Securities Fraud Blog | Find out if your broker is liable for your losses

TAG | investors capital corp

Mar/13

18

FINRA Barred Ellen Erenstein Permanently Due to TIC Sales

Soreide Law Group has file a FINRA arbitration on behalf of an investor who was sold the NNN St. Charles 6, LLC, Tenant in Common Investment along with an investment in a private placement called Commonwealth Capital Corp.’s income and Growth Fund V. These investments were sold by Ellen Erenstein.

Ellen Erenstein, from South Florida, registered as a representative with Investors Capital Corp. (f/k/a Eastern Point Advisors, Inc.), August 2003 to October 2006, and between October 2006 and July 2010, with Workman Securities Corporation, both registered with FINRA, was permanently barred from the securities industry in September, 2012.  Erenstein  sold many Tenant in Common (“TIC”) investments, Doral Court and Shoreview Corporate Center, to name a few.  Erenstein marketed these TIC investments allegedly to retirees and other investors not looking for risky or unsuitable investments to add to their otherwise conservative portfolios.  Due to the real estate market, many TIC investors have lost their entire investment.  TIC investments have often proven to be more profitable to the brokers, due to the high commissions, who sell them, than they are to the clients who buy them.

If you were a client of Ellen Erenstein,  you may have a potential claim for recovery. Call Soreide Law Group for a free consultation with an attorney: 888-760-6552.

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The following is a list of the Broker-dealers that sold Provident Royalties private placements.

 

 

 

Firm name   Total sales   Total commission paid to BD  
Advisory Group Equity Services Ltd. $110,000 $70,650
AFA Financial Group LLC $2,455,000 $456,150
  $585,000 $66,650
Asset Management Strategies LLC $220,000 $2,250
Ausdal Financial Partners Inc. $100,000 $2,250
Barron Moore Inc. $250,000 $96,750
Boogie Investment Group Inc. $410,000 $110,150
Brookstone Securities Inc. $460,000 $76,500
Callaway Financial Services Inc. - $22,500
Calton & Associates Inc. $300,000 $40,750
Capital Financial Services Inc. $33,655,000 $5,510,725
CapWest Securities Inc. $21,745,000 $3,058,700
Chester Harris & Co. $340,000 $297,500
Community Bankers Securities LLC $2,780,000 $355,950
Crescent Securities Group - $9,375
David Harris & Co. Inc. $850,000 $94,000
DeWaay Financial Network LLC $850,000 $134,525
Eagle One Investments LLC $360,000 $42,500
Empire Financial Group Inc. $2,750,000 $234,200
Empire Securities Corp. $205,000 -
E-Planning.com Securities Inc. $3,765,000 $483,925
First Allied Securities Inc. $380,000 $11,250
Gk Securities LLC $50,000 -
Grant Bettingen Inc. $215,000 $19,350
GunnAllen Financial Inc. $22,255,000 -
Harrison Douglas Inc. $1,830,000 $569,900
Independent Financial Group $495,000 -
INVEST Financial Corp. $100,000 -
Investlinc Securities LLC $2,095,000 $183,275
Investors Capital Corp. $3,400,000 $427,975
J.P. Turner & Co. LLC $11,600,000 -
Jesup & Lamont Securities Corp. $100,000 $13,500
Kaiser & Co. $100,000 $160,650
Lighthouse Capital Corp. $250,000 $33,750
Main Street Securities LLC $205,000 $45,450
Matheson Securities LLC $100,000 $37,800
Milkie Ferguson Investments Inc. $4,145,000 $480,350
Morrow Wealth Management $30,000 -
National Securities Corp. $3,665,000 $437,250
Newbridge Securities Corp. $25,000 $15,750
NEXT Financial Group Inc. $33,485,000 $3,190,200
Okoboji Financial Services Inc, $21,910,000 $2,261,225
Private Asset Group Inc. $2,015,000 $204,150
Provident Asset Management $50,000 -
QA3 Financial Corp. $32,585,000 $6,974,450
Questar Capital Corp. $250,000 $24,125
Securian Financial Services Inc. $50,000 -
Securities America Inc. $17,995,000 $3,723,475
Securities Network LLC $215,000 $89,550
SII Investments Inc. $100,000 -
Sterling Enterprises Group Inc. $100,000 $13,000
Summit Brokerage Services Inc. $560,000 $81,000
Unaffiliated Broker-Dealer $150,000 -
United Equity Securities LLC $660,000 $173,200
United Securities Alliance Inc. $550,000 $401,850
Waterford Investor Services Inc. - $2,250
Wedbush Morgan Securities Inc. $325,000 -
WestPark Capital Inc. $785,000 $114,250
WFP Securities Corp. $6,755,000 $1,286,775
Williams Financial Group Inc. $175,000 -
Workman Securities Corp. $9,045,000 $1,239,025
  $250,990,000 $33,380,775

 

 

Source: U.S. Bankruptcy court filings, Northern District of Texas, case # 09-33886

If you feel you have been an alleged victim of these broker-dealers and were sold Provident Royalties private placements, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA  the Financial Industry Regulatory Authority.

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