Concerned about your investment in 1st Global Capital?
Have you suffered losses investing in 1st Global Capital at the advice of a sales agent or brokerage firm? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses.
On August 28, 2018, the Securities and Exchange Commission announced charges against 1 Global Capital LLC (“1st Global Capital”) and its former chief executive officer for allegedly defrauding at least 3,400 retail investors, more than one-third of whom invested their retirement funds.
According to reports, 1 Global Capital LLC, (“1st Global Capital”), the cash advance company, is a separate, unrelated company from 1st Global Capital Corp., the independent broker-dealer based in Dallas.
The cash advance company, based in Florida, and former CEO allegedly fraudulently raised more than $287 million since 2014 in unregistered securities sold through a network that included barred brokers, according to the SEC’s complaint.
According to the SEC’s complaint although investors were promised profits from 1st Global’s loans to small and mid-sized companies, a large portion of their money purportedly went to its CEO’s lavish lifestyle and to his consumer-loan companies.
Investors in 1st Global allegedly were given fake account statements and were reportedly lied to about low default rates. According to the complaint, the company marketed itself to business borrowers as an easy way to access cash quickly, but often made large, unsecured loans, and had serious problems with collections. 1st Global and its affiliate 1 West Capital filed Chapter 11 bankruptcy protection in July and its CEO reportedly resigned from the company.
Investigating Potential Claims
The White Law Group is investigating potential claims involving 1st Global Capital and the liability that sales agents may have for improperly recommending these investments.
If you are concerned about investment losses in 1st Global Capital, the securities attorneys at The White Law Group may be able to help you recover your losses. For a free consultation with a Contingency Fee Attorney, please call our offices at (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, please visit www.WhiteSecuritiesLaw.com.