FINRA Aims for Greater Transparency in Non-traded REIT Statements

New rule changes proposed by the securities industry regulators, if adopted, would give investors a truer picture of the costs to buy shares of non-traded real estate investment trust (REITs). The Peiffer Wolf securities lawyers often represent investors in non-traded REITs in cases arising out of unsuitable sales of such products to investors or out… Read more »

Atlanta Financial Professional Robert Gist Charged with Fraud

Atlanta financial professional and estate planning attorney Robert Gist has agreed to settle a lawsuit that accused him of investment fraud. Regulatory documents reviewed by securities attorneys Jason Kane and Joe Peiffer charged that, between 2003 and 2013, Robert Gist engaged in a scheme to defraud investors by promising them that he would make conservative… Read more »

Texas Self-Styled Day Trading Expert Charged with Fraud

Firas Hamdan, a self-styled successful day trader in Sugar Land, Texas, was accused of fraudulently raising more than $6 million from at least 33 investors in a fraudulent investment scheme.  Most of his victims are members of the Lebanese and Druze communities in and around Houston. Hamdan assured his investors that he had developed an… Read more »

Stockbroker Who Claimed to Trade Based on Moon Cycles Accused of Fraud

Gurudeo “Buddy” Persaud, a former broker from Orlando, Florida, has been charged with operating an astrology-based Ponzi scheme and fraudulently raising more than $1 million from at least 14 investors between July, 2007 and January, 2010. Persaud convinced his customers, including family and friends, to invest in White Elephant Trading Company, LLC, a company he… Read more »

Investment Advisor Accused of Defrauding Church, Others in Ponzi Scheme

A Dallas investment advisor has been accused of defrauding investors, including her own church, out of $2.3 million, in a fraudulent Ponzi scheme. Delsa U. Thomas, a former stockbroker, was charged by the Securities and Exchange Commission (“SEC”) with raising millions of dollars from investors in the United States and Canada through misrepresentations about the… Read more »