Investors who have suffered losses investing with WR Rice Financial Services, its owner Joel Wilson, or other representatives registered with WR Rice Financial may be able to recover their investment losses through FINRA Arbitration.
According to a FINRA press release, FINRA filed for a temporary cease-and-desist order to halt allegedly fraudulent sales activities perpetrated by the Michigan-based WR Rice Financial Services and its owner, Joel I. Wilson, as well as the conversion of investors’ funds or assets.
FINRA also issued a complaint against WR Rice Financial and Joel Wilson charging it with fraud in the sales of limited partnership interests in entities affiliated with the Diversified Group and American Realty Funds Corporation. According to the FINRA complaint against WR Rice Financial Services, Inc. and Joel Wilson, Joel Wilson allegedly had an ownership interest and control over certain entities that were affiliated with the Diversified Group and American Realty Funds Corporation.
In its complaint, FINRA also alleges that WR Rice, Joel Wilson, and other registered representatives at WR Rice Financial sold more than $4.5 million in limited partnership interests to 100 investors from predominately low-to-moderate income households, while misrepresenting and omitting material facts about the investments. WR Rice and Joel Wilson allegedly raised funds from investors promising that the proceeds would be invested in land contracts on residential real estate in Michigan, paying upwards of 9.9 percent. Contrary to the representations made by WR Grace Financial or Joel Wilson, the investors’ funds were allegedly used to make unsecured loans to companies that Joel Wilson controlled.
If you have suffered losses investing in the Diversified Group, American Realty Funds Corporation, or any other investment sold by WR Rice Financial, Joel Wilson, or any representatives of WR Rice Financial Services, please contact the firm today for a FREE, NO OBLIGATION CONSULTATION to discuss your recovery options.