- Report: #1200618
Complaint Review: Everest Financial Group LLC - Minneapolis Minnesota
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Author Not Confirmed
Why?
Everest Financial Group LLC
701 Xenia Avenue South Minneapolis, 55416 Minnesota, USA
Phone:
763-923-7533
Web:
www.everestfg.us/
Categories:
Business Rating:
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Everest Financial Group, LLC SOLD AND PITCHED TOXIC INVESTMENT IN ORDER TO RAKE IN HUGE COMMISSIONS INCLUDING ELDERLY INVESTORS!!! Minneapolis Minnesota
his firm and most of the team only support investments opportunities that yield the biggest commissions. This practice, of course, leads to direct disregard of their clients portfolio and assets under management.
Back in 2007 I was "sold" into a "safe" long term REIT - Behringer Harvard - which, at the time, was pitched to me by Stanley Diong (Senior Partner) as a dependable long term dividend paying opportunity. What he failed to mention is that this particular REIT (google their current lawsuits) was buying toxic assets, AND paying dividend from new investor money (ponzi scheme) rather than actual cash flow.
see link:
http://www.investorprotection.com/investor-news/behringer-harvard-reit-i-facing-investor-lawsuit/
and:
http://www.investmentnews.com/article/20120924/FREE/120929979/behringer-harvard-hit-with-suit
Another big point that was failed to mention to me was the ridiculous fees/commissions being paid out to brokers who lure investors with false hope of ANY gains.
While my initial investment was not a significant portion of my net worth, I can not speak for countesses others who were effected. Since this particular REIT was being packaged to many baby boomers as steady dividend during their retirement I can only imagine the pain in this current situation. Not only has the dividend payout stopped, the shares themselves are worth less than half of original value! This is after a decade!!!
I only hope that this post acts as a warning when transacting with this firm in ANY capacity. Lack of performance, and general knowledge when it comes to investing is evident. They ONLY care about the commission that is to be collected. It is the sole reason why they are still in business. DO NOT fall into the trap and save yourself the trouble.
*if you are currently in this REIT and have invested money through Everest Financial Group there is hope:
"While some investors may receive something from the class-action lawsuit, investors’ best chance at achieving a meaningful recovery requires filing an arbitration action against the broker-dealer firms that sold the investment. Many brokerage firms misrepresented the risks of this investment and concealed the massive up-front commissions and fees that both the brokerage firms and TIER REIT’s sponsor received."
Feel free to connect for further proof and updates on lawsuit.
