There are options for clients of Wintrust Investments broker Richard Tulloch (CRD# 5180553) who suffered real estate losses. He was registered with Avatar Securities, LLC in New York, New York, from 2020 to 2021, and with Wayne Hummer Investments L.L.C. in Itasca, Illinois, from 2009 to 2017.
Richard Tulloch Customer Complaints
He has been the subject of three customer complaints between 2019 and 2023, according to his CRD report:
October 2023. “Representative Tulloch overly concentrated claimant’s money into one illiquid REIT and incorrectly promised the REIT was safe, secure, and would continually return distributions from profit and not return of principal. Northstar Healthcare Income REIT was recommended to the claimants on or around November 2015.” The customer is seeking $300,000 in damages, and the case is currently pending. The complaint took place while he was registered with Wintrust Investments, and it was regarding non-traded real estate investment trust (REITs).
October 2020. “Representative inflated clients net worth to justify concentrated recommendation in non-traded REITS.” The customer sought $100,000 in damages, and the case was settled for $22,500. The complaint took place while he was registered with Wintrust Investments, and it was regarding REITs.
April 2019. “Clients allege that a particular investment allocation was unsuitable for their risk tolerance and that I misrepresented the investment.” The customer sought $300,000 in damages, and the case was settled for $75,000. The complaint took place while he was registered with Wayne Hummer Investments L.L.C., and it was regarding non-traded REITs.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wintrust Investments may be liable for investment or other losses suffered by Richard Tulloch’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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