Oakes & Fosher is currently investigating securities broker Kurt Jackson regarding allegations of recommending non-traded Real Estate Investment Trusts, or non-traded REITs. According to his FINRA BrokerCheck report, Kurt Jackson has received multiple customer complaints over the course of his career regarding the recommendation of non-traded REITs.

Kurt Jackson is a California based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with four different securities firms.

Registrations 

  • Merrill Lynch (1997-2002)
  • UBS Financial Services (2002-2008)
  • NFP Advisor Services (2008-2015)
  • Commonwealth Financial Network (2015-Present)

Allegations

  • In April 2003, customers alleged that Kurt Jackson made unsuitable investment recommendations. This case went to arbitration where the customers were awarded $48,430 in damages.
  • In June 2019, a customer alleged that Kurt Jackson breached his fiduciary duty and handled their investments negligently concerning the sale of non-traded REITs. This case is currently pending. The customer is seeking $500,000 in damages.

What Does This Mean?

Non-traded REITs are privately traded securities that are not traded on publicly traded securities exchanges. They are highly risky and speculative investments that are not suitable for investors with conservative investment objectives and/or modest financial means. Due to their private nature, their is a significant lack of over-sigh when trading these securities. Securities brokers like Kurt Jackson can use this to their advantage when trying to sell these products to unsuspecting investors.

Non-traded REITs are also incredibly illiquid investments. Individuals who own shares of non-traded REITs may have difficulty liquidating their shares as the stated market value for these products does not always equate to the amount an owner can received when liquidating shares. For all these factors and more, non-traded REITs are only suitable for highly sophisticated investors looking for high risk/high reward investments.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud or negligence. If an investor believes that they purchased an unsuitable non-traded REIT on a securities broker recommendation, they may be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Kurt Jackson, please contact Oakes & Fosher for a free and private consultation.