The nationally acclaimed, New York based securities fraud law firm, Fitapelli Kurta, is currently investigating claims against current independent Financial and former AFA Financial broker, Jim Harris.
While employed at AFA Financial Group, Jim Harris recommended various Tenant-In-Common (TIC) investments to his customers. A TIC investment, or a Tenant-In-Common investment, is a security in real estate. It allows for capital gain tax deference by way of a 1031 Exchange. TIC investments are extremely high risk real estate investments that are actually bought and sold like securities. As such, any claim for damages as the result of a TIC investment must be filed with the Financial Industry Regulatory Authority (FINRA) for arbitration.
In 2009 Jim Harris received a customer complaint alleging that a purchase of the oil and gas investment was no consistent with the cash on cash returns projected. The customer received the full amount of damages requested, $36,000.
Jim Harris has been in the financial industry for 30 years. From 2005 to 2010 Harris worked for AFA Financial Group. He has worked for Independent Financial since 2010. He has also worked for NFP Securities, Sentra Securities, Northwestern Mutual, Robert W. Baird & Co, Mutual Service Corp., Raymond-Martin Financial, Financial West Group, John Hancock Distributors, Shearson Loeb and Paine, Webber Jackson & Curtis.
The FINRA arbitration process can be complicated and at time taxing for investors who attempt to run the gauntlet on their own. The investment fraud attorneys at Fitapelli Kurta can help. If you or someone you know has lost money investing in TICs or other investments as a result of Jim Harris, Independent Financial Group or AFA Financial Group, please call now for your free consultation.