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Re "Complex Investments Prove Risky as Savers Chase Bigger Payoff" (front page, Feb. 11):
We at the Investment Program Association, the trade association representing non-listed direct investment vehicles, take sharp exception to your article's overall portrayal of non-listed alternatives.
First, there's simply no "wave of investor fraud." While there may have been questionable behavior in select cases, there are "few good statistics," as your article admits. It's wrong to assert that these problems are the norm, let alone a wave.
Second, the Financial Industry Regulatory Authority has chosen to review non-listed real estate investment trusts and business development companies. A review isn't a warning, which is another category altogether.
Third, non-listed REITs are among the most regulated of all vehicles an individual can buy. Non-listed REITs must file the same Securities and Exchange Commission forms that listed REITs do and are subject to federal and state oversight, just like equities, bonds and mutual funds.
Finally, non-listed REITs aren't new or untested. They have been offered for more than 25 years, have an investment history in varied market cycles and are offered today by more than 50 sponsor firms. These projects create hundreds of thousands of jobs.
The 1.5 million investors who own non-listed REITs and business development companies have benefited by generally above-average distributions of around 6 percent paid by solid, reputable companies.
KEVIN M. HOGAN
President and Chief Executive Officer
Investment Program Association
Ellicott City, Md., Feb. 14, 2013
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