The White Law Group, LLC

The firm focuses on helping investors recover losses caused by broker misconduct, unsuitable investment recommendations, misrepresentation or omissions, overconcentration, excessive trading, unauthorized trading, Ponzi schemes, margin trading abuse, elder financial exploitation, and other forms of securities fraud.

The White Law Group has handled more than 800 FINRA arbitration cases nationwide and has recovered more than $50 million in investment losses on behalf of investors. Its attorneys have over 30 years of combined experience in securities law.

In addition to representing investors, the firm also serves as securities employment counsel, defending financial advisors and brokers in FINRA-related employment and regulatory disputes.

Offices and Service Area

The White Law Group represents clients nationwide and maintains offices in Chicago and Seattle.

Chicago office

• Address: 125 S Wacker Drive, Suite 300, Chicago, IL 60606
• Phone: (312) 238-9650

Seattle office

• Address: 450 Alaskan Way S., Suite 200, Seattle, WA 98104
• Phone: (888) 637-5510

The firm serves investors across the United States, regardless of where the brokerage firm or financial advisor is located.

Many brokerage account agreements require customers to resolve disputes in FINRA arbitration. As a result, investors seeking to recover losses from broker misconduct typically do so by filing a FINRA arbitration claim.

The White Law Group concentrates its practice on representing investors in FINRA arbitration proceedings nationwide.

Advantages of FINRA Arbitration Compared to Court

According to the firm's published materials, FINRA arbitration can offer several practical advantages over court litigation, including:

• A dispute-resolution process designed specifically for investor–broker disputes.
• The potential for faster resolution than traditional lawsuits.
• Generally lower overall costs.
• Use of industry-experienced arbitrators.
• Binding decisions (awards) that can result in monetary recovery for investors.

Basic Steps in a Typical FINRA Arbitration Case

While each matter is unique, a typical FINRA arbitration claim generally involves:

1. Case evaluation – Reviewing the investor's account statements, communications, investment objectives, and losses to determine whether misconduct may have occurred.
2. Filing a claim – Submitting a Statement of Claim with FINRA that outlines the facts, alleged misconduct, and requested damages.
3. Answer and preliminary proceedings – The brokerage firm and/or advisor responds, and the parties address initial scheduling and procedural matters.
4. Discovery – Exchanging documents and information relevant to the claims and defenses, such as account records and communications.
5. Hearing – Presenting evidence and testimony before one or more neutral arbitrators.
6. Award – The arbitration panel issues a written decision, which may include a monetary award.

According to the firm's FAQs, many FINRA arbitration cases take approximately 12 to 18 months from filing to resolution, though actual timelines vary based on the complexity of the case and other factors.

The White Law Group's Role in FINRA Arbitration

The White Law Group represents investors nationwide in FINRA arbitration claims involving issues such as unsuitable investments, misrepresentation, overconcentration, private placements, non-traded REITs, and other complex investment products.

The firm also represents financial advisors and brokers in certain FINRA employment and regulatory disputes.

This document is informational and summarizes the firm's published description of the FINRA arbitration process; it does not provide individualized legal advice.

• Toll-free: (888) 637-5510
• Chicago office: (312) 238-9650
• Additional Chicago line: (312) 238-8950

Office Addresses

• Chicago: 125 S Wacker Drive, Suite 300, Chicago, IL 60606
• Seattle: 450 Alaskan Way S., Suite 200, Seattle, WA 98104

Free Consultation

The firm offers free initial consultations to investors who have suffered investment losses or suspect securities fraud, broker misconduct, or unsuitable investment recommendations.

Prospective clients can call the firm or submit an online inquiry to request a free case evaluation regarding potential claims against a financial advisor or brokerage firm.

Fees and Payment Structure

The White Law Group typically handles investor recovery cases on a contingency fee basis. This means attorney's fees are only collected if there is a financial recovery for the client.

There may be filing or administrative costs associated with FINRA arbitration or similar proceedings. These costs and the specific fee arrangement are discussed with clients during the consultation and engagement process.

The firm does not charge hourly fees for standard investor-loss contingency matters unless specifically agreed in advance.

• Publicly traded BDCs listed on securities exchanges; or
• Non-traded BDCs sold through brokerage firms and financial advisors.

BDCs are typically marketed as income-generating investments, but they can involve significant risks and may not be suitable for all investors.

Key Risks of BDC Investments

According to The White Law Group's published materials, common risks associated with BDCs include:

Illiquidity (Especially Non-Traded BDCs)

• Limited or no secondary market for shares.
• Restricted or suspended redemption programs.
• Potential difficulty exiting the investment for years.

High Fees and Commissions

• Upfront sales commissions that can be as high as 7–10%.
• Ongoing management and performance fees that may reduce returns.

Exposure to Speculative or Below-Investment-Grade Debt

• Many BDCs invest in higher-risk corporate loans.
• Economic downturns or rising defaults can negatively impact portfolio values.

Valuation and Transparency Issues

• Non-traded BDCs often rely on estimated net asset values (NAVs).
• Investors may not receive market-based pricing or clear insight into underlying holdings.

When BDC Investments May Lead to Investor Claims

Investors may have claims against a financial advisor or brokerage firm if:

• BDCs were recommended without adequate explanation of the risks.
• The investment was unsuitable given the investor's age, objectives, risk tolerance, or need for liquidity.
• The investor's portfolio was overconcentrated in BDCs or similar illiquid products.
• Material risks or fees were misrepresented or not fully disclosed.

Claims are generally pursued through FINRA arbitration against the recommending advisor and/or brokerage firm.

The White Law Group's Work Involving BDCs

The White Law Group investigates and pursues claims for investors who suffered losses in BDCs, including non-traded and private credit offerings.

The firm has publicly noted its review of various BDCs and private credit funds and offers free consultations to investors who believe they were improperly sold these products.

Unsuitable Investment Recommendations

Claims that a broker or financial advisor recommended investments that did not match the investor's risk tolerance, age, financial situation, experience level, income needs, or retirement goals. Examples include placing conservative or retired investors into high-risk, illiquid, or complex products.

Misrepresentation and Omissions

Cases where key facts about an investment's risks, fees, liquidity, or structure were misstated or not fully disclosed, including situations where products were described as "safe," "low risk," or "guaranteed" when they were not.

Failure to Supervise

Claims against brokerage firms for failing to reasonably supervise their financial advisors, allowing unsuitable recommendations, misconduct, or violations of industry rules to occur.

Overconcentration

Situations where a portfolio is heavily concentrated in a single security, sector, product type, or strategy—such as non-traded REITs, oil and gas programs, or private placements—without proper diversification or explanation of risks.

Excessive Trading / Churning

Claims that a broker engaged in frequent, unnecessary trading in an account primarily to generate commissions, rather than to benefit the client's investment objectives.

Unauthorized Trading

Transactions executed in an investor's account without the investor's prior knowledge or approval.

Ponzi Schemes and Fraudulent Offerings

Cases involving unregistered or fraudulent investment schemes, including Ponzi schemes and other scams promoted through brokerage firms or individual advisors.

Margin Trading Abuse

Claims arising from improper use of margin accounts, including lack of disclosure of margin risks or inappropriate use of leverage.

Elder Financial Exploitation

Cases in which senior investors are targeted or harmed by unsuitable investments, misleading sales practices, or exploitation of trust placed in a financial advisor.

Selling Away and Off-Platform Investments

Situations where a broker recommends or sells investments that are not approved by their brokerage firm, often in private placements or outside business activities.

The firm evaluates these and other securities-related claims to determine whether investors may be able to recover their losses through FINRA arbitration or similar forums.

Examples of complex investments discussed in the firm's materials include:

• Alternative investments and illiquid securities
• Structured products and derivatives-based notes
• Private placements (Regulation D offerings)
• Non-traded REITs (real estate investment trusts)
• Business Development Companies (BDCs)
• Delaware Statutory Trusts (DSTs) used in 1031 exchanges
• Oil and gas limited partnerships and drilling programs
• Variable annuities with complex fee structures
• Certain hedge funds and other alternative strategies

Key Risks Often Associated with Complex Investments

While specific risks vary by product, the firm highlights several recurring concerns:

Illiquidity

Many complex products are not traded on public exchanges and may:

• Offer little or no secondary market.
• Impose long holding periods or lock-up terms.
• Limit or suspend redemptions, particularly in stressed markets.

High Fees and Commissions

Complex investments frequently involve:

• Significant upfront sales commissions.
• Ongoing management and performance fees.
• Fee structures that may incentivize sales of these products over simpler alternatives.

Lack of Transparency and Valuation Challenges

Some products rely on internal or estimated valuations rather than market prices. This can make it difficult for investors to:

• Understand true performance.
• Assess current value.
• Compare the investment to more transparent alternatives.

Suitability Concerns

Because of their complexity and risks, many of these investments may be unsuitable for:

• Conservative or income-focused investors.
• Retirees or those with limited ability to absorb losses.
• Investors who need access to their funds or prefer liquid holdings.

Investor Claims Involving Complex Products

The White Law Group evaluates and pursues claims for investors who suffered losses in complex or alternative investments, particularly where there are allegations of:

• Unsuitable recommendations.
• Misrepresentation or omission of material risks.
• Overconcentration in illiquid or high-risk products.
• Failure by the brokerage firm to properly supervise sales of these investments.

Investor claims are typically brought through FINRA arbitration against the financial advisor and/or brokerage firm that recommended or sold the product.

These products are often marketed to retail investors as stable, income-producing investments, but they carry significant risks, including limited liquidity and high fees.

Key Risks of Non-Traded REITs

Based on The White Law Group's published materials, important risks and concerns include:

Illiquidity

• Shares do not trade on a public market.
• There is often no readily available secondary market.
• Redemption programs may be capped, limited, suspended, or offered only at a discount.

High Fees and Commissions

• Upfront fees and commissions can reach 10–15% of the amount invested.
• High costs reduce the capital actually put to work in real estate assets.

Valuation and Transparency Issues

• Pricing is typically based on internal or estimated net asset values (NAVs).
• Investors may not receive an accurate or timely reflection of true market value.

Interest Rate and Market Sensitivity

• Rising interest rates can pressure property values and borrowing costs.
• Broader weaknesses in commercial real estate (such as in office properties) can impact performance.

Distribution Risks

• Distributions are not guaranteed and, in some cases, may be funded by borrowed money or return of capital rather than earnings.

When Non-Traded REIT Sales May Be Problematic

Non-traded REITs may be unsuitable for:

• Retirees or investors who rely on portfolio liquidity.
• Conservative investors focused on capital preservation.
• Investors who need flexibility to access their funds.

Investor claims may arise where:

• Liquidity restrictions and risks were not adequately disclosed.
• The investment was mischaracterized as safe or low-risk.
• A large portion of the portfolio was placed into illiquid alternative investments.
• The brokerage firm failed to properly supervise the sale of these products.

The White Law Group's Representation of Non-Traded REIT Investors

The White Law Group investigates and pursues claims on behalf of investors who suffered losses or liquidity problems in non-traded REITs.

The firm brings these claims primarily through FINRA arbitration against the financial advisor and/or brokerage firm that recommended the investments.

The firm offers free consultations to investors who believe they were improperly advised to invest in non-traded REITs and may be able to help them explore potential recovery options.

Ask anyway — the agent will say plainly that it is not published rather than guess.