Michael Pellegrino, Formerly of Taylor Capital Management, Named in Allegations of Northstar REIT Losses

A former client alleged that Pellegrino solicited investments in Northstar REIT.

The Sonn Law Group is investigating allegations that Michael Pellegrino recommended unsuitable investments. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Michael Pellegrino (CRD#: 5900843) was recently named in multiple customer disputes alleging unsuitable recommendations in REIT investments. Pellegrino was employed by Taylor Capital Management from 2012 until 2018.

July 2019 – “Claimant alleges that Pellegrino misrepresented and sold unsuitable non-traded REIT investments to him and that Respondent failed to supervise such transactions.” The claimant is seeking $125,000. This matter is still pending. 

June 2019 – “Claimant claims that Pellegrino recommended the purchase of unsuitable non-traded REIT investments and Respondent failed to supervise such purchases.” The claimant is seeking $100,000. This matter is still pending.

April 2019 – “Claimant alleges that former TCM RR Michael Pellegrino made numerous misrepresentations during his presentation of a REIT investment to Claimant.” The claimant is seeking $50,000 in damages. This matter is still pending. 

January 2019 – “Claimants alleged that Respondent MP fraudulently recommended that claimants invest in Global Capital, LLC Memorandums of Indebtedness failed to disclose material facts regarding Global Capital, LLC.” The claimant is seeking $161,089.32. The matter is still pending. 

According to the fund’s website, “NorthStar Healthcare is focused on making investments in the needs-driven senior housing sector, which we define as independent living facilities, assisted living, memory care, and skilled nursing facilities. We believe this sector is an attractive asset class to invest in as these types of facilities generally provide the broadest level of services to residents in a more cost-effective setting… NorthStar Healthcare, with its experience, relationships, and vision, is ideally positioned to capitalize both as an equity investor and lender in this industry and provide investors an opportunity for both income and long-term growth.”

Many financial advisors at brokerage firms across the country did not disclose the significant risks involved with investments in NorthStar Healthcare Income REIT.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Michael Pellegrino recommended unsuitable investments. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.