Van Washington Involved in a REIT Dispute

Van Washington (CRD #: 4651656), a broker registered with Sigma Financial Corporation, has an investor dispute on his record, according to his BrokerCheck record, accessed on August 1, 2023. Keep reading for more information. 

On May 2, 2023, an investor alleged that Van Washington misrepresented REITs. They further alleged that Van Washington engaged in excessive equity trading in 2020. The dispute was denied by the firm, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

There is also a tax lien for $18,806.56 from April 27, 2015, on his record. 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without having direct involvement with property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are risky because they are not traded on the public exchange, making them difficult or impossible to sell. 

FINRA Rule 2111 – Excessive Trading

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.

Background Information 

Van Washington 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 is a registered investment adviser in Texas. 

Van Washington has registered with the following firms: 

• Sigma Financial Corporation (CRD #: 14303) 
• SPC (CRD #: 110692) 
• Ameriprise Financial Services (CRD #: 6363) 
• Ameriprise Advisor Services (CRD #: 5979) 
• Morgan Stanley & Co. (CRD #: 8209) 
• Morgan Stanley DW (CRD #: 7556) 
• Edward Jones (CRD #: 250) 

Kurta Law Can Help

If you worked with Van Washington and you 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 and 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.