If you experienced losses while investing with Nina Sue Jessee of Abingdon, Virginia, receive a free consultation about your recovery options by calling Marquardt Law Office LLC at (312) 945-6065.
Marquart Law Office LLC is pursuing a case to seek a recovery of investment losses allegedly caused by Nina Sue Jessee while she was registered with Investors Capital Corp.
As previously reported by Marquardt Law Office, Nina Sue Jessee has twenty-one customer disputes. Many of them were filed in FINRA arbitration and named Jessee or her former firm, Investor Corp., as respondents. FINRA (the Financial Industry Regulatory Authority) regulates brokers and brokerage firms and runs the largest securities dispute resolution forum.
According to public FINRA and the Securities and Exchange Commission (SEC) records, fourteen claims have settled, resulting in customers collectively recovering over $1 million. The settlements were paid by one of Jessee’s former firms, and five of the settlements were paid in 2018.
From February 1993 through October 2016, Nina Sue Jessee was registered as a broker and investment adviser with Investors Capital Corp. From October 2016 through November 2017, she was registered in these capacities with Cetera Advisors LLC. Cetera disclosed it terminated Jessee in November 2017 for her alleged actions relating to outside business activities.
Jessee became registered with Cetera after it acquired Investors Capital Corp in 2016. While every situation must be evaluated by an attorney, a firm, like Cetera, that acquires another firm, like Investors Capital Corp., may be liable for investments made with an adviser or broker when he or she was at the acquired firm.
Investors claimed Jessee caused them losses by recommending unsuitable investments. Some investors claimed that Jessee unsuitably recommended them real estate securities. This includes investments in a real estate investment trust (REIT) such as a Behringer Harvard Real Estate Investment Trust or a limited partnership interest in the United Development Funding III (UDF III).
UDF Funds
In 2018, the SEC filed a complaint in federal court against the UDF III and UDF IV funds. The SEC alleged investors’ money raised in these funds were used for illegitimate purposes, like paying investors in older funds, UDF I and UDF II.
Additionally, the FBI reportedly raided UDF headquarters. The status of the FBI’s investigation is unclear from public records.
UDF III and UDF IV, respectfully, raised $350 million and $610 million from investors. UDF executives settled SEC charges against them for $8.2 million.
Investors’ Recovery Options
Brokers, like Jessee, have a duty to recommend only suitable investments to their customers. Suitability is based on factors such as a customer’s age, investment objectives and experience, risk tolerances, and financial status and needs. Brokerage firms have a duty to reasonably supervise their brokers, which includes ensuring their brokers do not recommend unsuitable investments. When those duties are violated, customers of brokers and brokerage firms have the right to claims for their losses.
If you suffered losses while investing with Nina Sue Jessee, Marquardt Law Office LLC is interested in speaking with you. Send the firm a message or call (312) 945-6065 to receive a free consultation from a securities attorney.
Marquardt Law Office LLC is a securities law firm that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence.
Information about Nina Sue Jessee was based on his FINRA BrokerCheck records accessed on February 25, 2019.
