Erez Law is currently investigating former Concorde Investment Services, LLC broker Michele Boyer (CRD# 5046676) regarding non-traded real estate investment trust (REIT) and energy sector losses. Boyer was registered with Capital Financial Services, Inc. in Lakewood, Colorado from 2016 to 2017 and previously with Concorde Investment Services, LLC in Parker, Colorado from 2014 to 2016.
In November 2019, a former customer of Boyer and Concorde Investment Services, LLC filed a FINRA arbitration for $150,000 regarding, “Claim is alleging negligence, suitability and failure to supervise in relation to non-traded REIT purchases made in July and August of 2014.”
According to public records, the clients were a married couple who alleged that Boyer purchased high-risk, speculative non-traded REITs, including Northstar Healthcare and Phillips Edison. Boyer also recommended her clients invest in Noble Realty Access Fund and other unsuitable and high-risk energy investments.
According to the complaint, Boyer informed her clients that they would not have to wait more than two years to sell their investments at a profit. Additionally, it is alleged that Concorde Investment Services, LLC failed to disclose the high fees and commission that Boyer earned for these investments, which were illiquid. It is also alleged that Boyer over-concentrated her clients’ portfolio in these high-risk and high-commission products.
Boyer has been the subject of one additional customer complaint in 2017, which was closed without action, according to his CRD report.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Concorde Investment Services, LLC may be liable for investment or other losses suffered by Boyer’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.