brokerwatch

Grant Conness | Global Wealth Management

Pitched as a way to provide investors with income and appreciation, ARC NYC REIT is promoted as “high-quality commercial real estate located within the five boroughs of New York City, particularly Manhattan.” Initially, NYC REIT was a non-traded REIT. Because it was not initially traded on an exchange, ARC NYC REIT was even less liquid than other REITs that trade on open exchanges. Investors believed that returns would be greater than 10% annually, but distributions stopped and there was a reverse stock split. To make matter worse, the initial public offering price was $25 per share, but that valuation has now plummeted below $12 per share.

According to FINRA’s BrokerCheck, Grant Conness is the subject of 6 disclosures:

• October 2020: Customer Dispute – Pending. Allegations: “Claimants allege recommendations regarding investment into two REITs in 2015 were unsuitable.”
• September 2020: Customer Dispute – Pending. Allegations: “Unsuitable recommendations, breach of fiduciary duty, breach of contract and negligence.”
• September 2019: Customer Dispute – Settled for $4,000.00. Allegations: “Unsuitable investments.”
• October 2018: Customer Dispute – Settled for $15,000. Allegations: “The claimant alleges that in November 2016, the respondent broker-dealer allowed an unlicensed individual to sell an investment to the claimant using the facilities of the broker-dealer and RR.”
• March 2018: Customer Dispute – Settled for $4,000.00. Allegations: “Breach of fiduciary duty and negligence related to recommendation and sale of alternative investments.”
• December 2016: Customer Dispute – Closed- No Action. Allegations: ” Unsuitable REIT/ annuity sales.”

Prior to Madison Avenue Securities and Global Wealth Management, Conness was registered with G.F. Investment Services, LLC, Pacific West Securities, Inc, Costa Financial Securities, Inc, and SII Investments, Inc.

If you invested with Grant Conness of Global Wealth Management, contact Peiffer Wolf immediately for a FREE Consultation.

To review Grant Conness BrokerCheck report, click here:

https://brokercheck.finra.org/individual/summary/4778193

*BrokerCheck is run by the Financial Industry Regulatory Authority, Inc. (FINRA)

Grant Conness Investigation

Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. Their broker-dealer (employing brokerage firm) has a legal obligation and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

Based on our experience, we believe that there are more investors who have been the victims of Grant Conness’s alleged broker misconduct and investment fraud. If you invested with Grant Conness of Global Wealth Management, contact Peiffer Wolf immediately for a FREE Consultation. 585-310-5140.