Unsuitable REIT Recommendations

Walter Warren Parker of Rowlett Texas a stockbroker formerly registered with Titan Securities is referenced in a customer initiated investment related written complaint which was resolved for $10,000.00 in damages on September 20, 2019 supported by accusations that the customer had been inappropriately sold real estate security products and at least four of the customer’s investments have failed to generate distributions.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Parker has been identified in twelve more customer initiated investment related disputes that concern allegations of his misconduct while employed with Titan Securities. Specifically, a customer initiated investment related arbitration claim concerning Parker’s activities was settled on October 16, 2017 for $60,000.00 in damages based upon accusations that misrepresentations had been made concerning the customer’s investments; and viatical settlement transactions failed to be suitable. On February 15, 2019, a customer initiated investment related complaint in regard to Parker’s conduct was resolved for $37,991.23 in damages founded on allegations that direct participation program interests or limited partnership interests failed to be suitable for the customer given the customer’s objectives for investing, tolerance for risk or overall investment circumstances.

Parker is the subject of another customer initiated investment related arbitration claim in which the customer sought $270,000.00 in damages supported by accusations that Titan Securities failed to supervise direct investments sold to the customer; false or misleading information had been provided by the stockbroker; contractual and fiduciary obligations were breached; the customer’s assets were over-concentrated in speculative and inappropriate investments; and the Titan Securities stockbroker handled the customer’s account with poor care. FINRA Arbitration No. 19-00514 (Feb. 28, 2019).

In addition, a customer filed an investment related arbitration claim regarding Parker’s conduct where the customer requested $200,000.00 in damages based upon allegations that contractual obligations to the customer had not been complied with; fiduciary obligations were breached; the customer’s account was administered negligently; and the customer was defrauded by purchasing Life Partners Waco Life Settlements, Cornerstone REIT and United Development Funding 4. FINRA Arbitration No. 19-01624 (June 17, 2019).

Also, Parker is referenced in a customer initiated investment related arbitration claim which was settled for $10,000.00 in damages founded on accusations that the customer’s account was handled in a negligent manner; a contract was breached; fiduciary duties were disregarded; and the customer’s account failed to be supervised by Titan Securities which led the customer to experience losses on Bluerock, a direct private placement investment. FINRA Arbitration No. 19-02051 (Aug. 30, 2019).

FINRA Public Disclosure additionally confirms that Parker has been fined $7,500.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he gave bad investment advice to customers of Titan Securities. Letter of Acceptance Waiver and Consent No. 2016050492101 (Apr. 18, 2018). According to the AWC, Parker lacked an adequation foundation to conclude that his real estate investment trust recommendations were appropriate given the customer’s financial needs, experience, risk tolerance and age. Allegedly, the customer was advised to purchase BEMT, ARC3, ARC4, ARCHT, and UDF4. His advice led the customer to suffer catastrophic losses on alternative investments. FINRA found Parker’s bad advice to be violative of FINRA Rules 2010 and 2111.

Parker’s registration with Titan Securities has been terminated as of March 7, 2018.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

1700 Market Street, Suite 1005
Philadelphia, PA 19103
Direct: (215) 413-8223
Toll Free: (877) 732-2889

1260 South Soto Street, Suite 7
Los Angeles, California 90023
Direct: (213) 255-3475
Toll Free: (877) 732-2889

2750 NE 185th Street, Suite 302
Aventura, Florida 33180-2877
Direct: (786) 490-2413
Toll Free: (877) 732-2889

See Important Disclaimer

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website