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Stephen Bush, Weddington Advisor, Has Northstar Healthcare Complaint
A new investor complaint against Capital Investment Group advisor Stephen Bush (CRD# 1898917) alleges his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that the broker and investment advisor is currently registered with Capital Investment Group and Capital Investment Advisory Services, respectively.
Pending Complaint Alleges Unsuitable Northstar Investments
The complaint against Mr. Bush was filed in November 2022, according to a disclosure on his FINRA-provided BrokerCheck report. It alleges that as a representative of LPL Financial, he recommended unsuitable investments in Northstar Healthcare Income and Northstar Real Estate Income. The pending complaint alleges damages of $100,000.
What Is Northstar Healthcare Income?
For reference, Northstar Healthcare Income is a real estate investment trust “formed to acquire, originate and asset manage a diversified portfolio of equity, debt and securities investments in healthcare real estate, directly or through joint ventures,” according to its website. The REIT descries its focus area as “the mid-acuity senior housing sector,” a sector that includes assisted living facilities, skilled nursing, memory care, and other senior housing communities. It also invests in hospitals, medical offices, and rehabilitation facilities. Northstar led an initial public offering, or IPO, that concluded in February 2015; a follow-on offering was held in January 2016. Its prospectus describes the REIT’s common stock shares as “suitable only as a long-term investment for persons of adequate financial means and who have no need for liquidity in this investment.” The document also notes that because there is no public market for shares in the REIT, the investments would be illiquid. Financial advisors who represented an investment in Northstar Healthcare Income as a short term and/or liquid investment may be liable for damages.
FINRA: Bush Based in Weddington, North Carolina
Stephen Bush holds 33 years of securities industry experience, according to FINRA records. Based in Weddington, North Carolina, he has been registered with Capital Investment Group since 2018. Before registering with the firm, he worked with LPL Financial, JC Bradford & Company, and Painewebber. Having passed six securities industry qualifying exams, Mr. Bush currently holds 13 state licenses. (Information current as of November 20, 2022.)
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