Broker Jeff Gieske (no longer in the businses) sold my wife an investment into a fund which was supposed to benefit from the recovery of the U.S. housing market. The fund was called U.S. Vertical Recovery Fund. She placed $20,000 of her limited IRA monies into this "investment" shortly after the real estate crash. Given the recovery we have had in the real estate market, this should have been a very successful investment. Unfortunately, due to what looks like a shady situation with the operator and some lackluster DD by the broker-dealer, we are going to end up taking it in the shorts on this one.
A little over 3 years ago, Marc Tucker of Financial West Group took over Mr. Gieseke's accounts. We asked Marc to look into the status of the investment to investigate how the fund was doing. The idea of this fund was it was supposed to buy real estate notes at a discount and then collect the mortgage funds until either the borrower refinanced or the note was sold. So long as the note was secured by adequate collateral (i.e., the home), the mortgage would eventually be collected. Since they were buying the notes at a discount, the collateral was going up in value and people's ability to pay was increasing (per the job numbers), this type of investment should have done just fine---so long as the operators aren't akin to Bernie Sanders.
We relied on Jeff Gieseke, Marc Tucker and Financial West Group to do their "due dilligence" on this investment (US Vertical Recovery Fund) both before we bought into it and while we held it. After he took over the account, Marc Tucker advised that he had looked into the investment and per his review everything was ok. Last year the fund went belly up and is now in a form of bankruptcy known as an Assignment for the Benefit of Creditors. We recently learned that we'll be lucky to recover 10 cents on the dollar. Had Marc done his job, we could have requested a redemption.
I know there were several other people who lost money in this horrible investment and likely others who invested through Financial West Group. I would encourage other investors harmed by this fund to join together to pursue Financial West Group and the other responsible parties.
Before doing business with Financial West Group (FWG), I strongly urge anyone to look up their history on FINRA. They have 17 regulatory events and 7 arbitrations (including several adverse awards and settlements).
Financial West Group, Inc. Reviews
Broker Jeff Gieske (no longer in the businses) sold my wife an investment into a fund which was supposed to benefit from the recovery of the U.S. housing market. The fund was called U.S. Vertical Recovery Fund. She placed $20,000 of her limited IRA monies into this "investment" shortly after the real estate crash. Given the recovery we have had in the real estate market, this should have been a very successful investment. Unfortunately, due to what looks like a shady situation with the operator and some lackluster DD by the broker-dealer, we are going to end up taking it in the shorts on this one.
A little over 3 years ago, Marc Tucker of Financial West Group took over Mr. Gieseke's accounts. We asked Marc to look into the status of the investment to investigate how the fund was doing. The idea of this fund was it was supposed to buy real estate notes at a discount and then collect the mortgage funds until either the borrower refinanced or the note was sold. So long as the note was secured by adequate collateral (i.e., the home), the mortgage would eventually be collected. Since they were buying the notes at a discount, the collateral was going up in value and people's ability to pay was increasing (per the job numbers), this type of investment should have done just fine---so long as the operators aren't akin to Bernie Sanders.
We relied on Jeff Gieseke, Marc Tucker and Financial West Group to do their "due dilligence" on this investment (US Vertical Recovery Fund) both before we bought into it and while we held it. After he took over the account, Marc Tucker advised that he had looked into the investment and per his review everything was ok. Last year the fund went belly up and is now in a form of bankruptcy known as an Assignment for the Benefit of Creditors. We recently learned that we'll be lucky to recover 10 cents on the dollar. Had Marc done his job, we could have requested a redemption.
I know there were several other people who lost money in this horrible investment and likely others who invested through Financial West Group. I would encourage other investors harmed by this fund to join together to pursue Financial West Group and the other responsible parties.
Before doing business with Financial West Group (FWG), I strongly urge anyone to look up their history on FINRA. They have 17 regulatory events and 7 arbitrations (including several adverse awards and settlements).