Atlanta’s Leo Wells, head of Wells Real Estate Funds, will not be “register[ing] any new investment products” for the time being. Leo Wells is one of the most well-known, outspoken, issuers of non-traded REITs. Thus, his timely “pause” from the industry is noteworthy.
Leo Wells cites the lack of regulatory clarity, marketplace clarity, and uniform guidelines as the reasons for not registering any new REITs. Given recent regulatory issues surrounding these products, however critics are questioning his true motives.
The non-traded REIT industry is currently under heavy scrutiny from regulators and unhappy investors who have seen their retirement assets vanish. For example,
Jason Doss is the owner of The Doss Firm, LLC, an Atlanta-based law firm devoted to representing consumers across the country in a variety of areas including investment disputes and consumer class action litigation. Mr. Doss earned his J.D. from Florida State University in 2002 and his B.A. from the University of Florida in 1997.