Customer Submits Complaint Stating Broker Joshua Patterson Failed to Conduct Proper Due Diligence

Joshua Patterson

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on January 23, 2017 indicate that Texas-based IMS Securities broker/adviser Joshua Patterson has received pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Patterson (CRD# 3077302).

Joshua Patterson has spent eighteen years in the securities industry and has been registered with IMS Securities in Houston, Texas since 2002. Previous registrations include Morgan Stanley DW in Purchase, New York (2001-2002) and UBS Painewebber in Weehawken, New Jersey (1998-2001). He is a registered broker and investment adviser with nine US states and territories: Arkansas, Colorado, Florida, Hawaii, Louisiana, Michigan, New Mexico, North Carolina, and Texas.

According to his BrokerCheck report, Joshua Patterson has received two pending customer complaints and one closed complaint.

In October 2016 a customer alleged Joshua Patterson, while employed at IMS Securities, failed to conduct proper due diligence, acted negligently, and breached his fiduciary duty in connection to investments in real estate investment trusts, direct participation programs and limited partnership interests.

In June 2016 a customer alleged Joshua Patterson, while employed at IMS Securities, over-concentrated investments, acted negligently, misrepresented material facts, and breached his fiduciary duty. The customer is seeking $3,000,000 in damages in the pending complaint.

In 2013 a customer alleged Joshua Patterson, while employed at IMS Securities, failed to conduct adequate investment monitoring and due diligence. The customer sought $490,000 in damages in the complaint, which was closed.

A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, non-traded REITs may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you or someone you know has a complaint regarding Joshua Patterson, call the attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.