Pleasanton Advisor Anthony Giuliano Has REIT Complaint

Securities America representative Anthony Giuliano allegedly breached his fiduciary duty, according to an investor complaint against him. Financial Industry Regulatory Authority records show that he is affiliated with the firm’s office in Pleasanton, California as both a broker and an investment adviser.

Filed in January 2022, the investor complaint disclosed on Mr. Giuliano’s BrokerCheck report alleges that while a representative of Securities America and Foothill Securities, he breached his fiduciary duty and engaged in negligence “relating to the sale of real estate investment trusts.” The pending compliant alleges damages of $50,000.

FINRA has issued several investor alerts concerning real estate investment trusts, or REITs. As these materials note, there is particular risk associated with non-traded REITs: that is, REITS which are not traded on national stock exchanges. “For this reason, non-traded REITs are generally illiquid, often for periods of eight years or more,” states a 2016 investor alert that explains how non-traded REITs may have limited early redemption opportunities, high fees, and distributions that “include a return of investor principal.” It additionally stresses that investors should consider that non-traded REITs “are rarely, if ever, suitable for short-term investors,” and pose significant illiquidity risks for long-term investors. According to an earlier investor alert, published in 2011, distributions from non-traded REITS “are not guaranteed and may exceed operating cash flow.” Furthermore, that alert states, distributions may be suspended or even “halted altogether.”

According to the Financial Industry Regulatory Authority, Anthony Giuliano holds 23 years of securities industry experience. He has been affiliated with Securities America in Pleasanton, California as a stockbroker and an investment advisor since 2016. His past registrations include Foothill Securities (Pleasanton, California; 2003-2016), Aladino Financial Services (San Ramon, California; 2000-2007), and Royal Alliance Associates (San Ramon, California, 1999-2003). His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He presently holds 15 state licenses. (Information current as of May 13, 2022.)

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