Regier first became associated with FINRA in 2002. Below are the firms that Regier has been employed by and registered with throughout his career:
- Washington Square Securities, Inc. (January 2002 – August 2002)
- VSR Financial Services, Inc. (August 2002 – November 2016)
- Summit Brokerage Services Inc., Topeka, Kansas office (September 2016 – Present)
According to UDF’s website, the company was founded in 2003 and purports to provide investors with an opportunity to diversify their portfolios with “fundamentally sound investments in affordable residential real estate.” However, allegations have been made that UDF IV made false or misleading statements and omissions regarding its business. It has been alleged that UDF IV failed to disclose that:
- Subsequent UDF REIT companies provide significant liquidity and capital to earlier UDF companies which allows those companies to repay earlier investors;
- If funding from retail investors to the latest UDF company were halted the earlier UDF companies would not be capable of continuing operations;
- UDF IV provided liquidity to UDF I, UMT and UDF III, as part of an investment scheme;
- UDF IV was being operated in a manner similar to a Ponzi scheme where new capital is being used to pay prior investors;
- UDF IV failed to disclose that the company was being investigated by the SEC for its practices; and
- UDF IV’s business prospect representations were false and misleading.
All advisers have a fundamental responsibility to deal fairly with investors, including making suitable investment recommendations. There are three primary brokerage responsibilities outlined by the suitability rule:
- To perform reasonable-basis suitability analysis
The adviser must investigate the investment properties (benefits, risks, tax consequences, and other relevant factors) in order to have a reasonable basis when making recommendations of products or securities suitable to his or her clients.
- To perform customer-specific suitability analysis
The broker must understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.
- To perform quantitative suitability analysis
All brokers and broker-dealers must have a reasonable basis for recommending a series of transactions, even if suitable when viewed in isolation, are not excessive and unsuitable for the customer when taken together in light of the customer’s objectives.
Investors who have suffered investment losses due to unsuitable investment activity by brokers may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors concerning securities violations in various products including private placement securities. Our consultations are free of charge and the firm is only compensated if you recover.