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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