On November 7, 2019, an arbitration panel for the Financial Industry Regulatory Authority (FINRA) ordered Watsonville, California, stockbroker Kenneth Barroga and Crown Capital Securities, L.P. to pay over $160,000 in damages to a customer who had invested her entire life savings in non-traded real estate investment trusts (REITs) and business development companies (BDCs). The award included damages for elder financial abuse.
The REITs and BDCs involved are listed below:
REITs & BDCs
- Business Development Corporation of America
- Sierra Income Corporation
- Steadfast Income REIT Inc.
- ARC Realty Finance Trust Inc.
- Benefit Street Partners Realty Trust, Inc.
- ARC Healthcare Trust II
- Healthcare Trust, Inc.
- Northstar Healthcare Income