Utah-Based Broker-Dealer Shuts Down Over REIT Sales
- Created: Thursday, 02 June 2011 06:42
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.
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