Securities Fraud Investigation- Global Credit Recovery
Have you suffered losses investing in Global Credit Recovery? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
According to a press announcement on September 19, 2018, the Securities and Exchange Commission put a halt to Global Credit Recovery alleging that it has raised more than $345 million from over 230 investors across the U.S. The SEC also reportedly obtained an emergency asset freeze and the appointment of a receiver.
The SEC complaint alleged that Kevin B. Merrill, Jay B. Ledford and Cameron Jezierski attracted investors to Global Credit Recovery by promising significant profits from the purchase and resale of consumer debt portfolios. But, according to the SEC, in fact, the defendants were allegedly using a web of lies, fabricated documents, and forged signatures in an elaborate scheme to entice investors and perpetuate the fraud.
Rather than direct investor funds to the acquisition and servicing of debt portfolios as promised, the defendants allegedly used the funds to make Ponzi-like payments to earlier investors.
The complaint charged Merrill, Ledford, and Jezierski, along with their entities, Global Credit Recovery, LLC, Delmarva Capital, LLC, Rhino Capital Holdings, LLC, Rhino Capital Group, LLC, DeVille Asset Management LTD, and Riverwalk Financial Corporation, with violations of the antifraud provisions of the federal securities laws.
Securities Fraud Investigation
The White Law Group is investigating the liability that FINRA registered brokerage firms and SEC registered RIAs may have for unsuitably recommending Global Credit Recovery to investors.
Brokerage firms and RIAs are required to perform due diligence on any offering they recommend and to ensure that all recommendations made are suitable in light of the client’s age, investment experience, net worth, income, and investment objectives.
If a firm fails to perform due diligence or makes an unsuitable recommendation, a broker-dealer can be held responsible for any losses in a FINRA arbitration claim and an RIA can be held responsible either in a private arbitration or in court.
If you have concerns regarding your investment in Global Credit Recovery and would like to speak with a securities attorney about your options, please call The White Law Group 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 Franklin, Tennessee.
For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com.