- Report: #1126617
Report - Rebuttal - Arbitrate
Complaint Review: Navisis Financial
Navisis Financial377 e butterfield il lombard, Illinois USA
Navisis Financial Navisis, National Securities Rubber stamp supervision and churning of long term investments lombard Illinois
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I am not going to use names but just tell what has happened and let the truth speak for itself.
I help out my in laws occasionaly with investments. They had recently come to me to try and refer me over to some company they had bought a couple real estate investment trusts in the past year or two. They showed me a private placement memorandum. As an attorney I know these are not worded very well to sell the product, so I did not care much about the launguage. I did however read that this investment was supposed to be a 5-7 year hold. I then found out that this company has had my elderly in laws buy and sell this same 5-7 year product 2 other times in the past 20 or so months. I also read that only 88% of each dollar goes in the investment and that they can pay out principal as part of the interest.
So the facts are this:
They have sold my inlaws this high commision product 3 times with the same invested dollar in the past 2 years even though the first investment was supposed to be held 5+ years. They have earned a commision that should pay them for 5 years somewhere in the 5-12% range 3 times on that dollar.
It turns out that they fibbed on the account form to push up their net worth on it to sell them more of what they should have because it should only be up to 10% of their net worth when in reallity they have 20% of there money tied up in this shell game.
Who is their suppervision and compliance? Where are the regulators like Finra who should be watching for this type of behavior?
Then I found out why! This company changed it's name years back. They are the same company that sold penny stock private deals in the early 2000's that all went bankrupt while the owner bought his friends private stock and got paid more stock under the table to his private companies. His initials are JB funny enough the same initials of the lead character in "the wolf of wall street". I had the unfortuanate experinece of losing a large amount of money to me 2 times to these BS artists. They side saddled their way in to my family again. I hope that someone is watching these guys as they are parasites.
This report was posted on Ripoff Report on 02/26/2014 06:09 AM and is a permanent record located here: http://www.ripoffreport.com/r/Navisis-Financial/lombard-Illinois-60148/Navisis-Financial-Navisis-National-Securities-Rubber-stamp-supervision-and-churning-of-l-1126617. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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