The White Law Group, LLC, a South Florida securities fraud, broker fraud, securities arbitration, investor protection and Chapter 7 bankruptcy law firm based in Boca Raton, Florida.

Posts tagged ‘broker fraud’

Recovery of Goldman Sachs Liquidity Partners 2007 Losses

Have you suffered significant losses as a result of an investment in Goldman Sachs Liquidity Partners 2007? The White Law Group may be able to help you recovery your losses through a FINRA arbitration claim against the brokerage firm that sold you the investment.

Filings with the Securities and Exchange Commission (SEC) reveal that the Goldman Sachs Liquidity Partners 2007 was a limited partnership that raised approximately $866 million between 2007 and 2009. The limited partnerships were sold for approximately $2 million per unit. According to Financial Times, Goldman Sachs “invested in high-yield senior secured bank loans, high-yield debt, mortgages, emerging-market debt and collateralized loan obligations.”

Brokers have a fiduciary duty to perform adequate due diligence on any investment they recommend.  They must also perform a suitability analysis prior to making recommendations to ensure that every investment they recommend is appropriate in light of the client’s age, risk tolerance, and financial objectives.

Brokerage firms that have unsuitably recommended Goldman Sachs Liquidity Partners 2007 to their clients may be held liable for investment losses through FINRA arbitration.

If you have concerns regarding your investment in Goldman Sachs Liquidity Partners 2007 and would like to speak with a securities attorney about your litigation options, please call 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.

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

Investigation into Prim Capital Corporation

The White Law Group is investigating fraud allegations against Prim Capital financial adviser Joseph Lombardo and Carolyn Kaufman.

According to The Plain Dealer, Prim Capital Corporation is a brokerage firm located near Cleveland, OH that was contracted to manage a $250 million portfolio for the NBA Players Association. Lombardo and Kaufman are charged with attempting to defraud the union of $3 million. Lombardo, founder of Prim Capital, is accused of forging the signature of union leader, Gary H. Hall, on a 2011 contract.

“Federal prosecutors say Lombardo created the contract months after Hall died in March 2011 by using a signature stamp that was ordered and purchased from an office supply store. The Department of Labor agent said in the affidavit that changes were made to the document as late as December, when an employee sent an email with the subject line: “Electronic copy of  changes.”  (The Plain Dealer)

If you are concerned about investments you made with Prim Capital Corporation, please call the securities attorneys of 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.

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

Securities Fraud Investigation Involving 3 Former Securities America Financial Advisors.

The White Law Group is currently investigating 3 Ohio brokers who either work or have worked with Securities America.  These advisors, Michael C. Permuter, Howard A. Slater and Azim Nakhooda, who may have misrepresented high-risk investments to their clients. When brokers mislead or misrepresent an investment to a client, the brokerage-firm may be held liable for losses in a FINRA arbitration claim.

The misleading statements to clients allegedly occurred between 2007-2008. It appears that Nakhooda was the first to make misleading statements to clients according to the AWC, “From October 2007 to September 2008, Nakhooda sent emails to seven SAI customers in connection with their purchases of units in the IMH Secured Loan Fund, LLC (“IMH Fund”) and/or notes issued by Medical Provider Funding Corporation V (“Med Cap V”) that contained misrepresentations regarding the features of the IMH Fund and Med Cap V.”

According to FINRA BrokerCheck, the three men have a long history of working together. Prior to moving to Ohio to work with Securities America in 2005, all three men worked together at Lincoln Financial Advisors.  In 2005, Howard Slater apparently formed Cedar Brook Financial Partners, LLC in Pepper Pike, OH and this appears to have been the name of the advisory firm under which the three operated (Even though the three operated under the name Cedar Brook Financial Partners, their FINRA employers would have still been responsible for supervising them and ensuring that each were following FINRA Rules).

Brokers have a legal obligation to disclose all the risk of any investment prior to making recommendations. In addition, financial advisors must perform adequate due diligence to ensure recommendations are suitable for an investor given age, liquidity needs, financial objectives and risk tolerance. To the extent that Michael C. Permuter, Howard A. Slater and Azim Nakhooda misrepresented the IHM investment to their clients, their FINRA employers may be legally responsible for investment losses through a FINRA arbitration claim.

IMH is an investment that The White Law Group has been following for quite some time.  For more information on The White Law Group’s IMH Secured Loan Fund investigation, click here.

If you have suffered significant losses in your portfolio as a result of your investment with Michael C. Permuter, Howard A. Slater and Azim Nakhooda, and would like to discuss your litigation options with a securities attorney, please call The White Law Group at 312-238-9650 for a free consultation.

Investigation into Thomas Redmond Jr., and Potential Recovery of Investment Losses

The White Law Group is investigating potential claims against Indiana financial advisor, Thomas Redmond Jr., on behalf of investors that suffered significant losses. If you suffered losses as a result of your dealings with Thomas Redmond Jr.,you may be able to recovery your losses through the Financial Industry Regulatory Authority (FINRA) dispute resolution process.

On March 1, 2013 the Indiana Secretary of State released a press statement (here) that Thomas Redmond, Jr. was charged with ten counts of Securities Fraud related to a financial scheme that defrauded a number of elderly clients. Redmond allegedly began operating this Ponzi scheme in 2004 and has admitted to using clients funds for personal use. “He told those clients that he would invest the funds for them in various securities, but would instead deposit the funds into his personal account and use the funds for his personal living and business expenses.”

Redmond allegedly used his Christian faith to gain the trust of several victims and secure their investments. According to Secretary Lawson, “This case is particularly devastating as it involves the most trusting of victims: elderly widows who knew Redmond through church and a pair of missionaries who spent their life’s work overseas counseling survivors of Auschwitz.”

To conceal the Ponzi scheme, Redmond allegedly sent fraudulent statements to his victims and made returns to some clients using funds from other victims. In addition, Redmond failed to inform his clients and employer that he was barred from selling securities by FINRA in 2011.

According to his BrokerReport provided by FINRA’s Central Registration Depository (CRD), Redmond was a registered broker with FINRA from February 2000 to October 2009 in various states. He worked in Ohio with Tower Equities, Inc., from 01/2000-12/2000.  Redmond worked in Wisconsin SII Investments Inc. from 03/2001-03/2002. He worked in Nebraska with Freedom Financial, Inc., from 03/2002-11/2003. Redmond than spent over two years working in Florida with Empire Financial Group, Inc., from 11/2003-08/2005.  He worked for two Indian firms, Capital Financial Services, Inc., from 01/2005-11/2007 and Next Financial Group, Inc. from 12/2007-10/2009.

While at Next Financial Group, Redmond became a registered Investment Adviser Representative, and continued working as a registered Adviser until 2012. Redmond worked briefly with Vantage Advisors, LLC from 03/2010-04/2010. He worked with Provident Capital Management, Inc. from 11/2010-06/2012.

According to the CRD, Redmond entered into an Acceptance, Waiver & Consent in 2011 that permanently barred him from selling securities. The allegations made by FINRA included making unsuitable investment recommendations, misrepresenting investments, and forging client’s signatures.

Brokerage firms have a supervisory responsibility to monitor the conduct and investment activities of their employees.  A broker that sells or solicits the sale of securities outside of the firm he works with, it may be considered “selling away” and violates FINRA rules.  When a broker lies, steals and deceives clients to sell securities, like Redmond, the brokerage firm may be liable for investment losses through a FINRA dispute resolution claim.

If you are concerned about investments made with Thomas Redman Jr., between 2000-2009 and would like to discuss your litigation options to recover losses, please call the securities attorneys of 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, please visit http://www.whitesecuritieslaw.com.

Recovery of Silver Oak Leasing Investment Losses

Have you suffered losses investing in Silver Oak Leasing?  If so, the securities attorneys of The White Law Group may be able to assist you.

The firm is currently investigating potential FINRA arbitration claims against the broker-dealers that sold investments in Silver Oak Leasing.

Silver Oak Leasing, Inc is a California finance company founded in 2006 that invests in luxury auto leases. According to an Orange County Register’s article, the company was forced into involuntary bankruptcy on Jan 30, 2012 after allegations were made that Silver Oak Leasing was part of a Ponzi scheme (View article here).

It appears that certain brokerage firms and financial advisors may have been selling investments in Silver Oak Leasing.  For example, according to a recent Investment News report, stock and promissory notes investments in Silver Oak Leasing were sold by Alberto Neira, a financial advisor that was until recently registered with LPL Financial recently barred Neira from the securities industry.

Neira’s CRD also indicated that in November 2012 he entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA for failing to fully disclose his outside business involvement with Silver Oak to LPL Financial, including that he owned 55% of the common stock, was a director of Silver Oak, and received a salary and compensation from Silver Oak.

Brokerage-firms have a legal responsibility to properly supervise the activities of all their agents.  In addition, brokers-firms are required to demonstrate adequate due diligence on an investment before recommending the investment to a clients. Recommendations to clients must be consistent with an individuals’ risk tolerance, financial objectives, and investment knowledge. Brokerage-firms that fail to follow FINRA regulations can be held liable for financial losses.

If you invested in Silver Oak Leasing at the recommendation or Alberto Neira or another financial advisor, you may be able to recover your losses through a FINRA arbitration claim.  For a free consultation with a securities attorney, please call The White Law Group at 312-238-9650.

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, please visit our website at http://www.whitesecuritieslaw.com.