The White Law Group is investigating potential securities fraud claims on behalf of investors who purchased risky oil and gas partnership investments, including Atlas Energy L.P, through their financial professional or brokerage firm.

According to its website, Atlas Energy, L.P. owns the general partner of Atlas Pipeline Partners, L.P., a midstream energy service provider that gathers and processes natural gas in the Mid-Continent region of the United States. Atlas Energy also sponsors tax-advantaged direct investment natural gas and oil partnerships through several Atlas entities.

We have spoken to investors in various series of Atlas Energy limited partnerships, including Atlas Energy 23 and 24, and it appears that certain of these partnerships have declined precipitously in value.

Brokerage firms have a fiduciary duty to only recommend investments that are appropriate for its client in light of the client’s age, investment experience, net worth, and investment objectives.  Investments in oil and gas partnerships are speculative and complex and only suitable for sophisticated investors.  Notwithstanding the risks and complexities of oil and gas partnerships, it appears that certain brokerage firms sold Atlas Energy limited partnerships to unsophisticated investors that should not have been placed in these investments.

These individuals may be entitled to recover their investment losses in a FINRA arbitration claim against the financial professional or brokerage firm that solicited the investment.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of an Atlas Energy limited partnership investment, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

According to the sandiegoreader.com, FINRA has taken action against Mr. Kale Edgar Evans and he has been “banned…from association with FINRA members and [has been ordered] to pay a fine.” The sandiegoreader.com reports that FINRA alleges that Mr. Evans “recommended unsuitable investments, including some made on margin, then engaged in excessive trading (churning).” Kale Edgar Evans’ alleged victim “was a teenager supporting three siblings” and he is accused of “[inducing] the youth to transfer $400,000 of her late father’s life insurance money to an account at Evans’s brokerage, with the promise that the money would be placed in a savings account with no risk.” However, after transfer of the funds, it is alleged that he dodged his firm’s oversight and “‘unethically’ transferred $128,000 from a bank account he shared with the customer to his personal accounts and to pay creditors.”

According to the Financial Industry Regulatory Authority (FINRA) CRD for Kale Edgar Evans, he was registered with FINRA member firm First Allied Securities, Inc. from 12/2007 until 01/2010. Before his employment with First Allied Securities, his CRD states that he registered with two other member firms, TD Waterhouse Investor Services, Inc. and Jack White & Company, Inc. In some cases brokerage firms may be liable for investment losses due to negligently supervising the fraudulent or inappropriate actions of their employees.

If you believe that you have suffered investment losses due to your relationship with Mr. Kale Edgar Evans and would like to speak to a securities attorney about your potential ability to recover investment losses through FINRA securities arbitration please call our Chicago office at 312-238-9650.

The White Law Group, LLC is a securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

It appears that BankAtlantic may have been consciously hiding information from investors and when “BankAtlantic finally acknowledged the problems in the third quarter of 2007 by announcing a large unexpected loss. The investing public did not expect a loss of that magnitude, and BankAtlantic’s share price immediately dropped 37 percent.” The SEC is seeking “financial penalties and permanent injunctive relief against BankAtlantic and Levan to enjoin them from future violations of the federal securities laws.” This may not comfort retail investors who suffered investment losses due to alleged fraud of BankAtlantic and Mr. Levan. However, investors may be able to seek recovery on their investment through an individual securities arbitration claim.

If you suffered investment losses as a result of Bank Atlantic Bancorp’s alleged failure to disclose a deteriorating portfolio in 2007 and would like to speak to a securities attorney about your potential to recover your investment through a securities arbitration claim please call our Chicago office at 312-238-9650.

The White Law Group, LLC is a securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

• Regions Morgan Keegan Select High Income
• Regions Morgan Keegan High Income Fund
• Regions Morgan Keegan Strategic Income Fund
• Regions Morgan Keegan Select Intermediate Bond Fund
• Regions Morgan Keegan Multi-Sector High Income
• Regions Morgan Keegan Advantage Income

If so, The White Law Group may be able to help.  The White Law Group is investigating potential securities fraud claims involving Morgan Keegan’s recommendation that investors purchase these risky funds.

The investors we have spoken to have indicated that certain Morgan Keegan financial advisors marketed and sold these funds as investments similar to corporate bonds and preferred stocks.  In reality, the funds invested in high-risk derivatives and equally vulnerable securities tied to the subprime mortgage market.  Moreover, the prospectuses on the Morgan Keegan funds failed to disclose the high levels of credit risk to which shareholders were exposed.

As a result of these inappropriate and high-risk investments taken by the fund managers, certain Morgan Keegan funds suffered losses in excess of 50% during 2007 and 2008. Investors I these funds may be able to recover their losses through FINRA arbitration.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a RMK High Yield Fund sold by Morgan Keegan, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

The White Law Group is investigating potential securities fraud claims involving broker-dealers’ recommendation that investors purchase risky life settlement investments issued by Life Partners (and other life settlement providers).

A life settlement is a financial transaction in which the owner of a life insurance policy sells an unneeded policy to a third party for more than its cash value and less than its face value. Until recently, if a policyowner opted out of a policy by surrendering the policy or allowing it to lapse, the additional value was relinquished back to the issuing life insurance company. In some cases, an insured’s health may have declined since the policy was issued and the policy may be worth considerably more than the surrender value. A life settlement is an alternative to this surrender or lapse of a policy, or when the owner of a life insurance policy no longer needs or wants the policy, the policy is underperforming or can no longer afford to pay the premiums.

Life Partners, one of the providers of life settlements, and a trio of its executives are currently facing fraud charges from the Securities and Exchange Commission for allegedly failing to disclose that they were underestimating the life expectancies of insured policyholders — a major factor in determining the price of a policy and the amount the firm makes from its sales.

Life settlement investments can be extremely risky and are really only appropriate for very sophisticated and institutional investors.   Unfortunately, it appears that certain brokerage firms sold these life settlement investments to retired and/or income seeking investments as a safe, non-correlated investment (i.e. not subject to the movement of the stock market).

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a life settlement investment, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

The White Law Group is investigating potential securities fraud claims on behalf of investors involving broker-dealers recommendation that investors purchase risky investments, including the Highland Floating Rate Fund.

The Financial Industry Regulatory Authority (FINRA) recently issued an “investor alert” to warn investors who may be attracted to the high return promised by floating rate funds. In promoting these investments, FINRA expressed concern about brokers who downplay the potential risks while emphasizing the higher returns.

Highland’s sales literature claims that its floating rate funds seek “capital preservation and the management of credit risk while utilizing leverage to increase yield potential.”  Investors were no doubt attracted to the Highland Floating Rate Funds because the fund supposedly offered a nice income stream without substantial risk. Unfortunately for investors the fund invested heavily in loans that were rated as below investment grade or “junk.”

To determine whether you may be able to recover investment losses incurred as a result of your purchase of the Highland Floating Rate Fund, please contact The White Law Group at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

FINRA disclosed the allegations on Lerner’s personal BrokerCheck report, a public regulatory filing, on Jan 13.

As we have previously discussed, FINRA, in May, alleged that David Lerner & Associates did not perform “adequate due diligence” to determine whether Apple REIT investments were appropriate for its investors.  FINRA also alleged that David Lerner & Associates management “inappropriately valued the REITs’ shares at a constant artificial price” despite years of real estate market fluctuations.

According to the reports, FINRA’s recent complaint against David Lerner individually stems from statements he made to investors in the wake of the regulator’s action against his firm..

David Lerner sent letters to more than 50,000 customers in July to “counter negative press” about the action and to attempt to quell people’s concerns about their Apple REIT investments. The letter also discussed a possible opportunity for Apple REIT shareholders to participate in a sale or listing on a national exchange to dispose of their shares at a reasonable price.

FINRA has also alleged that David Lerner made misleading, exaggerated statements to investors at a seminar his brokerage firm hosted, including that closed REITs are a potential “gold mine.”

The recent allegations raised by FINRA continue to shine a light on the issues raised by FINRA’s complaint in May.  At this point, this much is known:

(1)    In May 2011, FINRA launched its investigation into David Lerner’s sales practices with respect to Apple REITs;
(2)    In June 2011, multiple class actions were filed against David Lerner and Apple REIT raising similar allegations as those raised by FINRA;
(3)    David Lerner recently changed the way Apple REITs are valued on their account statements – stating only that the REITs are “unpriced,” and acknowledging for the first time that the value may not be what the investor paid for the shares;
(4)    Those individuals that have requested redemptions since the announcement of the FINRA investigation have been told that only a partial redemption would be possible;
(5)    The only known offer to purchase Apple REIT shares is at $3/share and the alleged book value is approximately $7/share (depending on which Apple REIT the investor owns).

Based on the foregoing, The White Law Group continues to investigate claims against David Lerner for fraud, negligence, negligent supervision, and breach of fiduciary duty.  These claims are based on (1) David Lerner’s failure to perform the necessary due diligence on the Apple REITs prior to offering them for sale to investors, (2) its failure to adequately disclose the relationship between the firm and Apple REIT;  (3) its failure to disclose the decline in value of the previous Apple REITs sold to investors when offering Apple REIT 9 and Apple REIT 10 to investors; and (4) the unsuitability of a non-traded REIT for certain investors (retirees, investors interested in liquidity and/or investors adverse to risk).

It is our belief that as additional information comes out regarding the Apple REIT investments (like FINRA’s investigation of David Lerner individually) that more and more people will realize that they have claims against David Lerner.  This will not only likely depress the value of the Apple REIT shares further but may also impact the ultimate collectability of David Lerner & Associates.  Accordingly, we are encouraging investors that would like to pursue their claims against David Lerner to contact us as soon as possible to discuss their legal rights.

To speak with a securities attorney, please call The White Law Group’s Chicago office at 312/238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that the firm failed to establish and maintain an adequate supervisory system to ensure that it immediately recorded on the firm’s books and records checks its customers mailed to the firm. The findings stated that supervisory system deficiencies were exploited by a registered representative who embezzled approximately $2.6 million from customers and contributed to the firm’s failure to detect his scheme; the representative exploited the firm’s check handling procedures by taking control of customer checks totaling approximately $850,000 and depositing the customer funds into his own bank accounts, without the checks being logged in the firm’s tracking system.

FINRA registered broker-dealers are responsible for supervising their agents and can be help liable for the actions of these agents if it can be demonstrated that the proper supervision could have discovered the improper actions of the agent.This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.

If you have questions about investments you made with Hantz Financial Services, Inc., the securities attorneys of The White Law Group may be able to help.  To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that the firm approved an offering for sale based exclusively on its review of the issuer’s unverified and uncorroborated statements in the offering document.

The FINRA findings further stated that the firm designated an individual to conduct the marketing review for the offering. The individual created a summary page by cutting and pasting language directly from the private placement memorandum (PPM), including a statement about the unblemished payment history of the offering’s affiliates. The individual then completed, signed and dated the requisite 18-question review checklist.

The FINRA findings also stated that the firm, designated an associated person of the firm to conduct the due-diligence review of the offering. The person had not heard of the issuer prior to receiving the PPM and the other individual’s summary report, so he used the summary report and the PPM to conduct the due diligence review, including his assessment of the risks of the offering, and completed, signed and dated the requisite 14-question due diligence review checklist.

Finally, FINRA found that the firm ignored red flags and failed to adequately supervise the sale of the offering after learning about liquidity issues, and failed to suspend sales based on a PPM containing false statements.

Brokerage firms have a fiduciary duty to their clients to perform adequate due diligence on an investment prior to offering it for sale to its clients.

This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.

If you have questions about investments you made with Valmark Securities, Inc. the securities attorneys of The White Law Group may be able to help.  To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that the firm failed to take steps necessary to determine whether the shares of an SEC-reporting company could be sold without violating Section 5 of the Securities Act of 1933 (Securities Act); the firm knew, or should have known, information regarding the issuer and its securities, which required that they conduct further inquiry to determine whether the securities sold were registered or going to be sold in transactions exempt from the registration requirements of Section 5 of the Securities Act.

The findings stated that the firm was in possession of information regarding the activity at the firm from various sources, including stock certificates, account information and documents in its possession, as well as from sell orders and wire and transfer instructions that should have alerted them that the sales of the company shares through the firm may have been part of an illegal unregistered distribution.

Finally, the FINRA findings stated that the firm failed to perform an adequate inquiry into the registration or exemption status of the unregistered shares deposited into and sold from firm accounts.

This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.

If you have questions about investments you made with Wilson-Davis & Co., Inc., the securities attorneys of The White Law Group may be able to help.  To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.