The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”), www.reitfraudloss.com, announced today that it filed a claim against Ameriprise Financial Services (“Ameriprise”) to recover damages sustained in Inland Western REIT n/k/a Retail Properties of America (NYSE: RPAI), and an unsuitable annuity. The securities arbitration claim was filed with the Financial Industry Regulatory Authority (“FINRA”), and seeks damages of $200,000.
According to the claim, the Claimant, age 63, was solicited by his Ameriprise advisor to place about $200,000 of his retirement assets into Inland Western REIT which at the time was an illiquid, non-traded Real Estate Investment Trust (“REIT”). The shares, which now trade on the NYSE, have declined about 50%. As the Claimant’s Ameriprise advisor had represented that this REIT was a safe, low risk product, the Claimant never imagined that it would suffer declines of this magnitude, nor was he willing to expose his money to this level of risk. An additional $300,000 was tied up in a fixed annuity which had penalties for selling early. As a result, nearly 50% of Claimant’s account was invested in investments that were not freely saleable. This recommendation by Ameriprise was unsuitable.
Investors who purchased Inland Western or other REITs from Ameriprise or other FINRA brokerage firms can contact K&T to explore their legal rights and options. K&T is presently pursuing claims on behalf of investors from across the country who sustained losses by purchasing these types of products.
If you wish to discuss this announcement or invested $250,000 or more Inland Western or other REITs, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at www.reitfraudloss.com.