financial investment lawyers

GPB Capital Co-Founders Found Guilty of Fraud on All Accounts

Published on: August 1, 2024 | by Iorio Altamirano

Notice to GPB Capital Investors: Iorio Altamirano LLP Continues to Investigate The Sale of GPB Capital Private Placement Offerings to Retail Investors

A federal grand jury found GPB Capital Holdings co-founders David Gentile and Jeffry Schneider guilty of fraud. The charges are related to their management of the company, which has been described as a “Ponzi-like scheme.” In February 2021, the SEC also charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.7 billion from securities issued by GPB Capital. According to authorities, the firm raised more than $1.7 billion from over 17,000 investors, many of whom were retirees.

The jury found David Gentile guilty of conspiracy to commit securities fraud, conspiracy to commit wire fraud, securities fraud, and wire fraud. Jeffrey Schneider was found guilty of securities fraud and wire fraud.

GWG L Bonds Update: GWG Wind Down Trust Files Quarterly Report (February 15, 2024)

Published on: February 15, 2024 | by Iorio Altamirano

On February 15, 2024, the GWG Wind Down Trust filed a status report with the United States Bankruptcy Court for the Southern District of Texas for the quarter ending December 31, 2023. Although the status report did not include an updated financial statement, there are several key takeaways:

The GWG Wind Down Trust has sold two of its three tangible assets for a total of approximately $10.58 million.
The sale of its life insurance policy portfolio generated $10 million in cash.

Navigating FINRA Arbitration: A Closer Look at Securities Dispute Resolution

Published on: September 26, 2023 | by Iorio Altamirano

Introduction

When disputes arise between investors and brokerage firms, they are usually resolved through arbitration. The Financial Industry Regulatory Authority (FINRA) offers a streamlined and cost-effective dispute resolution forum for resolving disputes in the securities industry. In this blog post, we’ll take a deep dive into FINRA arbitration, its key features, benefits, and what you should know if you find yourself involved in a securities-related dispute.

Understanding FINRA Arbitration

Roshan Perera: SEC Charges Former Aegis Capital Broker with Fraud – Long Island, NY

Published on: March 27, 2023 | by Iorio Altamirano

The Securities and Exchange Commission has charged former Aegis Capital Corp. broker Surage Kamal Roshan Perera and his firm, Janues Capital Incorporated, with fraud and obtaining emergency relief in court, including a temporary restraining order and an asset freeze. The SEC alleges that from February 2022 until March 2023, the Bellrose, NY broker defrauded at least one investor out of millions of dollars by lying about investment opportunities and strategies concerning training losses and using funds received from others to give the victim the promised returns in a Ponzi-like scheme. According to his public disclosure report, Mr. Perera was registered as an investment broker with Aegis Capital Corp until September 12, 2022.

In a separate action, the U.S. Attorney’s Office for the Eastern District of New York filed criminal charges against Mr. Perera. He was arrested on Monday, March 27, 2023, and arraigned on a 16-count indictment charging him with securities fraud, investment advisor fraud, wire fraud, and money laundering, in connection with a scheme to induce an investor to purchase stock in companies that traded on the NASDAQ and New York Stock Exchange (NYSE).

Customers of Mr. Perera or Aegis Capital Corp. who have suffered financial losses as a result of Mr. Perera’s negligence or misconduct can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

GWG Could Sell Its Portfolio of Life Insurance Policies for $610 Million, $1 Billion Less Than It Owes to GWG L Bond Investors

Published on: July 19, 2022 | by Iorio Altamirano

On July 18, 2022, the Texas Southern Bankruptcy Court approved a new debtor-in-possession financing package that includes an option to sell GWG Holding Inc.’s portfolio of life insurance policies to Chapford SMA Partnership, L.P. for at least $610 million.

Even though the portfolio of life insurance policies does not directly secure the GWG L Bonds, this development is significant for GWG L Bond investors because GWG Holdings Inc.’s largest tangible asset is its portfolio of life insurance policies. It is believed that the value of these tangible assets will significantly impact the outcome of GWG Holdings Inc.’s restructuring effort through its filing for Chapter 11 bankruptcy.

As of the bankruptcy filing on April 20, 2022, GWG Holdings, Inc. had over $1.6 billion in outstanding GWG L Bond obligations, mainly owed to retail investors.

GWG Holdings, Inc. to be Delisted from The Nasdaq Stock Market; Law Firm Investigates Legal Claims for GWG L Bond Investors

Published on: May 18, 2022 | by Iorio Altamirano

After filing Chapter 11 bankruptcy last month and failing to file its annual report with the Securities and Exchange Commission earlier this year, GWG Holdings, Inc. will now be delisted from Nasdaq. On May 17, 2022, the Nasdaq Stock Market announced that it would delist the common stock of GWG Holdings, Inc. Since April 29, 2022, the stock has been suspended and has not been traded.

New York securities arbitration law firm Iorio Altamirano LLP is investigating potential legal claims related to investments in L Bonds offered by GWG Holdings, Inc. (GWGH). To read about the investigation’s findings, including a crucial event timeline, please visit our website: www.gwglawyer.com.

GWG Holdings, Inc.’s bankruptcy filing revealed for the first time that the ongoing SEC investigation includes an examination of sales practices of the GWG L Bonds by the brokerage firms that sold the securities, including Emerson Equity and its network of regional broker-dealers. According to the bankruptcy filing, the United States Securities and Exchange Commission issued subpoenas and documents to individual brokerage firms selling GWG L Bonds. As of the bankruptcy filing, GWG Holdings, Inc.’ had over $1.62 billion in outstanding GWG L Bond obligations, mostly owed to retail investors.

When to Consult a Lawyer After Sustaining Investment Losses

Published on: January 25, 2022 | by Iorio Altamirano

In an annual report more than two decades ago, Warren Buffett dispensed some wise words of knowledge: “You only find out who is swimming naked when the tide goes out.” Reportedly, Mr. Buffett was referring to knowing what risks a company is taking until it faces adverse conditions. Mr. Buffett used the same phrase again in 2008 about the foolishness of large financial institutions exposed by falling home prices.

Mr. Buffett’s words of wisdom can also be applied to investment recommendations made by a financial advisor in a bull market. Almost everyone looks like a genius in a booming market, including financial advisors. However, when the stock market enters into a correction, or something even more dreadful, the real risks of an investment or investment strategy are exposed, often leaving a trail of investment losses in their wake.

Investors who have suffered investment losses due to unsuitable or misleading investment recommendations by brokers or brokerage firms should consult with a lawyer to review their legal rights.

Broker Spotlight: Ross Barish of Joseph Stone Capital L.L.C. – Mineola, NY

Published on: May 31, 2021 | by Iorio Altamirano

Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while generating commissions and fees for him of more than $400,000.

The sixteen customers experienced total losses of $814,509.

If you have suffered financial losses investing with Ross Barish or Joseph Stone Capital L.L.C., or suspect that Mr. Barish did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

How to Recover Investment Losses: Frequently Asked Questions

Published on: May 11, 2021 | by Iorio Altamirano

You worked hard, opened a brokerage or retirement account, and invested your savings with a financial advisor or stockbroker, only to suffer financial losses due to bad investment advice, misleading sales pitches, or brokers that were driven by commissions. Now what?

Can I Sue My Financial Advisor Over Losses?

Yes, you can sue your financial advisor or broker to recover investment losses if the broker did not have your best interest in mind when they made an investment recommendation or offered investment advice. You can also sue your financial advisor or broker if the financial advisor misrepresented or omitted material facts that an investor should have known about the security or investment strategy.

FINRA Files Enforcement Action Against Hugues Guirand, Formerly of Woodstock Financial Group, Inc. – Virginia Beach, VA

Published on: April 14, 2021 | by Iorio Altamirano

**Update: July 26, 2021** FINRA has barred Hugues Guirand from the securities industry after Mr. Guirand failed to respond to FINRA’s Department of Enforcement’s complaint.

Original Post:

FINRA Files Enforcement Action Against Hugues Guirand, Formerly of Woodstock Financial Group, Inc. – Virginia Beach, VA