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Broker-dealers that sold UDF REITs to face investor claims

February 25, 2016

Four firms have been named for selling UDF nontraded REITs or private real estate deals

Feb 24, 2016 @ 4:06 pm | By Bruce Kelly

Independent broker-dealers that sold the distressed series of UDF real estate investment trusts could soon be facing arbitration claims from angry investors, according to Alan Rosca, a plaintiff’s attorney.

The firms that have been most prominent in Mr. Rosca’s discussions with UDF investors are: IMS Securities Inc., Berthel Fisher & Co. Financial Services Inc., Centaurus Financial Inc. and VSR Financial Services Inc.Those four firms were not the only ones that sold the UDF REITs, but are the most widely named in discussions with investors, he added.

Other industry sources separately confirmed that those four broker-dealers sold UDF nontraded REITs or private real estate deals.

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