Did you lose money with Daniel and Matthew Rivera of Robbins Lane Properties? If so, please call our securities law offices in Chicago at 312-332-4200 for a free consultation with one of our securities attorneys. We may be able to help you bring a claim against them and sue Robbins Lane Properties in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We only make money if you recover yours.
According to a complaint filed in the District Court of New Jersey, the Securities and Exchange Commission alleged that Daniel and Matthew Rivera, brothers, engaged in a fraudulent ponzi scheme in which they falsely promised investors they would share profits of their real estate venture, Robbins Lane, the redeveloped and sold properties. Robbins Lane was a sham, with no employees and no operations, and the brothers misappropriated funds for their personal benefit. Many of the investors they scammed were elderly and unsophisticated and their money went to pay for the Rivera brothers’ family college tuition and homes, sporting events and different businesses, among other things. Approximately $2.7 million was fraudulently obtained from 30 investors.
Brokers have a responsibility treat investors fairly, which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
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