In February 2016, a FINRA arbitration panel in San Francisco, CA ordered Royal Alliance Associates to pay $596,695 in compensatory damages, attorneys' fees and costs. The Claimants were AT&T retirees who took lump sum payouts rather than pensions and invested with Royal Alliance. You can read the award here. Dr. McCann testified on liability and damages over Royal Alliance's sale of non-traded REITs and variable annuities to the Claimants for their retirement portfolio.
Dr. McCann's "Fiduciary Duties and Non-traded REITs" can be downloaded here and SLCG's blog posts on non-traded REITs can be found here.