Haselkorn & Thibaut has opened an investigation into David Kangas (CRD# 6591398), a Richmond, Virginia-based financial advisor registered with WealthForge Securities, doing business as Cornerstone Real Estate Investment Services. If you or anyone you know has worked with David Kangas and experienced investment losses or has concerns related to private placements or other transactions, this report provides a detailed overview, including any reported red flags and what you should know as an investor.
Background on David Kangas – WealthForge Securities (Cornerstone Real Estate Investment Services), Richmond, VA
David Kangas has been active in the securities industry for nearly a decade, with initial registration dating back to 2019 at WealthForge Securities, where he conducts business as Cornerstone Real Estate Investment Services. His experience includes previous roles at Cabot Lodge Securities and Sandlapper Securities. Currently, he holds an impressive array of industry qualifications, having passed the Securities Industry Essentials (SIE) exam, Uniform Securities Agent State Law (Series 63), and General Securities Representative (Series 7). Notably, he maintains active licenses across 53 states, further solidifying his credentials in the financial services space.
Key Licenses & Registrations
- CRD Number: 6591398
- Broker-Dealer: WealthForge Securities (dba Cornerstone Real Estate Investment Services)
- Location: Richmond, Virginia
- Years of Experience: 9+
- Registrations: SIE, Series 63, Series 7; 53 state licenses
Summary of Complaints and Disclosures
For investors who prioritize transparency and diligence, reviewing an advisor’s record is critical.
As of June 2024, extensive searches were conducted in regulatory agency databases, court records, and media sources, specifically including:
- FINRA’s BrokerCheck
- SEC’s public databases
- Federal & state court dockets
- General news and internet archives
The findings are as follows:
| Source | Findings |
|---|---|
| FINRA BrokerCheck (as of June 2024) |
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| SEC Records |
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| Federal/State Court Dockets |
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| Media & Web |
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Recent Complaint: Details & Advisor Response
However, in October 2025, a pending investor complaint was filed against David Kangas, alleging several serious issues, including:
- Fraud and misrepresentation
- Recommendation of an unsuitable private placement investment
- Omission of material facts
- Negligence
- Breach of contract and fiduciary duty
The core allegation claims the advisor recommended a $1.25 million private placement investment that failed to align with the investor’s needs. The complaint remains unresolved, with damages to be determined. Importantly, Mr. Kangas has issued a written statement asserting that the investment—a diversified portfolio of nine Delaware Statutory Trust (DST) properties—was fully in line with the client’s stated objectives, including the aim for diversification, passive income, and enhanced depreciation benefits through a 1031 exchange.
He notes that over a year after the recommendation, the management team overseeing three of the involved properties changed. Subsequent external market pressures—such as rising insurance costs, property taxes, maintenance expenses, and increased competition—led to reductions and suspensions of the DST distributions. Nevertheless, it is emphasized that there has been no reported loss of principal for the original investment.
Red Flags for Investors to Consider
| Potential Red Flag | What Investors Should Know |
|---|---|
| Pending $1.25 Million Complaint | While not yet resolved, this is a material event for review, especially regarding the suitability of complex private placements and representations made at the point of sale. |
| Private Placement Risks | Investments such as DSTs and other private placements tend to have higher risks, less liquidity, and regulatory oversight compared to publicly traded securities. Make sure you fully understand these before proceeding. |
| Importance of Full Disclosure | It is vital that all material risks, costs, and performance variables are fully disclosed to investors before any transaction is completed. |
| Advisor Defense | The advisor has stated that the investment aligned with client goals and external factors led to performance issues—not advisor misconduct. |
Complete List of Disclosed Complaints (As of December 2025)
- October 2025: Pending complaint (alleging unsuitability, fraud, misrepresentation, omission, negligence, breach of contract/fiduciary duty); investment amount at issue: $1.25 million.
No other complaints, lawsuits, arbitrations, fines, or regulatory actions have been disclosed against David Kangas through public sources up to and including this date.
How Should Investors Proceed?
If you are currently working with David Kangas, or you have invested in any private placement or DST recommended through WealthForge Securities or Cornerstone Real Estate Investment Services, it is prudent to review your investments and documentation. Unsuitable recommendations, insufficient disclosures, or material misstatements may entitle you to pursue recovery of losses.
Haselkorn & Thibaut is a national law firm focused exclusively on investment fraud and securities litigation. With more than 50 years of experience, a remarkable 98% success rate, and proven results recovering millions for clients across the country, the firm provides a strong partner for concerned investors.
Take the Next Step: Free, Confidential Consultation
There’s no cost or obligation to find out your rights. Haselkorn & Thibaut works strictly on a no recovery, no fee basis. If you or a loved one has questions, don’t wait—call 1-888-885-7162 or visit investmentfraudlawyers.com for a prompt, confidential evaluation of your situation.
Review your advisor through BrokerCheck. For questions about David Kangas, WealthForge Securities, or Cornerstone Real Estate Investment Services, Haselkorn & Thibaut’s attorneys are available to guide you every step of the way. Protect your future—reach out today.
