Ex-Worden Capital Markets Broker Mark Kolta Accused of Unsuitability

Investors Are Seeking Six- to Seven-Figures in Damages

If you suffered investment losses while working with former Worden Capital Markets broker Mark Sam Kolta, you may want to explore your legal options with a seasoned securities law firm.

Kolta, who worked for 13 years in the industry, has 27 disclosures in his BrokerCheck record, 26 of which are customer disputes. A number of these are still pending, with some claimants requesting damages in the six and seven figures.

The ex-New York financial advisor most recently worked as a Worden Capital Markets broker from 2018 until October 2021. Before that, he was with Aegis Capital Corp. and before with National Securities Corp.

It was from his time as a National Securities broker that Kolta was reportedly named by a couple seeking to recover $450K in damages from investment losses that involved American Realty Capital New York City real estate investment trust (ARC NYC REIT).

Our knowledgeable New York broker misconduct lawyers work with investors in pursuing damages from their brokers and financial advisors. Contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Customer Complaints Naming Kolta Allege Unsuitability & Misrepresentations

Below are several of the customer disputes that have named the ex-Worden Capital Markets broker over the last two years. Many of these disputes have claimed that Mark Kolta unsuitably recommended investment products and strategies that were not in line with the investor’s experience or portfolio.

June 2021: This claimant is requesting $450K in damages.
June 2021: This investor is pursuing $300K in damages.
April 2021: This customer is seeking $650K in damages.
March 2021: This claimant, who is alleging misrepresentations, is reporting $400K in damages.
January 2021: Another $300K suitability claim.
January 2021: This is an unsuitability claim for $1M.
January 2021: Alleging negligence, breach of contract, and breach of fiduciary, this investor is seeking $162K in damages.
December 2020: This is a $2.1M investor claim over unsuitability allegations.
December 2020: This is a $250K unsuitability case.
December 2020: This investor is seeking $1.63M in damages.
December 2020: This is a $450K suitability case.
November 2020: This investor is seeking $750K in damages.
November 2020: This is a $125K unsuitability case.

SSEK Law Firm Partner and Securities Attorney Kirk Smith talks about unsuitability in the following video:

Couple Alleges Overconcentration in ARC NYC REIT

In their Financial Industry Regulatory Authority (FINRA) arbitration claim, the couple is accusing National Securities and Kolta of overconcentrating their portfolio in AR Global-sponsored American Realty Capital New York City REIT.

This is a risky non-traded real estate investment trust (non-traded REIT) that also happens to charge high commissions.

The claimants contend that then New York broker Mark Kolta misrepresented ARC NYC REIT as a short-term investment. Also, he informed them it would result in 12-18% yields. After going public in August 2021, this non-traded REIT’s share price dropped on the very first day. Many investors have reported losses of up to 80%.

There have been concerns that ARC NYC REIT was unsuitably recommended to many retail investors, including conservative investors, inexperienced investors, and senior investors who should never have been involved in this type of illiquid investment.

Other broker-dealers where Mark Korta used to be registered as a stockbroker and/or investment adviser include:

Cetera Advisors
Chase Investment Services
Merrill Lynch, Pierce, Fenner & Smith
Aegis Capital Corp
National Asset Management, Inc.

Experienced New York Securities Fraud Attorneys

SSEK Law Firm represents investors who have suffered losses in non-traded REITs, including ARC NYC REIT, as well as because of other kinds of other broker misconduct and negligence, including unsuitability.

Contact our New York securities lawyers at (716) 261-3529 if you believe that you suffered losses while working with ex-broker Mark Kolta. Throughout the US, call SSEK Law Firm at (800) 259-9010.