Jim Geake inappropriately sold investors illiquid investments. These include Real Estate Investment Trusts (REITs) and Business Development companies (BDCs). Please contact us if you lost funds or cannot access your savings. We have represented investors for inappropriate BDC and REIT sales for over 20 years. Call us toll-free at 1-844-253-5858.
Geake is a financial advisor with Madison Avenue Securities in Skokie, Illinois. He or his employer has been sued, or threatened with suit, fifteen times concerning Geake’s inappropriate investment recommendations.
Fifteen legal suits is excessive under any measurement. A brokerage firm is required to give heightened supervision when a financial advisor has excessive complaints. Generally, the level considered excessive is anything above four complaints.
One such suit concerning a REIT that Geake sold an investor settled in 2021. The investor received $450,000 in the settlement.
There are many reasons that these investments are inappropriate for many investors. Regulators have highlighted the problems with non-traded REITs for years. These include the high commissions paid to advisors, inability to trade or sell the investment, lack of guarantee as to distributions, an inability to value the investment, an inability to determine the health of the investment,
The individual investments sold by Geake include NorthStar Healthcare REIT, Hospitality, Investors Trust (HIT), and other non-traded REITs. Complaints also include inappropriate sale of variable annuities. Like REITs and BDCs, these investments pay the broker an unreasonably high commission for selling investments that meet the needs of very few investors.