Williams Dirks Dameron Investigates First Allied Securities and Sean Brady
Williams Dirks Dameron and its co-counsel are investigating First Allied Securities and Sean Brady, a broker previously employed by First Allied in the St. Louis, Missouri area.
The investigation concerns whether Sean Brady allegedly forged client signatures, made unsuitable investment recommendations, and misled his clients. Included in the investigation is whether Sean Brady improperly invested his client’s money in non-traded REITs.
Non-traded REITs are real estate investment trusts that are not traded on a securities exchange. Non-traded REITs are designed primarily for high net worth individuals. Non-traded REITs are illiquid for long periods of time, they are inherently risky, and they are subject to high commission fees.
At issue in the investigation are the following non-traded REITs: American Realty Capital Trust(s), Phillips Edison, Colony Northstar, and Carter Validus.