PINEHURST, NC
Have you lost money with financial advisor Mercer Hicks III? We are continuing to look into allegations made about Mercer Toby Hicks III from Pinehurst, North Carolina. In 2019, FINRA (the Financial Industry Regulatory Authority) filed a complaint Hicks. FINRA alleges that Hicks recommended the purchase of speculative non-traded REITs (real estate investment trusts) and BDCs (business development companies) to five senior customers, and that such were not suitable. FINRA also alleged that Hicks failed to do adequate due diligence into the REITs and BDCs.
FINRA alleged that Hicks sold investments in Business Development Company of America, American Realty Capital, ARC Hospitality Trust, Phillips Edison Grocery Center REIT II, and Steadfast Apartment REIT III. In 2021, FINRA barred Hicks from the securities industry regarding these allegations. He was also ordered to pay $38,812 in restitution to customers he affected.
Mercer Hicks was a financial advisor and registered representative of Southeast Investments N.C. from April 2014 to May 2021. He has worked in a branch offices in Pinehurst and Charlotte, North Carolina. Toby Hicks has also been terminated by three prior brokerage firms, and he’s been the subject of five tax liens. Hicks operates Hicks Financial Group.
Brokerage firms like Southeast Investments N.C. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including North Carolina. Our attorneys have represented over one thousand investors against many brokerage firms in the past.