSSIBILITY OF PURCHASING A HOUSE WAS NOT DISCUSSED OR DISCLOSED TO ME BY THE CLIENTS PRIOR TO CREATING THE FINANCIAL STRATEGY.
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
To review a full copy of Robert Ginsberg’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/5177531#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.
If you or someone you know was a customer of Robert Ginsberg and you experienced investment losses, please contact the Wolper Law Firm, P.A. 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, P.A. represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.