Kelly Milligan filed a class action complaint in federal court, arguing he lost $500,000 in deferred compensation after leaving the wirehouse several years ago. One attorney estimated more than 1,000 former Merrill advisors have a similar story.
A recent New York Times article suggested that Blackstone's non-traded REIT is inflating its property valuations. But real estate industry insiders say they are not worried.
The five advisors are based in Newton Lower Falls, Mass. and will form Lightship Wealth Strategies.
Outside stakeholders have long encouraged the IRS to expand ways to resolve disputes with the agency.