Utah-Based Broker-Dealer Shuts Down Over REIT Sales Hot
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Based in suburban Salt Lake City and closely linked to local real estate, Omni focused on the 1031 property exchange business and the sales of closely related "tenant in common" REIT securities.
But as that market imploded, the firm lost a big revenue generation -- and simultaneously found itself facing big enough litigation exposure to theoretically wipe out a year's revenue if FINRA cases turned against it.
Struggling to continue as a going concern as cash flow turned negative, Omni asked FINRA and relevant state regulators to terminate its registrations on April 29.
By now, most affiliates have scrubbed all mention of their former broker-dealer relationship from their sites, but you can still find traces.
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