Last Updated: February 2024 (Torrance, CA)
Chay Lapin Investigation Summary
Here’s what you need to know about Torrance, CA, stockbroker Chay Lapin:
- Name: Mr. Chay Thomas Lapin
- Current Employer: FNEX Capital LLC
- DBA: Kay Properties and Investments
- Previous Firms: Growth Capital Services, Wealthforge Securities, Colorado Financial Service Corp., Concorde Investment Services
- Function: Stock Broker/ Financial Advisor
- Aliases: Chay Lapin
- Primary Location: Torrance, CA
- CRD 6275140
- Can Chay Lapin be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Six Pending Customer Disputes Seek Damages in Excess of $10.4 Million for Sales of Nelson Partners Skyloft Delaware Statutory Trust (DST)
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money on Investments Purchased from Kay Properties or www.kp1031.com?
Chay Lapin is the President of Kay Properties, a company that touts itself as “a national Delaware Statutory Trust (DST) Investment firm with offices nationwide. Kay Properties team members collectively have over 200 years of real estate experience and have participated in over $30 Billion of DST real estate.”
According to his CRD, six customers of Lapin and Wealthforge Securities have filed FINRA arbitrations alleging failure to conduct reasonable due diligence, unsuitable investment recommendations and failure to disclose material facts in connection with the sale of NP Skyloft DST. Cumulatively these currently pending FINRA arbitration actions seek damages in excess of $10.4 million.
See this for more information on Nelson Partners Skyloft DST which raised $75 million.
See this for more information on REITs and Other Alternative Investments
Allegations of Broker Misconduct Against Chay Lapin & Wealthforge Securities
Customers of Chay Lapin & Wealthforge Securities have alleged the following wrongdoing in connection with the handling of customer accounts:
- Failure to perform reasonable due diligence on NP Skyloft DST private placement
- Failure to disclose material facts
- Unsuitable investment recommendations
- Failure to supervise
- Breach of fiduciary duty
Private Placements under Reg D: What is a Private Placement? According to the U.S. Securities and Exchange Commission (SEC):
“Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. Offerings exempt from the SEC’s registration requirements pursuant to Securities Act Section 4(a)(2) or its safe harbor under Regulation D of the Securities Act are often referred to as private placements.”
The SEC warns that unregistered offerings may be utilized to conduct investment scams and that investors should have the ability to weather a total loss in these illiquid investments. See this SEC Investor Alert about red flags to watch out for in unregistered offerings.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Investigations involving other Wealthforge Securities brokers
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
If you have suffered investment losses in an account handled by Chay Lapin, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
