How to Recover your Losses in New Economic Opportunities Fund I
Have you suffered losses investing in New Economic Opportunities Fund I at the advice of your financial advisor? If so, the securities attorneys at The White Law Group may be able to help you recover your losses.
According to a press announcement yesterday, the Securities and Exchange Commission is charging Daniel B. Vasquez, Sr. and Hoplon Financial Group for pooling investor funds to purchase and flip residential real estate properties.
Hoplon and Vazquez purportedly sold membership units in the New Economic Opportunities Fund I, LLC, according to the complaint, raising $2.18 million from 27 investors, primarily from investors’ individual retirement account funds, based on alleged misrepresentations about how much compensation they would take.
According to the complaint, Hoplon and Vazquez allegedly misused most of the funds to pay unrelated business or personal expenses, including approximately $780,000 that was reportedly misappropriated since January 2013.
Failure to Supervise
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Dan Vasquez and the New Economic Opportunities Fund I, LLC, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.