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Adam Lunceford of LPL Financial Involved in a Dispute Regarding Illiquid Non-Traded REITs

iStock-506822830-300x200Adam Lunceford (CRD#: 4686499), a 15-year veteran of the securities industry whose experience spans five firms, is currently a Scottsdale, Arizona-based registered representative with LPL Financial. He does business as the Householder Group. On June 26, 2019, he became involved in a customer dispute that alleged that he “disregarded the Claimant’s objectives by recommending that he invest more than half his portfolio at SSN [Securities Service Network] in illiquid non-traded REITS. The transactions at issue occurred in 2013,” according to his BrokerCheck report accessed on July 30, 2019. The client is seeking damages of $250,000.

Real Estate Investment Trusts (REITs) “allow a company to use the combined money from a group of investors in order to purchase real estate property. REITs can be publicly or privately held and they can be traded on the stock market, or not traded on the stock market, and thus, [are] highly illiquid,” according to the securities law firm Fitapelli Kurta.

Adam Lunceford’s firm denied a claim that alleged that “investment objective for [the customers’] accounts was changed without their approval, which resulted in unsuitable trades.” The claimant, who filed the claim on September 4, 2014, had requested $16,855.42 in damages.

Adam Lunceford has also been a broker with four Colorado-based firms, including the Denver branch of LPL Financial. The other firms are:

  • Edward Jones (CRD#: 250)
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #: 7691)
  • Securities Service Network Inc. (CRD#: 13318)

If Adam Lunceford is your broker or if you have questions about Real Estate Investment Trusts, feel free to contact the experienced attorneys at Fitapelli Kurta. Call (877) 238-4175 or email info@fkesq.com for your free consultation.

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