Donald Overbey Sentenced to Prison

Wednesday, October 29th, 2014

Have you suffered losses in investments made through Donald Overbey? If so, The White Law Group may be able to help.

According to the Chicago-Sun Times, former Illinois broker, Donald Overbey, was accused of defrauding more than 30 clients out of $3million. Overbey reportedly engaged in his alleged scheme between 1997 and 2007.

The Chicago-Sun Times reports that Overbey told one client that he would invest their funds in a government-backed investment that would pay back a 10% return. However, he allegedly used their money for personal expenses and to make ponzi-type payments to other investors.

Overbey was sentenced to 42 months in prison and ordered to repay investors more than $3 million. It is unclear if Overbey has the funds to repay investors. As such, The White Law Group is investigating the liability the brokerage firm that employed Overbey may have for these losses.

According to BrokerCheck, Overbey was a registered representative with Ameriprise Financial Services from 08/1990 to 08/2006.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker is imprisoned for violating securities laws, the brokerage firm may be liable for negligent supervision and responsible for investment losses.

If you suffered losses as a result of investments made with Donald Overbey and would like to discuss your litigation options, please contact The White Law Group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

To learn more about the firm, please visit www.WhiteSecuritiesLaw.com.

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Noah Myers Accused of “Cherry-Picking”

Tuesday, October 28th, 2014

According to the New Haven Register, a former Connecticut investment advisor pled guilty to one count of securities fraud in connection with a “cherry-picking” scheme. Noah Myers’ alleged scheme cost investors more than $2 million.

“Cherry picking” is a fraudulent trading practice in which trades are executed but not assigned to a specific account at the time the order was placed. By the time the trade is assigned to an account it is already known if the trade was successful or not. Myers allegedly made $460,000 executing the fraudulent trades.

The New Haven Register reports that Myers has been under investigation by the Securities and Exchange Commision since 2012. He faces up to 20 years in prison and a maximum fine of $5 million.

According to BrokerCheck, Meyers was a registered representative in connecticut with Citigroup Global Markets from 02/1994 – 02/2008 and Purshe Kaplan Sterling Investments from 02/2008 – 04/2012.

Registered brokers have a responsibility to make suitable investment recommendations. When brokers engage in prohibited trading practices they can be liable for investment losses through FINRA dispute resolution claim.

To determine if you may be able to file a FINRA claim to recover your losses, please call The White Law Group at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

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Ismail Elmas Accused of Stealing from Seniors and Widows

Friday, October 24th, 2014

According to the New Haven Register, Ismail Elmas plead guilty to one count of wire fraud in connection with an alleged scheme that solicited investment offerings from seniors and widows. Beginning in 2012, Ismail Elmas allegedly raised over $1 million from investors which he deposited into an account he set up called I.E. Financial Solutions. Some investors were told the bank account, I.E. Financial, was an investment product such as a CD or Real Estate Investment Trust.

New Haven Register reports that Elmas was an investment adviser with Apple Financial, an affiliate of Apple federal Credit Union. According to FINRA BrokerCheck, Elmas was a registered agent with several brokerage firms over the years. He worked with BB&T Investment Services from 03/2000 – 06/2001, Cuso Financial Services 06/2001 – 04/2005, Raymond James Financial Services 04/2005 – 11/2007, Cuna Brokers Services 11/2007 – 01/2013, and again with Cuso from 01/2013 – 08/2014.

When registered brokers take advantage of their clients trust by making misleading statements and misappropriation of client funds, they may be liable for investment losses. Furthermore, the brokerage firms that employee such brokers may also be liable for negligent supervision and responsible for losses.

If you were a client of Ismail Elmas and would like to discuss your potential to recover investment losses, please call our Chicago office at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

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Minnesota Broker, Susan Elizabeth Walker, Allegedly Steals from Clients

Friday, October 24th, 2014

According to the U.S attorneys office, Susan Elizabeth Walker plead guilty to allegations that she abused her position as a securities agent to steal nearly $1 million from several clients. Walker was a registered representative with Ameriprise Financial and used her access to the retirement accounts of her clients to cause checks to be withdrawn from clients accounts and deposited into accounts that she controlled.

The U.S. Attorneys office has further alleged that Ms. Walker opened brokerage account in her name and in the name of several of her clients without their knowledge or authorization. She allegedly used the account to conceal the stolen money which she purportedly used for personal expenses.

When registered brokers commit fraud and steal from clients, the brokerage firm that employs them may be liable for negligent supervision and responsible for losses. If you invested with Ms. Walker and have questions about your investments, please call The White Law Group’s Chicago office at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.

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Recovery of Superfund Gold Investment Losses

Thursday, October 23rd, 2014

Have you invested in Superfund Gold L.P. and suffered losses? If so, The White Law Group may be able to help recoup some of your losses.

The Superfund Gold L.P is a managed futures product.The prospectus filed with the SEC states that the Superfund Gold, L.P. is designed to combine an investment in gold with an investment in a managed futures strategy.

Managed futures are a type of alternative investment that invests primarily in the futures market and other derivative securities. Managed futures take long and short positions in futures contracts, and they focus largely on equity indexes, interest rates, and currency.

Unfortunately for many investors they are not aware of the exorbitant fees that managed funds often charge. If the fund does not perform well, it is possible that the high fees could completely wipe out any profits.

Brokers have a responsibility to make suitable investment recommendations that are in line with a clients age, risk tolerance, investment experience, financial objectives and net-worth. When a broker misleads a client or makes unsuitable investment recommendations they can be liable for investment losses.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of Superfund Gold L.P., please contact The White Law Group at (312) 238-9650 for a free consultation.

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 firm, visit www.WhiteSecuritiesLaw.com.

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