Articles Tagged with investor advocates

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Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Investment Architects, Inc. likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Investment Architects, Inc., you may have a claim.

The SEC has charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.

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Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Landolt Securities, Inc. likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Landolt Securities, Inc., you may have a claim.

The SEC has charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.

Continue reading

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Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Lowell & Company, Inc. likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Lowell & Company, Inc., you may have a claim.

The SEC has charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.

Continue reading

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Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Great Point Capital LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Great Point Capital LLC, you may have a claim.

The SEC has charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.

Continue reading

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Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Dempsey Lord Smith, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Dempsey Lord Smith, LLC, you may have a claim.

The SEC has charged GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies with running a Ponzi-like scheme that raised roughly $1.8 billion from securities issued by GPB Capital. The SEC believes that as many as 17,000 retail investors nationwide have been defrauded.

Continue reading

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Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments.  These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss.  Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction.  In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000.  Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients.   In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds.   It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.

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Iorio Altamirano LLP is currently investigating former Coastal Equities, Inc. broker Kevin Canterbury who is facing three securities arbitration claims related to recommendations to invest in Direct Participation Program and Limited Partnership interests, believed to be private placement securities issued by GPB Capital. Kevin Canterbury operated his own independent advisory firm, Redstone Capital.

The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments.  These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss.  Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Canterbury was a broker at Coastal Equities, Inc. from 2012 until 2020.  Iorio Altamirano LLP is also investigating the sales practices and due diligence of Coastal Equities, Inc. related to its sale of GPB Capital funds.   Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings.

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The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Hebert Frey from the securities industry for sixteen months.  Mr. Frey consented to the suspension after FINRA alleged that he excessively traded a customer’s account and placed unauthorized trades. The customer was a 54-year-old disabled homemaker.  FINRA also fined Mr. Frey $15,000 and ordered him to disgorge $76,137 in commissions.

The alleged conduct occurred while Mr. Frey was employed by Lincoln Douglas Investments, LLC in Mt. Vernon, Ohio, and Union Capital Company in Tucson, Arizona.

As discussed more fully below, Mr. Frey has a long history of customer complaints, run-ins with regulators, and employment terminations.  Throughout his career, Mr. Frey has been suspended six times by regulators, ordered to pay nearly $50,000 in fines, and been the subject of at least six customer complaints.

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Iorio Altamirano LLP is currently investigating Royal Alliance Associates, Inc. broker Matthew Crafa who is reportedly facing three securities arbitration claims related to recommendations to invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments.  These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss.  Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Crafa has been a broker at Royal Alliance Associates, Inc. since 2011. Iorio Altamirano LLP is also investigating the sales practices and due diligence of Royal Alliance Associates related to its sale of GPB Capital funds.   Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings.  Royal Alliance Associates has faced numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.

Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who can navigate the arbitration process and effectively advocate on their behalf.

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The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Dawson James Securities, Inc. (“Dawson James”) for charging customers excessive commissions.  On April 6, 2021, FINRA and Dawson James entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Dawson James accepted the following sanctions:

  • a censure;
  • a $20,000 fine; and
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