Royal Alliance to Pay $1.4 Million Over Nontraded REIT, VA Sales

Posted on August 18th, 2015 at 4:31 PM
Royal Alliance to Pay $1.4 Million Over Nontraded REIT, VA Sales

From the Desk of Jim Eccleston at Eccleston Law LLC: 

Three retirees have been awarded over $1 million from Royal Alliance Associates, Inc. of AIG Advisor Group. The retirees were urged by a former broker to take a lump-sum buyout as opposed to a lifetime annuity. Although there were no out-of-pocket losses from this investment, the retirees lost out on the potential earnings they would have received if they would have invested in a lifetime annuity. Craig McCann, an expert witness on behalf of the retirees states that, "There can't be any justification for a high-cost, illiquid product in an IRA."

Royal Alliance was found to have inadequately supervised the brokers involved and claims the award is unreasonable because the investment did result in a gain. Appeal attempts on Royal Alliance's behalf have since been denied.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, Royal Alliance

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

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