Meyer Wilson is investigating allegations on behalf of investors that Andrew Marschall, a Maryland-based broker, recommended unsuitable investments of non-traded Real Estate Investment Trusts (REITs) to his customers. Marschall has worked for PNC Investments since December 2020. He previously worked for Capitol Securities Management, Inc.
A customer filed a complaint against Marschall alleging breach of fiduciary duty and that he recommended unsuitable shares in non-traded REITs while employed at Capitol Securities Management. The case is currently pending. Non-traded REITs are highly risky and not traded on a public exchange. Investors must wait until the underlying real estate is sold to get their money back. A broker must have a reasonable basis for believing that the recommendation to buy or sell non-traded REITs is suitable for the client.
Brokers have an obligation to consider enough information about individual customers’ financial situations prior to recommending the purchase or sale of a security or investment. They must also have a reasonable basis for believing that recommendation is suitable for them. A broker may be liable for recommending an unsuitable investment if they fail to do so.
If Marschall recommended you unsuitable investments and you lost money, the experienced securities and investment fraud lawyers at Meyer Wilson would like to speak with you. Contact us today for a no-cost consultation to discuss your legal options.