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Daniel Byrne: 6-Figure REIT Complaint Against Santa Rosa Rep

LPL Financial representative Daniel Byrne (CRD# 2606471) allegedly recommended unsuitable investments, according to a pending investor complaint. Financial Industry Regulatory Authority records show that he is a stockbroker and investment adviser registered with LPL Financial in Santa Rosa, California.

Mr. Byrne’s BrokerCheck report discloses one pending investor complaint. Filed in 2021, it alleges that as a representative of LPL Financial, he recommended unsuitable investments in business development companies and real estate investment trusts from 2011 until 2017. The pending complaint alleges damages of $140,000.

FINRA has issued multiple investor alerts regarding real estate investment trusts, or REITs. As these materials note, there is particular risk associated with non-traded REITs: that is, products which are not traded on national stock exchanges. “For this reason, non-traded REITs are generally illiquid, often for periods of eight years or more,” states a 2016 investor alert. The resource goes on to explain how non-traded REITs may have limited early redemption opportunities, high fees, and distributions that “include a return of investor principal.” The alert cautions investors to consider that non-traded REITs “are rarely, if ever, suitable for short-term investors,” and pose significant illiquidity risks for long-term investors. According to an earlier investor alert, issued in 2011, distributions from non-traded REITS “are not guaranteed and may exceed operating cash flow.” Furthermore, that alert states, distributions may be suspended or even “halted altogether.”

According to the Financial Industry Regulatory Authority, Daniel Byrne holds 26 years of securities industry experience. He has been registered with LPL Financial as a stockbroker and investment adviser since 2002. His past registrations include UBS Painewebber (Weehawken, New Jersey; 1999-2002), Merrill Lynch (New York, New York; 1995-1999), and Baraban Securities (Los Angeles, California; 1995). His credentials include the passage of five securities industry qualifying examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He holds licenses in Arizona, California, and Oregon. (Information current as of March 14, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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