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Norman Coates Allegedly Misrepresented Non-Traded REITs

Norman Coates (CRD #: 2453725), a broker registered with Securities America, is the subject of an investor dispute, according to his BrokerCheck record, accessed on August 30, 2023. Keep reading if you have questions about his alleged conduct as a broker. 

On June 5, 2023, an investor alleged that Normal Coates misrepresented non-traded REITs. Misrepresentation violates FINRA Rule 2020. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes misrepresenting or omitting material information, such as an investment’s potential returns, risks, or limitations.

What is a REIT? 

A real estate investment trust (REIT) allows investors to generate returns from a real estate portfolio without taking on the cost and responsibility of managing the properties. REITs tend to be illiquid, making them unsuitable for many investors. Non-traded REITs are especially risky because they do not trade on the public exchange, making it unlikely that investors could find a market if they wanted to sell their non-traded REIT shares. 

Background Information 

Normal Coates has passed the following exams: 

  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in eight states and a registered investment adviser in Texas. 

Norman Coates has registered with the following firms: 

  • Securities America (CRD #: 10205) 
  • Securities America Advisors (CRD #: 110518) 
  • LPL Financial (CRD #: 6413) 
  • Investment Centers of America (CRD #: 16443) 
  • Capital One Financial Advisors (CRD #: 127236) 
  • Capital One Investment Services (CRD #: 25658)
  • Capital One Investments  (CRD #: 17526) 
  • Morgan Stanley DW (CRD #: 7556) 
  • Legg Mason Wood Walker (CRD #: 6555) 

Kurta Law Can Help

If you worked with Norman Coates and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.