Investors Name Wade Papas in Disputes Alleging Unsuitability

Wade Papas (CRD #: 2933979), a broker registered with National Securities Corporation, is involved in two suitability disputes, according to his BrokerCheck record, accessed on June 25, 2022. If you want to know more about Wade Papas’ conduct as a broker, keep reading.

Investor Disputes

On April 18, 2022, an investor alleged that Wade Papa’s recommendation of the American Realty Capital New York City Real Estate Investment Trust (ARC NYC REIT) was not suitable. The client seeks $200,000 in this pending dispute.

In a dispute filed on February 26, 2022, another investor named Wade Papa in unspecified allegations involving suitability. They seek $86,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information such as investors’ age, risk tolerance, and investment goals.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

What is a real estate investment trust?

A real estate investment trust (REIT) is a company that operates in a way similar to a mutual fund. Investors pool their funds into a real estate portfolio managed by the REIT and generate returns without needing to purchase or maintain the properties themselves.

However, REITs can frequently be illiquid and therefore unsuitable for many investors.

Background Information

Wade Papas has passed the following exams:

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

Wade Papas is a registered broker in 42 states and the District of Columbia.

He has also worked for the following firms:

• John Thomas Financial (CRD#:40982)
• Caldwell International Securities (CRD#:104323)
• J.P. Turner & Company (CRD#:43177)
• Donald & Company Securities (CRD#:7776)
• First Union Securities (CRD#:19616)
• D.L. Cromwell Investments (CRD#:37730)

Kurta Law Can Help

If you worked with Wade Papas 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.