Shepherd Smith Edwards & Kantas LLP: Broker Tamber Proctor Accused of Unsuitably Recommending FS Energy & Power Fund and the Northstar REIT

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Dec 22, 2020, 16:26 ET

GULFPORT, Miss., Dec. 22, 2020 /PRNewswire/ -- A retired investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against LPL Financial and its former broker, Tamber King Proctor, seeking up to $100K in damages.

The claimant contends that LPL Financial and Proctor should have never recommended that he invest in the business development company (BDC), FS Energy & Power Fund (FSEP), and the Northstar Healthcare Real Estate Investment Trust (REIT). This claimant, who is an inexperienced investor, didn't want to take on much risk. He entrusted his savings to LPL Financial in the hopes of earning modest returns. He was reassured that his investments would be safe.

Instead, the broker-dealer and Proctor concentrated the retiree's account in the FS Energy and Power Fund. This is a non-traded BDC that invests in debt and equity securities of private energy and power companies. A highly risky, illiquid investment, the FS Energy and Power Fund was an unsuitable investment recommendation for this retiree's IRA.

Tamber Proctor is now a Securities America Broker. He also continues to be a registered investment advisor in Waynesboro, MS for Proctor Investments and Insurance.

Many Northstar Healthcare REIT investors were told by their financial advisors that this investment was safe, profitable, and would even likely go public. That has not been the outcome at all.

This non-traded REIT should only have been recommended to investors who can handle a lot of risk. Now, many investors, including retail investors and retirees, have lost money because they have Northstar Healthcare REIT in their portfolios.

Our attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are representing this retiree in his broker-dealer negligence case against LPL Financial and Tamber Proctor.

SSEK Law Firm works with investors throughout the state. We represent clients who have experienced financial losses because their broker-dealer unsuitably recommended Northstar Healthcare REIT and FS Energy and Power Fund to customers. We help investors throughout the US to recoup their losses caused by the carelessness or fraudulent actions of brokerage firms and their registered representatives.