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Update on Recent TIC Awards in FINRA Arbitration

Back in March of 2012 we listed five recent FINRA arbitration awards to customers who had suffered losses in TIC investments - the post can be found here.  FINRA arbitration panels have issued several additional awards to customers based on claims of securities fraud, negligence, lack of suitability, breach of fiduciary duty, etc. in relation to TIC (Tenant In Common) sales by brokerage firms and brokers:

1.

DRG Hendersonville TIC 13 LLC, et al. v. Behrends, Capstone Financial, CapWest Securities, et al.

  FINRA arbitration #11-01909, Los Angeles, California.  This claim related to two TIC investments:  Marriott
Renaissance Meadowlands Hotel and the Arbors on Main Apartments.  The Panel issued an award to Claimants for $338,000 plus interest against Capwest and two individuals.  Unfortunately, Capwest is no longer licensed with FINRA so the collectibility of the award is questionable.

2.

Castro v. Capwest Securities, et al.

, FINRA Arbitration # 10-02633, Los Angeles, California.  This is another LA FINRA arbitration against CapWest and invididuals.  The TICs involved were Water Song Apartments (CWC Water Song S&H LP), and Cabot Turfway Ridge Acquisition, LLC.  The panel awarded $156,250 plus interest to the Claimants against Capwest and the individual Respondents.

3.

McLean v. Great Northern Financial Securities, Inc.

, FINRA Arbitration #11-03787, Seattle Washington.  Once again, another customer award but against a defunct Brokerage Firm.  This case involved a DBSI TIC as well as other private placement investments.  The panel awarded $424,553 which included damages, interest, treble damages, and attorneys fees.

Greco & Greco is currently pursuing multiple TIC claims against Broker-Dealers and registered representatives in FINRA Arbitration.  To read more about the duties of brokers selling TIC’s, please click here through to our website.  If you wish to speak to one of our attorneys about a possible claim, please contact us for a free consultation.

Posted by Greco & Greco on 10/05 at 02:59 PM
ArbitrationBrokerage FirmsCapWestFINRAPrivate PlacementsSecurities FraudTIC

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