I wonder how many Columbia Property Trust investors are rushing to sell their shares this morning to buy into another non-traded real estate investment trust?
I wonder how many financial advisors are going to get socked in the nose for recommending to Columbia investors that they sell their shares and reinvest into another non-traded real estate investment trust?
Subscribe to:
Post Comments (Atom)
12 comments:
A class action lawsuit should be filed against Leo Wells. He took his $150M out back in 2007.
Bought into this disaster at $10 per share and am watching my investment plummet.
Is there any upside to this? Bought into Wells REIT in 2004 at $10, now at 55% of original investment.
Are you taking into consideration the 6% annual dividend that you received for the past 9 years? If one were to reinvest those dividends might the total return be very similar to the returns of the S&P 500?
Another scam brought to you by Leo Wells. Investors, FINRA, and the SEC should sue the crap out of him, but it will never happen. How a 'high quality' commercial real estate portfolio that was assembled in 2004/2005 could be worth $0.55 on the dollar in 2013 is hard to fathom ... sounds Madoff-esque. The share price and dividend were both slashed multiple times in the last few years, but the reinvestment price was conveniently left at $10 until 2011. Moreover, how did the most recent Estimated Share Value of $29.32 ($7.33 pre-reverse split) immediately drop another 25% to $22 upon IPO? Lawyers of the world, do your worst.
I got sucked in by a fast talking broker who was interested in his commission. Told me what a great investment it was, safe, and pays 6%
What a crock!
Wells and his lot are a bunch of crooks. This is the worst investment and I would like to see a criminal indictment but that will never happen. The big fish eat up the little fish, and the shell game continues.
Why did Wells I perform like this vs. Wells II ? Maybe because the market was so strong coming out of the 2008-9 panic ? Seems strange.
http://stockcharts.com/h-sc/ui?s=PDM&p=W&yr=4&mn=0&dy=0&id=p69554017435&a=316765919&r=1381587849962&cmd=print
It might make sense to hold the shares here. Why would they be doing a tender offer ? If the market stays strong and REITs perform most likely this should move up also. Probably after 11/8 when Columbia gets their shares ! Lol
I consign the investment adviser that got me into this to the trash bin.
I have to take some of the blame here, I looked at, and read, the portfolio and thought it would be a good investment; my bad.
However, Leo Wells is another matter. He totally gave up his fiduciary responsibility in order to further his own interests.
Like ethical fp, I would like to see a class action suit filed along with an SEC investigation.
As a financial planner, I've always stayed away from these illiquid, opaque investments laden with high commissions but I'm involved with this REIT b/c a client invested $50k with Wells REIT II in October 2009 (through a prior broker). Since that time, the dividends have been cut twice and the NAV has dropped like a stone. It's now worth $33,764 including reinvested dividends; a loss of ~40%. Meanwhile, IYR (iShares US Real Estate ETF) has nearly doubled during the same time frame.
Nice topics & article posted on blog. I like these tips. I have always wanted to know where all the yummy Vegan places were and now i can easily eat out at these place or order in! thanks so much! George offers hands free investing opportunities and teaching Commercial to Residential Conversion.
From CXP's quarterly SEC filing ...
Other Regulatory Matters
The SEC is conducting a formal, nonpublic investigation regarding Wells Investment Securities, Inc. ("WIS"), the former dealer-manager for our previous nonlisted public offerings. The investigation also relates to our company and another entity that also conducted public offerings through WIS. The investigation relates to whether there have been violations of certain provisions of the federal securities laws in connection with public offerings in which WIS served as dealer-manager, including a public offering of our shares that concluded in August 2010. In February 2013, we received a subpoena for documents and information, and we have been cooperating fully with the SEC. We are not in a position to estimate the timing of a conclusion of the investigation or whether the SEC may accuse us of any wrongdoing. To date, the costs related to our response to this subpoena have been covered by our insurance company, subject to a deductible, and we expect that any additional costs will be covered by insurance. However, we may incur uninsured losses related to our response to the subpoena in the future.
Post a Comment