Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into Tustin, California financial advisor Leticia Hewko (CRD# 6211451) following a recent investor complaint alleging unsuitable investment recommendations. The complaint, filed with the Financial Industry Regulatory Authority (FINRA), claims that Ms. Hewko’s advice regarding non-traded real estate investment trusts (REITs) resulted in damages between $100,000 and $500,000.
Understanding the Complaint Against Leticia Hewko
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The investor complaint, filed in June 2025, specifically alleges that Ms. Hewko, while representing Independent Financial Group (doing business as Cinergy Financial), recommended unsuitable investments in non-traded REITs without properly disclosing the associated risks. This type of allegation raises important questions about whether the recommended investments aligned with the client’s financial objectives, risk tolerance, and investment timeline.
In response to these allegations, Ms. Hewko has provided a comment through her BrokerCheck disclosure, stating: “Preliminary review does not show evidence to support the claims made. Claimants had a well-diversified portfolio that included various investment types and allocations. The claim will be defended as without merit and for failure to state a claim on which relief can be granted.”
Why Non-Traded REITs Can Be Problematic for Investors
Real Estate Investment Trusts (REITs) pool investor funds to purchase and operate real estate properties. While publicly traded REITs offer liquidity and transparency, non-traded REITs present unique challenges that investors should understand:
| Publicly Traded REITs | Non-Traded REITs |
|---|---|
| Can be bought and sold on major exchanges | Highly illiquid – difficult to sell before maturity |
| Transparent pricing based on market conditions | Limited price transparency |
| Lower fees and commissions | High upfront fees (often 10-15%) |
| Suitable for various investor types | May be unsuitable for conservative or short-term investors |
FINRA has specifically warned investors that non-traded REITs are “rarely, if ever, suitable for short-term investors.” The lack of liquidity means investors may be unable to access their funds when needed, potentially creating financial hardship.
Red Flags Investors Should Watch For
When working with any financial advisor, investors should be aware of these warning signs:
- Recommendations that seem misaligned with your stated goals – If you expressed a need for liquidity or conservative investments, non-traded REITs may not be appropriate
- Lack of clear risk disclosure – Your advisor should thoroughly explain all risks, including illiquidity and potential loss of principal
- High concentration in one investment type – Over-allocation to any single investment category can increase risk
- Pressure to invest quickly – Take time to understand any investment before committing funds
- Complex products you don’t fully understand – Never invest in something you cannot explain to others
Leticia Hewko’s Professional Background
Understanding your financial advisor’s background helps you make informed decisions about your investments. According to FINRA records, Ms. Hewko brings the following qualifications to her practice:
- Nine years of securities industry experience
- Registered with Independent Financial Group since 2016
- Holds 24 state licenses
- Passed four securities examinations:
- Series 7 (General Securities Representative)
- Series 6 (Investment Company Products/Variable Contracts)
- SIE (Securities Industry Essentials)
- Series 63 (Uniform Securities Agent State Law)
While these credentials demonstrate regulatory compliance, investors should always conduct their own due diligence and carefully evaluate any investment recommendations against their personal financial situation.
What This Means for Investors
If you’ve worked with Ms. Hewko or any financial advisor who recommended non-traded REITs or other complex investments, it’s important to review your portfolio carefully. Consider these questions:
- Were the risks of illiquidity clearly explained before you invested?
- Did the investment align with your stated financial goals and timeline?
- Were you informed about all fees and commissions?
- Has your financial situation changed since making the investment?
Time limits apply to filing claims, so investors who believe they may have been harmed should act promptly to protect their rights.
How Haselkorn & Thibaut Can Help
With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has recovered millions of dollars for investors nationwide. The firm operates on a “no recovery, no fee” basis, meaning you pay nothing unless they successfully recover funds on your behalf.
If you’ve experienced losses from non-traded REIT investments or have concerns about recommendations made by your financial advisor, you deserve answers. The experienced attorneys at Haselkorn & Thibaut can review your situation, explain your rights, and help you understand your options for potential recovery.
Don’t wait to seek help. Contact Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation about your investment losses. There’s no obligation, and you’ll speak directly with an attorney who understands investment fraud cases.
