Recovery of Endowment TEI Fund Losses

Tuesday, August 19th, 2014

Have you suffered substantial losses in a Endowment TEI Fund investment? If so, The White Law Group may be able to help you recover your investment losses.

According to regulatory filings with the SEC, Endowment TEI Fund is a limited partnership formed in 2005. The TEI fund is considered a non-diversified, closed-end management investment company that was created to serve as a feeder fund for The Endowment (Offshore TEI) Fund, Ltd.

Limited partnerships, like the TEI Fund, are complex high risk products that are typically only intended for sophisticated and institutional investors. Unfortunately some brokers downplay the risk and mislead investors into thinking these are “safe” investments. Limited partnerships are arguably unsuitable for most investors, especially conservative investors.

Compared to exchange traded funds, limited partnerships offer extremely high sales commission. Often this can provide some brokers with enough incentive to overlook suitability requirements when selling partnership units.

Broker dealers that overlook the Financial Industry Regulatory Authority’s suitability requirements or mislead investors regarding risks can be liable for investment losses through FINRA arbitration.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of a Endowment TEI Fund, 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 Boca Raton, Florida.

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

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Azim Nakhooda Fined by FINRA

Monday, August 18th, 2014

Have you suffered investment losses as a result of your dealings with Azim Nakhooda and Cedar Brook Financial Partners? If so, White Law Group may be able to recover some of your investment losses through a FINRA arbitration claim.

According to Cleveland.com, one of the principals of Cedar Brook Financial Partners, a wealth management firm in Ohio, was suspended and fined by the Financial Industry Regulatory Authority (FINRA). Former Securities America financial advisor, Azim Nakhooda, received a nine-month suspension and $50,000 fine.

FINRA alleged that Nakhooda and his colleagues made false and misleading statements about IMH Fund and Medical Capital Holdings. MedCap was shut down for fraud by the SEC in 2009. In addition, FINRA alleged Nakhooda altered three customer accounts by falsifying the customers net worth. As a result the customers’ portfolio in high-risks fund appeared to fall within limits set by Cedar Brook, when in fact the portfolio was over concentrated.

In addition, Cleveland.com reports that FINRA accused Nakhooda of sending emails to customers that contained “material misrepresentations” regarding the liquidity of IMH Fund and Medcap. “Nakhooda said he agreed to a settlement so he could move on.”

Brokerage firms have a responsibility to monitor the business actives of their registered representatives. When brokers, like Nakhooda, operate a business outside of the firm and violate securities laws or FINRA’s regulations, the firm may be liable for negligent supervision and responsible for investment losses.

According to BrokerCheck, Nakhooda is currently registered with Securities America and previously worked with the firm from 08/2005 – 03/2013.

To determine whether you may be able to recover investment losses incurred as a result of your dealings with Azim Nakhooda, 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 Boca Raton, Florida.

To learn more about The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

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Howard Slater Fined by FINRA

Monday, August 18th, 2014

Have you suffered investment losses as a result of your dealings with Howard Slater and Cedar Brook Financial Partners? If so, The White Law Group may be able to recover some of your investment losses through a FINRA arbitration claim.

According to Cleveland.com, one of the principals of Cedar Brook Financial Partners, a wealth management firm in Ohio, was suspended and fined by the Financial Industry Regulatory Authority (FINRA). Former Securities America financial advisor, Howard Slater, received a five-month suspension and $30,000 fine.

FINRA alleged that Slater and his colleagues made false and misleading statements about IMH Fund and Medical Capital Holdings. MedCap was shut down for fraud by the SEC in 2009. In addition, FINRA alleged Slater altered three customer accounts by falsifying the customers net worth. As a result the customers’ portfolio in high-risks fund appeared to fall within limits set by Cedar Brook, when in fact the portfolio was over concentrated.

In addition, Cleveland.com reports that FINRA accused Slater of sending emails to customers that contained “material misrepresentations” regarding the liquidity of IMH Fund and Medcap. “For example, a Slater email about IMH to a customer on Aug. 13, 2008, said ‘if you can project your needs at least 90days in advance then yes, I’m comfortable with IMH. Otherwise, there isn’t much selection with more liquidity and stability.’”

Brokerage firms have a responsibility to monitor the business actives of their registered representatives. When brokers, like Slater, operate a business outside of the firm and violate securities laws or FINRA’s regulations, the firm may be liable for negligent supervision and responsible for investment losses.

According to BrokerCheck, Slater is currently working for Securities America and previously worked with the firm from 07/2005 – 02/2013

To determine whether you may be able to recover investment losses incurred as a result of your dealings with Howard Slater, 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 Boca Raton, Florida.

To learn more about The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

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Michael Perlmuter Fined by FINRA

Monday, August 18th, 2014

Have you suffered investment losses as a result of your dealings with Michael Perlmuter and Cedar Brook Financial Partners? If so, White Law Group may be able to recover some of your investment losses through a FINRA arbitration claim.

According to Cleveland.com, one of the principals of Cedar Brook Financial Partners, a wealth management firm in Ohio, was suspended and fined by the Financial Industry Regulatory Authority (FINRA). Former Securities America financial advisor, Michael Perlmuter, received a eight-month suspension and $40,000 fine.

FINRA alleged that Perlmuter and his colleagues made false and misleading statements about IMH Fund and Medical Capital Holdings. MedCap was shut down for fraud by the SEC in 2009. In addition, FINRA alleged Perlmuter altered three customer accounts by falsifying the customers net worth. As a result the customers’ portfolio in high-risks fund appeared to fall within limits set by Cedar Brook, when in fact the portfolio was over concentrated.

In addition, Cleveland.com reports that FINRA accused Perlmuter of sending emails to customers that contained “material misrepresentations” regarding the liquidity of IMH Fund and Medcap.

Brokerage firms have a responsibility to monitor the business actives of their registered representatives. When brokers, like Perlmuter, operate a business outside of the firm and violate securities laws or FINRA’s regulations, the firm may be liable for negligent supervision and responsible for investment losses.

According to BrokerCheck, Perlmuter worked in Ohio with Securities America from 09/2005 to 05/2011.

To determine whether you may be able to recover investment losses incurred as a result of your dealings with Michael Perlmuter, 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 Boca Raton, Florida.

To learn more about The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

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Richard Edward Holliday barred from securities industry.

Monday, August 18th, 2014

According to a FINRA disciplinary action announcement, Richard Edward Holliday (CRD #2356026, Belton, South Carolina) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Holliday consented to the sanction and to the entry of findings that over a period of approximately three years, he borrowed $155,000 from customers. The findings stated that Holliday has not repaid the loans in full and did not disclose the loans to either of his member firms. During the period in which Holliday accepted the loans, both firms’ WSPs generally prohibited their representatives from borrowing funds from customers. The findings also stated that Holliday provided false information in response to the annual compliance questionnaires for his firms. When asked on firm compliance questionnaires from 2010 to 2013 whether he had borrowed funds from customers, Holliday falsely responded “no.”

For the full FINRA findings, see Case #2014040104501.

According to his FINRA Broker Report, Holliday was registered with The Investment Center from October 2012 through February 2014 and Spire Securities from October 2009 through October 2012.

The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.

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 a free consultation with a securities attorney, please call The White Law Group at 312/238-9650.  For more information on the firm, visit http://www.whitesecuritieslaw.com.

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