Brokers and investment advisers Travis Lynn Riggs (CRD#: 4334801) and Richard Lance Belline (CRD#:2432737) were subject to customer dispute disclosures alleging sales of REIT products to investors and unsuitable recommendations. The alleged misconduct is currently investigated by investor lawyers from the law firm Rosca Scarlato.
The FINRA reports of both brokers show that one of the alleged investment activity occurred when the pair were associated with the firm AXA Advisors in Bentonville AR (CRD#:6627). Travis Riggs has been associated with this broker-dealer since 2001, while Richard Belline has a longer link with the company starting in 1993.
According to both Riggs’s and Belline’s FINRA reports, the pending allegation relates to the customer purchase of a REIT, which was unsuitable for their needs.
The second customer disputes alleges that the unsuitable recommendations were made while the pair was registered with Equitable Advisors LLC, an alternative name for AXA Advisors.
Concerned about investments with
Generally speaking, FINRA rules require investment professionals to make suitable investment recommendations to their customers after reviewing their customer’s investment experience, their investment portfolio, their age, among others. According to FINRA guidelines, it is also typically the responsibility of brokers and investors to ensure that their customers are aware of the associated risks of investing.
Typically, REITs are investments in real estate– related securities, without needing to purchase actual real estate properties . New investors are sometimes assured by brokers that REITs stable and safe investments. As such, some investors may be lured in by brokers highlighting the supposed safety of this investment, the easiness of generating income along with the three types of financial return: capital gains, returns of capital, and ordinary income.
Investors who are concerned that they may have lost money due to unsuitable investment advice related to Travis Riggs, Richard Belline, AXA Advisors also known as Equitable Advisors are urged to contact Rosca Scarlato LLC investor lawyers for a free, no-obligation discussion regarding your options.
Rosca Scarlato often represents investors who have lost capital through REIT investments.
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Customer Dispute Disclosures on Rigg’s and Belline’s FINRA reports
In February 2020, a customer of Travis Riggs and Richard Belline began a written complaint process alleging unsuitable REIT investment decisions. The customer also alleges that they were not informed about the risks associated with the investment, and as a consequence, lost substantial assets in the privately-owned REIT.
The Brokercheck Report for Travis Riggs and the Brokerceck Report for Richard Belline show that the customer is requesting damages in the total of a minimum of $100,001.00. The case was filed with FINRA under number 20-00406.
In December 2020, another Travis Riggs and Richard Belline customer filed a FINRA case alleging unsuitable recommendations while the brokers were registered with Equitable Advisors. The claim was filed under number 20-04208, and the alleged damages are unspecified.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Are You Concerned About a Previous REIT Investment You Made With Riggs, Belline, or Axa Advisors ? Our Investor Lawyers Are Investigating
At Rosca Scarlato LLC, our investor lawyers are investigating the FINRA reported customer dispute disclosures involving both Travis Lynn Riggs and Richard Lance Belline. Our team is also investigating activities surrounding AXA Advisors LLC. Our investor lawyers have extensive experience of conducting these types of investigations into unsuitable investments and have helped numerous of victimized investors across the country and around the globe in filing complaints and arbitrations against stockbrokers.
Investors who have suffered losses or have concerns about prior investments made with either Travis Riggs, Richard Belline, or AXA Advisors are urged to contact Rosca Scarlato for a free, no-obligation consultation. Any investors who may wish to query their potential loss recovery options are also urged to contact our investor lawyers’ team for a free, no-obligation discussion about their options.
If you are an investor who has useful information pertaining to activities surrounding either Riggs, Belline, or AXA Advisors, you are also advised to contact our team at the earliest convenience, either by phone at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on the webpage.