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Mark Boucher Investigation ArticleInvestment loss attorney Alan Rosca, and his team at Goldman Scarlato & Penny PC law firm, announced the commencing of Mark Boucher investigation with the focus on the conduct alleged in the pending civil action instituted against Mark Boucher by the United States Securities and Exchange Commission (SEC).  

Mark Joseph Boucher, a previously registered broker and investment adviser based in California is the subject of a pending civil action instituted by  the SEC on the allegation that he perpetrated multiple multi-year fraudulent schemes. Also charged with him is his one-person company, Strategic Wealth Advisor Group Services Inc., according to public records under review by attorney Rosca.

Reportedly, the relevant period from which the civil action allegations are based (December 2010 and July 2020) cuts across the period within his employment with his last two employers. Mark Boucher was last in the employment of SCF Investment Advisors, Inc., until he was discharged from their employment on 22nd May 2019. Prior to this last employment, he was registered with Raymond James Financial Services Inc. He was registered with the Financial Industry Regulatory Authority (FINRA) member firm between 4th April, 2000 and 31st March 2016. 

Mark Boucher Is the Subject of a Pending Civil Action by the SEC for Fraudulent Schemes

The investment loss attorney Rosca reviewed publicly available information and found that the pending civil action was instituted against Mark Boucher by the SEC on 25th August 2020 according to the reports on his FINRA brokercheck page. According to the reports, the SEC alleged that the action was initiated following a three multi-year fraudulent scheme perpetrated by Mark Boucher and his company, Strategic Wealth Advisor Group Services (SWAG). Mark Boucher is allegedly the founder and sole employee of his company.  

The Complaint filed by the SEC before the United States District Court of the Southern District of California, alleged that Mark Boucher utilized his company, SWAG to misappropriate over $2 million of clients’ money between the relevant periods. It was alleged that the misappropriated sum was from the advisory account and bank accounts of three of his investment advisory clients including an elderly client who was a widow in her 60s and another trust of a deceased client among others

According to the complaint, which prompted the Mark Boucher investigation, between 2010 and 2016 he allegedly sold the securities of the elderly widow mentioned above and diverted the proceeds to his personal accounts to allegedly pay his credit card debt, clear personal expenses like car insurances, dinners and five star trips among others.  Boucher allegedly misappropriated about $669,000 from the client forgery and even withdrew funds from the client’s advisory accounts on margin. 

Investment loss attorneyMark Boucher also allegedly devised a scheme to steal funds from the trust account of a recently deceased client in 2019 according to the complaints. Boucher had allegedly served the deceased client since 2015 and in the process the client had created a revocable trust for the disposition of her assets upon her death. The trust allegedly made Mark Boucher the successor trustee and investment adviser. The total assets held in the trust allegedly amounted to over $1.8 million in both securities and cash. The Complaint reported that Boucher allegedly engaged in a scheme to misappropriate these funds for his personal use. It was alleged that between August 2019 and July 2020, Mark Boucher converted over $1.5 million of the trust fund by sending cash to his personal checking and brokerage accounts which he allegedly subsequently used to pay for his personal expenses and credit card debt. 

As reported in the complaints, Mark Boucher and his company allegedly took many steps to conceal the fraud. Some of the steps allegedly include making many misrepresentations to the elderly widow as to the full extent of the fraud. In a bid to conceal his actions from the SEC, Mark Boucher allegedly created numerous financial accounts to hide his misappropriation of the deceased client’s trust fund but which were allegedly unsuccessful. These actions among others are the allegations levied against him in the pending civil action by the SEC according to the reports in the Complaint. The SEC alleges that he has violated various federal and state securities legislation and they are seeking permanent injunctions, disgorgements and civil penalties against Mark Boucher and his company. 

Mark Boucher Has Also Settled a Customer Dispute

The investment loss attorney, Alan Rosca also found that Mark Boucher settled a customer dispute on the similar allegation of theft and forgery in January 2020. The dispute was settled on 24th January 2020 for $542,444.83 which was the same amount originally requested by the client as reported on his FINRA brokercheck page. 

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently conducting the Mark Boucher investigation prompted by the pending civil action instituted against him by the SEC on allegations of multiple fraud. The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Mark Boucher’s pending civil action instituted against by the SEC on allegations of multiple fraud, may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

investment fraud attorneyThe allegations against former broker Michael Barry Carter (Mike Carter), located in Knoxville, Tennessee, and former Morgan Stanley agent in McLean, Virginia, are currently being investigated by investment fraud attorney Alan Rosca and his colleagues at Goldman Scarlato and Penny. Michael Carter investigation was prompted by a customer complaint, disclosed on June 12, 2020 in Carter’s FINRA Brokercheck report. Reportedly, Carter is accused of misappropriating funds from a client’s account while employed by the company Morgan Stanley.

Investors who are concerned that they have lost money as a result of Michael Carter’s alleged misappropriated funds are encouraged to contact investment fraud attorneys Alan Rosca and Paul Scarlato who are currently evaluating potential recovery options. All consultations are free.

SEC Complaint Against Michael Carter Alleges Misappropriation of Customer Funds

Michael Carter has also received a complaint from the Plaintiff Securities and Exchange Commission in relation to his alleged activities involving misappropriating funds from individuals known to Carter through familial ties and friendship. The first alleged victim had money transferred from their account into an associated account of Carters, in which he supposedly forged their signature and falsified the legally required transfer authorization forms.

From approximately October 2007 to May 2019, Carter allegedly misappropriated approximately $6 million from brokerage customers and an elderly investment client while working as their financial advisor, according to public records reviewed by the Goldman Scarlato & Penny attorneys Alan Rosca and Paul Scarlato, who are investigating this matter on behalf of victimized investors.The Securities and Exchange Commission also accuses Carter of diverting account information to personally held post boxes or false email addresses, to conceal the accurate financial information from investors.

barred brokerMichael Barry Carter has been barred by FINRA

According to a AWC signed by Carter, he failed to satisfactorily respond to a FINRA request for information related to FINRA’s investigation into allegations of misconduct made by Morgan Stanley, his former employer. As revealed by the public records, Carter’s employment was terminated in July, 2019 due to allegations that he misappropriated client funds.

Prior to being registered with Morgan Stanley, Michael Carter was briefly employed by Ameriprise Financial Services, Inc. in Vienna, VA. Carter was also registered with Morgan Stanley Smith Barney, Morgan Stanley & Co, Incorporated, Morgan Stanley DW Inc, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, all in Vienna, VA.

Michael Carter has four settled disputes with customers

The four customer disputes shown on Carter’s FINRA report, which span through 2019, are related to unauthorized withdrawal of funds from clients’ accounts and misappropriation. In the most recently settled customer dispute dated November 15, 2019 settlement amount was $1.3 million, but the requested amount was $6.8 million. Prior to that, a customer requested $4 million damages for unauthorized withdrawals in the account that allegedly took place between 2007 and 2014. This customer dispute settled for $3,193,500.00.

Another dispute disclosed in September, 2019 on Carter’s Brokercheck report states that the client’s POA verbally alleged that a Liquidity Access Line was opened without authorization from the customer and that certain withdrawals were also unauthorized. These actions are alleged to have spanned from December 2017 to May 2019. Reportedly, the customer received a settlement in the amount of $1,357,841.68. Few days later, another customer alleged that between 2015 and 2017 unauthorized withdrawals were made in the account. This dispute settled for $676,174.01.

investment loss recoveryParallel Criminal Case Involving Michael Barry Carter. Former Broker Pleads Guilty

In a July 20 press release, the United States Attorney for the District of Maryland Robert K. Hur announced that “Michael Barry Carter, age 47, of Potomac Falls, Virginia, pleaded guilty today to federal charges of wire fraud and investment adviser fraud, in connection with a scheme to steal more than $6 million.

Carter allegedly carried out schemes by falsifying internal forms to move money from his customer’s accounts into his own bank account at another institution using unauthorized wire transfers. He concealed this by providing customers with false account statements and by misrepresenting the security of these investments.

Carter is accused of using these misappropriated funds to support his lifestyle, which included paying credit card bills, cash withdrawals, payments for a large home mortgage, and the purchasing of a luxury car. As part of the guilty plea, Michael Carter agreed to pay a money judgment in the amount of $4,355,110.39

Invested Assets with Michael Barry Carter? Investment Fraud Attorneys are Investigating

If you are concerned that you may have lost money as a result of misconduct or misappropriation of funds by Michael Carter, investor rights attorneys at Goldman Scarlato & Penny are currently investigating Michael Barry Carter’s alleged misconduct and are preparing to take action.

Goldman Scarlato and Penny represents investors who have lost money due to misappropriation or misconduct. The firm works on a contingency fee basis and receives fees and case costs from the money which is recovered for their clients. Investment fraud lawyer Alan Rosca has represented thousands of victimized investors around the world and across the country, in cases ranging from class-action suits to arbitrations.

If you have concerns that you have lost money as a result of Michael Carter‘s alleged activities, feel free to contact attorneys Alan Rosca or Paul Scarlato for a free, no-obligation assessment of your recovery options. You can contact them via phone at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

Hines REIT InvestmentInvestors looking to invest their life savings for retirement often rely on a trusted advisor to help them select appropriate investments. While most advisors will typically recommend appropriate investments, sometimes investment professionals abdicate their duties to clients and instead select and recommend to investors products that offer higher sales commissions for the advisor, even if such products are unsuitable for the investor.

Such unsuitable recommendations, of products that may not necessarily have any problems but may be too risky for the particular investor or otherwise have features that make them inappropriate investments, could wreak havoc in an investor’s portfolio and wipe out a substantial portion of his or her life savings.

Are REIT investments problematic?

The Financial Industry Regulatory Authority (FINRA), which provides investment advisers and stockbrokers with the guidelines on which to advise investors requires licensed investment professionals to have a reasonable belief that they are only recommending suitable investments to their clients. This regulation is important because not all investment opportunities are appropriate for all investors.

One of the classes of investments that may be particularly problematic for many investors are untraded REITs.  Because they are untraded, those REITs are typically subject to less scrutiny from industry watchdogs such as investment analysts, they are usually illiquid and cannot be easily sold if the investor needs money or wants to get out of that investment, and their price often does not always reflect the true value of the investment the same way that traded investments do.

While there may not necessarily be anything wrong with any particular REIT, these and other features might make such REITs unsuitable investments for many investors.  Investment professionals who improperly recommend such REITs to their customers may be liable to those customers for unsuitable recommendations.

investment lossesHines Global REIT Investigated by investor rights lawyers

The investor rights lawyers at Goldman Scarlato & Penny are currently investigating potentially improper investment recommendations by investment advisors in Hines Global REIT, an affiliate of Intelligent Real Estate Investments and Hines Interests Limited Partnership.

REIT losses attorney Alan Rosca of the Goldman Scarlato & Penny PC law firm, is investigating activity related to potentially unreasonable investment recommendation by certain financial advisors who sold Hines Global REIT investments to their customers.

Investors whose brokers improperly sold them REIT investments without a reasonable basis may have a claim and are encouraged to contact attorney Alan Rosca with any useful information or for a free, no-obligation discussion about their options.

The volatility of REITs and Improper Broker Recommendations

Many Real Estate Investment Trusts (REITs) are improperly recommended to investors by brokers as offering a stable income without much risk. Some advisors assure their customers that those REITs offer reliable distribution payments because they receive a steady income flow through rent payments by their tenants.

However, sometimes the investment advisors or brokers fail to caution their investors about the volatility of the various real estate markets and their susceptibility to suffer losses during industry downturns, such as the one caused by the COVID-19 and the imposing of social distancing rules. While many publicly registered REITs can be traded, in cases of privately owned REITs, investors cannot trade them and are often stuck with those investments and unable to sell them and cash out.

Because such REIT investments may sometimes be unsuitable and inappropriate for the investors, they often offers the investment advisor or stockbroker a larger commission than other, more traditional investments, meaning that it is financially advantageous for brokers to push these REITs.

Broker Investigation lawyersAre there special rules concerning REITs?

Under the securities industry rules, brokers or investment advisors are required to investigate different types of investments alongside the background of the investors to ensure a suitable match based on age, income, experience with the stock market, risk tolerance, and how much investors can reasonably afford to lose.

They are also required to inform investors of the volatility and other problematic features of the recommended investments. Investment professionals who recommend unsuitable investments or otherwise fail to make full disclosure of potential risks and caution the investors about problematic features of those investments may leave themselves open to  potential claims from the investors who have lost money or assets due to such ill-advised and unsuitable recommendations.

Potentially unsuitable investment recommendations in Hines Global REIT by investment advisors are currently being investigated by Goldman Scarlato & Penny.

Lost money in Hines Global REIT investment? Contact Goldman Scarlato & Penny Investor Rights Lawyers To Learn More about Potential Recovery Options 

investment loss lawyersThe Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related misconduct and are currently investigating alleged unreasonable investment recommendation by financial advisors, involving Hines Global REIT.

The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the globe in cases ranging from arbitrations to class actions.

If you believe that you or a loved one have lost money as a result of unsuitable recommendations concerning Hines Global REIT investment by your brokerage firm or financial advisor, you may contact attorney Alan Rosca for a free no-obligation evaluation of your recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage. Anybody who has useful information relating to potentially unsuitable recommendations concerning Hines Global REIT investment is also encouraged to contact Goldman Scarlato & Penny PC .

bad broker lawyersBroker Thomas Laws Fraud Update: Laws, Also a CPA, Investigated for Securities Violations Following Investor Losses

Thomas Laws pleaded guilty in Federal Court to four counts of wire fraud and one count of aggravated identity theft. Laws worked as an accountant and registered investment advisor.  He provided account, tax preparation and investment services to clients.  According to Thomas Laws fraud investigation by investor rights attorneys at Goldman Scarlato & Penny, from 2008 until 2019 Laws allegedly schemed to obtain money by false pretenses and fraudulent misrepresentations to his clients, lenders and investors.

Investor rights attorneys Alan Rosca and Paul Scarlato, of the Goldman Scarlato & Penny PC law firm, are investigating activity related to Thomas Laws’ alleged fraud and misrepresentation and would like to talk to Laws victims to learn more about this matter.

Former Broker Thomas Laws Allegedly Fraudulent Scheme Caused More Than $1,5 Million Losses

Thomas H Laws allegedly used investors funds for personal expenses for himself and his family to pay for his debts, travel, communication, media services, fire arms and cash payments totally more than $1.5 million.

As reported by the USAO for the District of New Mexico, Thomas Laws lied to clients to convince them to invest in a sham real estate investment scheme with fabricated documents indicating the clients’ investment was secured by a $650,000 mortgage. Allegedly, Laws previously mortgaged the same property to other lenders, and was under foreclosure because he defaulted on the payments. Reportedly, Laws took the $650,000 and paid it as part of a settlement to other clients he had schemed in the past.

Investors who believe they may have lost money in the alleged fraudulent activity and misrepresentation of Thomas Laws, are encouraged to contact attorneys Alan Rosca or Paul Scarlato with any useful information or for a free, no obligation discussion about their options at 888-998-0530 or via email at rosca@lawgsp.com.

BrokerThomas Laws Found Liable in a Case Initiated By US Securities and Exchange Commission and Ordered to Pay $762,673 in Disgorgement And Prejudgment Interest

The US Securities and Exchange Commission initiated a regulatory complaint in November 2018 against Laws and his company, THL Financial Services Corporation. The SEC alleged that Thomas Laws, in his capacity as chief executive officer of Santa Fe Gold Corporation, a New Mexico mining company, misappropriated at least $1.1 m of investor funds.

According to the allegations in the complaint, after Santa Fe confronted Laws he agreed to repay the funds with a promissory note of $930,000, of which only $375,000 was repaid. Allegedly, Santa Fe identified that additional $170,000 of investor funds were misappropriated by Laws, for a total of at least $1.1 million dollars. As stated in the complaint, Santa Fe terminated Laws in September 2018 and disclosed his alleged misconduct in a 8-K filing with SEC.

According to the final judgment filed on June 28, 2019, Laws and THL Financial Services Corporation were found liable and ordered to pay $762,673 in disgorgement and prejudgment interest. In addition, Laws was found liable for a civil penalty of $500,000.

Former H.D. Vest Investment Services Broker Thomas Laws Barred By FINRA

According to the Letter of Acceptance, Waiver and Consent signed by Thomas Laws in April 2019, he refused to appear and provide on-the-record testimony requested by FINRA. Reportedly, FINRA commenced the investigation into whether the former broker Thomas Laws engaged in undisclosed outside business activities and / or private securities transactions, while being associated with HD Vest Investment Services (n.k.a . Avantax Investment Services).

As stated in the AWC under the review by investor rights attorney Alan Rosca, Laws acknowledged that he received FINRA’s request and informed that he will not appear on-the-record testimony. As a result of his refusal, he was barred from association with FINRA in any member capacity.

Investment LossBarred by SEC, Thomas Laws Files Chapter 11 Bankruptcy, Lists SEC $500,000 Fine, and Promissory Note of $930,000 in Filing

According to an Order Instituting Public Administrative Proceedings dated July 10, 2019, the Commission barred Laws “from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.

Just two days later, on July 12, 2019 Thomas Laws filed for Chapter 11 bankruptcy to discharge monies he owes to clients from his alleged misappropriation of customer funds.  In the bankruptcy records, Laws lists the Securities and Exchange Commission fine of $500,000, and the Promissory Note of $930,000 the amount owed to Santa Fe for the alleged misappropriation of at least $1.1 million.  In April 2020, Laws’ bankruptcy case was converted to Chapter 7.

Thomas Laws Has Two Customer Disputes Alleging Fraudulent Investments and Misappropriation of Funds

According to Thomas LawsFINRA Brokercheck report, on January 13, 2020, Avantax Investment Services, formerly known as H.D. Vest Investment Services, received a complaint filed in December, 2019, by a customer alleging that they invested in fraudulent investments and that the representative misappropriated their funds. The alleged damages amount is $200,325, and as of the date of this article the dispute shows as pending.

A few days later, on January 16, 2020, Thomas Laws‘ broker dealer received a second customer complaint, which reportedly was filed in November 2019. This customer complaint makes identical allegations of fraudulent investments and misappropriation of funds, but the alleged damages amount is $999,000. As of the date of this article this customer dispute shows as pending.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Investor Rights AttorneyLost Money As A Result of Alleged Thomas Laws Fraud? Investor Rights Attorneys Are Investigating Potential Recovery Options

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Thomas Laws’ alleged violations. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Thomas Laws’ alleged fraud and misappropriation of customer funds, may contact attorneys Alan Rosca or Paul Scarlato for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

Securities LawyersPreviously registered stockbroker John Krohn of West Des Moines, Iowa is currently under investigation by securities lawyers, related to five customer complaints and his reported sales of investments in Spotlight Innovation. At the time of writing, Krohn and his former broker-dealer firm Principal Securities, Inc are being investigated following a a Financial Industry Regulatory Authority (FINRA) report, alleging that Krohn has been improperly soliciting unauthorized investments that resulted in a loss of investor assets. Of the five customer complaints, and the one FINRA regulatory allegation, two of the customer accusations are shown as denied and three are pending on the FINRA Brokercheck Report. In relation to the FINRA regulatory allegation, Krohn has accepted and consented to sanctions and waivers, alongside a financial penalty.

Securities lawyers Alan Rosca and his colleagues are investigating potential claims on behalf of investors who lost money invested with Krohn.

FINRA Sanctioned Krohn for his Involvement in Outside Business Activities

In its regulatory case, FINRA alleged that Krohn was actively and improperly involved in outside business activities, making a total of $7.9 million in personal purchases away from the firm without providing prior written notice. The allegation also reportedly examined the motives surrounding these activities, as the aforementioned transactions were outside the sphere of Krohn’s employment with the firm. He also allegedly failed to inform the firm of his role in the transactions, alongside failing to notify the firm about whether he was expecting to or had already received financial compensation from the sales. The sales were party made via an investing company, which Krohn partially owned with a client, according to FINRA’s allegations. As a result of these findings, Krohn received a three-month suspension from FINRA and a Civil and Administrative Penalty of $10,000.00.

Krohn and his brokerage firm Principal Securities, Inc are accused by former clients of soliciting investments into companies linked to Krohn, failure to oversee private security transactions and selling-away activities.

Krohn’s FINRA Brokercheck report also shows two denied allegations. The first involves investments into private placements while linked to Principal Securities, Inc and the second relates to variable annuity while Krohn was affiliated with Princor Financial Services Corporation. The source for the alleged private placements accusation is Principal Securities, Inc, seeking damages totaling $97,000.00. The source for the second denied activity comes from a broker who represented one of Krohn’s customers, seeking damages worth $5,696.00.

Investors who believe they may have lost money in connection with investments recommended by John Krohn are urged to contact Goldman, Scarlato & Penny securities lawyers Alan Rosca or Paul Scarlato for a free, no-obligation discussion regarding their options.

Investment Loss Recovery LawyersPending Customer Disputes on John Krohn’s FINRA report

In February 2019, a customer filed a complaint against Krohn for soliciting large investments into other companies that he in partially owned, managed, or oversaw. His FINRA Brokercheck report states that the damage amount requested is $28,000,000.00, for punitive damages and interest.

During February 2020, another of Krohn’s customers filed a complaint against him and the firm Principal Securities, Inc, for failing to supervise private security transactions. These transactions are purported to include selling- away activities and outside business activities. Krohn’s FINRA Brokercheck Report shows that the damage amount requested in relation to these actions is $1,200,000.00, and accounts for interest, attorneys’ fees, expert fee’s, forum fee’s and punitive damages.

In March 2020, a former customer filed a complaint against Principal Securities, Inc, in relation to Krohn’s misconduct, which allegedly resulted in a loss of investment for the claimant. Krohn’s FINRA Reports highlights activities associated with private security transactions and dealings with claimants, which the firm failed to supervise satisfactorily. The damages requested stand at $10,000,000.00.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Did You Have An Investment With John Krohn? Securities Lawyers Investigating 

The securities lawyers team at Goldman Scarlato & Penny PC are investigating activities surrounding Krohn’s alleged sales of investments in Spotlight and other entities. Goldman Scarlato & Penny represent investors who have lost money due to stockbroker misconduct, unsuitable investment recommendations or material misrepresentations or omissions. Goldman Scarlato & Penny PC’s security attorney, Alan Rosca, has assisted thousands of victimized investors around the country and the globe in areas from class action suits to arbitrations.

If you are a previous investor with Krohn or Principal Securities, Inc and are concerned that you may have lost assets or if you wish to inquire regarding your potential financial recovery options, you may contact Alan Rosca or his colleagues for a free, no-obligation discussion about your options. Investors who may have useful information pertaining to Krohn’s activities are also urged to contact Alan Rosca at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on the webpage.

EquiAlt fraud

On February 18, Securities and Exchange Commission announced that it filed an emergency enforcement action and a temporary restraining order and asset freeze against Tampa private real estate company EquiAlt LLC, and its principals Brian Davison, and Barry Rybicki. The Commission is alleging that EquiAlt, through its funds, raised more than $170 million from at least 1,100 investors. The investor rights attorneys at Goldman Scarlato & Penny PC law firm are investigating the EquiAlt ponzi scheme allegations, and the potential liability of entities and individuals that participated in, or assisted, the alleged fraudulent conduct. 

Investors who believe they may have lost money in activity related to EquiAlt Funds, Davidson and Rybicki’s alleged fraud scheme are encouraged to contact attorney Alan Rosca or his colleagues Paul Scarlato and Chris Pfeiffer for a free, no-obligation discussion about potential recovery options. Call 888-998-0530 or email rosca@lawgsp.com to learn more.

EquiAlt Funds Ongoing Investigation  

EquityAlt LLC was launched in 2011 by founder and CEO Brian Davison as an effort to reinvent himself after a previous lending company, Affinity Capital LLC, went bust and he had to file for bankruptcy, Tampa Bay Times reports

According to the SEC complaint, EquiAlt’s primary business is to manage its four real estate investment funds: EquiAlt Fund, LLC, EquiAlt Fund II, LLC, EquiAlt Fund III, and EA SIP, LLC. At all times Davison controlled the finances of the funds and was responsible for making the Ponzi scheme payments to EquiAlt investors, the complaint notes. Barry Rybicki, in his capacity as Managing director, allegedly was responsible for communications with investors and for executing agreements with investors.

On its website EquiAlt claims that it is “an investment management firm that specializes in alternative assets and private equity.” and promotes itself as being “Simple, Stable and Un-Leveraged”. The Commission alleges that this is one of the many misrepresentations EquiAlt made to investors.

SEC Accuses EquiAlt of Engaging in Fraudulent Conduct

In its complaint filed on February 11, 2020, the Securities and Exchange Commission alleged that: 1) the EquiAlt funds and its principals engaged in Ponzi Scheme; 2) Brian Davison and Barry Rybicki used investor money for their personal benefit; 3) EquiAlt, Davison and Rybcki engaged in misrepresentation, omissions, and false claims.

EquiAlt Ponzi Scheme Allegations

Between 2010 and end of 2019, EquiAlt raised more than $170 million from 1,100 investors, the complaint notes. Of the total amount, $145 million was raised in the last four years. The Commission alleges that by the end of 2020, investors in three of the four EquiAlt funds will be owed approximately $167 million in principal and interest. In comparison, at the end of last year EquiAlt had only $6.8 million in cash, and the SEC alleges that EquiAlt earned just $4.4 million last year by administering properties it owned.

According to the complaint, at all times the revenues generated by the EquiAlt funds were consistently less than the amount of interest owed to investors. The complaint goes on to state that since their inception, the EquiAlt funds were paying old investors by using money raised from new investors, in a Ponzi-like fashion.

EquiAlt Investor Money Used to Buy Luxury Items

EquiAlt investment losses

The Commission alleges that on multiple occasions Davison and Rybicki received improper cash distributions from the EquiAlt Funds. The complaint states that they used this money to buy expensive personal items such as luxury cars, jewelries, and private jets. 

In addition, Davison used investor money to pay personal taxes owed to the Internal Revenue Service, and stayed multiple times in a $2,7 million Manhattan condominium which has never generated any income for EquiAlt Funds despite being purchased with investor funds, the complaint notes.

EquiAlt Funds Allegedly Made Misrepresentations, Omissions, and False Claims

According to documents filed in the SEC case, currently under the review by securities lawyers at Goldman Scarlato & Penny, most of the EquiAlt investors were unsophisticated, unaccredited, and many of them used their retirement funds to invest in EquiAlt. “I didn’t understand the document much” said a retired investor from California in a SEC questionnaire filed as an Exhibit to Motion for Temporary Restraining Order unsealed on February 14.

In a press release announcing the lawsuit, Securities and Exchange Commission Miami regional director Eric I. Bustillo declared that ‘Davison and Rybicki made ‘too good to be true’ promises about nearly every material aspect of EquiAlt’s business’.

EquiAlt Investments Marketed as Safe

According to the SEC case documents, EquiAlt, Davison and Rybicki were pitching investments in the Funds as “safe” and “conservative”. Allegedly, investors reported that they were told that EquiAlt Fundsnever lost dollars since inception”. In addition, the investors were assured that “EquiAlt could not go bankrupt” the complaint notes.

Alleged False Claims about the use of EquiAlt Investor Funds

EquiAlt, Davison and Rybicki allegedly told investors that 90% of their money would be invested in distressed real estate, and that they would earn 8 to 10% annually, once the properties were rented or flipped to new owners. Instead less than half of investor funds were used to buy real estate, the complaint notes.  

According to the Commission, the remaining funds was used for undisclosed and improper purposes such as the payment of millions of dollars in fees and bonuses to EquiAlt and others, causing the Funds to be unable to cover the principal and interest owed to investors, the complaint alleges.

Additional alleged misrepresentations and omissions by EquiAlt

According to documents filed in the SEC case, under the review by securities attorney Alan Rosca and his colleagues, EquiAlt, Davison and Rybicki falsely claimed that at least one Fund was registered with the Securities and Exchange Commission. 

The complaint also states that the aforementioned defendants used third party sales agents and in-house employees to market and raise funds from the general public, and allegedly failed to disclose that over the course of several years the EquiAlt paid $24 million in commissions to sales agents using investor money.

Additional misrepresentations were allegedly made by EquiAlt regarding using licensed brokers, and the fact that certain qualified persons were involved in the management of the Funds.

EquiAlt Principals Deny SEC Allegations

EquiAlt investor representation

In a text message to the Tampa Bay Times, Davison said, “we deny the allegations and look forward to our day in court.”

The SEC’s filings present an inaccurate picture of Mr. Rybicki’s business dealings, and we look forward to addressing these matters with the court.” declared Stephen Cohen of Sidley Austin LLP, attorney for Barry Rybicki in an email to Tampa Bay Business Journal.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyers Investigating EquiAlt 

The Goldman Scarlato & Penny PC investment fraud lawyers represent investors who lose money as a result of fraud. Currently, our attorneys are investigating EquiAlt ponzi scheme allegations. The goal of their investigation is to determine whether investors have additional claims for compensation against entities that may have assisted in the perpetration of the EquiAlt alleged fraud.

The firm takes most cases of this kind on a contingency fee basis and advance the case costs; payments for their fees and costs only come out of money recovered for clients. A securities lawyer and adjunct professor of securities regulation, attorney Alan Rosca has represented thousands of victimized investors, both in the United States and around the world, in cases ranging from arbitrations to class actions.

Investors who believe they may have experienced loss as a result of the EquiAlt’s alleged ongoing fraud may contact attorney Alan Rosca or his colleagues for a free, no-obligation evaluation of their recovery options. Investors can call 888-998-0530, email rosca@lawgsp.com, or use the contact form on this webpage to get in touch.

security fraud class action lawsuit

If you used a payment card (credit or debit) when making a purchase at a Wawa convenience store anytime after March 4, 2019, your name, credit and/or debit information, and possibly other personal information may have been exposed.

In November, 2019, the credit card company VISA warned companies like Wawa that gas stations have been targeted by cybercriminals because many of them have been slow to adopt secure payment-processing technology. A month later, on December 19, 2019, Wawa announced that customers at all 850 Wawa stores, including those containing gas stations, were at risk of identity theft. Wawa allowed hackers to access customer information for nearly ten months, starting March 4, 2019 or earlier.

The privacy rights lawyers at Goldman Scarlato & Penny, P.C. are investigating claims on behalf of all persons whose payment card information was stolen through the Wawa data breach.

If your private information may have been compromised, please contact a GSP attorney to learn more about your rights. GSP’s privacy rights lawyers are currently representing or have represented victims of data breaches against Anthem, Inc., 21st Century Oncology, Community Health Systems, Inc., Athens Orthopedic Clinic, PA, Premera, Intuit, Medical Informatics, Excellus BlueCross BlueShield, United Shore, Xerox Mortgage Services, and Target Corporation. Most recently, GSP attorneys representing victims of the Athens Orthopedic Clinic data breach scored a 9-0 victory in a ruling by the Georgia Supreme Court which recognized that victims of data breaches like this may have claims even if their information has not yet been used by criminals or if they have not yet experienced identity theft.

For more information, please email Mark Goldman directly at goldman@lawgsp.com or call Mr. Goldman at (484) 342-0700 to talk to a lawyer free of charge.

Mediatrix Capital

Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd. Allegedly Operated a $125 Million Fraud Scheme; SEC Investigating 

Michael Young, Michael Stewart, and Bryant Sewall, and their companies Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd., allegedly operated a $125 million fraud scheme, according to an SEC Complaint under review by investor rights attorney Alan Rosca. 

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Michael Young, Michael Stewart, and Bryant Sewall, and their companies Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd.’s alleged fraud scheme. Investors who believe they may have lost money in activity related to Michael Young, Michael Stewart, and Bryant Sewall, and their companies Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd.’s alleged fraud scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Michael Young, Michael Stewart, and Bryant Sewall, and their companies Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd. are also the subject of an emergency enforcement action, and the SEC has also acquired a temporary restraining order as well as an asset freeze of the three aforementioned managers over their alleged fraudulent international trading program, the SEC reports

Young, Stewart, and Sewall, via Mediatrix Capital, Blue Isle 1, and Blue Isle 2, allegedly raised over $125 million from investors in unregistered securities offerings by representing to investors that their money would be brought together and purportedly invested using the aforementioned defendants’ allegedly highly profitable algorithmic trading strategy, the SEC states

Said defendants allegedly made false statements to investors that, from December 2013 through at least March 2019, their trading strategy had never had an unprofitable month and had returned more than 1,600%, the SEC notes. The aforementioned defendants allegedly further claimed that their highly successful trading strategy had enabled Mediatrix Capital to accumulate assets under management of $225 million as of the end of 2018, the SEC reports

None of this was true, the SEC notes

Kurt Gottschall, director of the SEC’s Denver regional office, has made the following statement:

We allege that this scheme has resulted in tens of millions of dollars in investor losses, in part, to fund defendants’ luxurious lifestyle.

Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd. Allegedly Misappropriated over $35 Million of Investors’ Money 

Young, Stewart, and Sewall, via Mediatrix Capital, Blue Isle 1, and Blue Isle 2, since mid-2016, allegedly have misappropriated over $35 million of investors’ money by transferring it out of the Entity defendants’ bank and brokerage accounts as opposed tousing the money for trading, and said defendants allegedly used investors’ money to purchase luxury properties and vehicles, and diverted more than $5 million of additional investors’ funds for other improper expenditures to perpetuate the fraud, the SEC states.

The SEC goes on to report that, even when the aforementioned defendants allegedly used the remaining portion of investors’ money for trading, said defendants’ trading consistently lost money – losing more than $18 million from its trading in 2018 alone, the SEC states

Because of the aforementioned defendants’ large misappropriation and trading losses, Mediatrix Capital’s assets under management are far away from the amounts represented by said defendants, the SEC details

For example, at year-end 2018, said defendants allegedly represented that Mediatrix Capital had $225 million under management, when in reality, the firm had approximately $35.3 million in assets under management, or less than 16% of the amount claimed, the SEC reports.

Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd. Allegedly Defrauded Investors by Misrepresenting Their Purported Profitability

Young, Stewart, and Sewall, via Mediatrix Capital, Blue Isle 1, and Blue Isle 2, in order to induce investment into their failing trading strategy, allegedly defrauded investors by purportedly repeatedly misrepresenting the profitability of their trading, falsifying investors’ account statements to show phantom profits, and making Ponzi-like payments to investors who opted to cash out their profits — all in order to prop-up the façade of profitable trading, the SEC notes

The aforementioned defendants allegedly made numerous additional, material misrepresentations and omissions to investors regarding the supposed transparency of Mediatrix Capital’s trading, as well as third party involvement in verifying trading results, and said defendants also allegedly falsified investors’ account statements and manipulated trading results to reflect profits rather than the actual losses resulting from their trading, the SEC reports.  

Said defendants also allegedly made false claims that Mediatrix Capital’s trading results had received an audit, and also allegedly made numerous misleading statements implying that Blue Isle 1 and Blue Isle 2 were independent, third-party administrators that received Mediatrix Capital’s trading data directly from brokerage firms before reporting it to investors, when in fact, the aforementioned defendants allegedly owned and controlled the Blue Isle entities and manipulated the trading data it conveyed to investors, the SEC notes

As a result of the conduct described herein, the SEC states, said defendants allegedly violated Sections of the Securities Act and Sections of the Securities Exchange Act.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Young, Michael Stewart, and Bryant Sewall, and their companies Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd.’s alleged fraud scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Michael Young, Michael Stewart, and Bryant Sewall, and their companies Mediatrix Capital, Blue Isle Markets Inc., & Blue Isle Markets Ltd.’s alleged fraud scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

Michael G. Hull, Greenpoint Asset Management II LLC, Christopher J. Nohl, & Chrysalis Financial LLC

Michael G. Hull & His Entity, Greenpoint Asset Management II LLC, & Christopher J. Nohl & His Entity, Chrysalis Financial LLC Purportedly Ran a $52. 783 Million Offering Fraud

Michael G. Hull and his entity, Greenpoint Asset Management II LLC, and Christopher J. Nohl and his entity, Chrysalis Financial LLC, from April 25, 2014 to June 2019, allegedly orchestrated a $52.783 million offering fraud involving approximately 129 investors in 10 states, according to an SEC Complaint under review by investor rights attorney Alan Rosca.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Michael G. Hull, Greenpoint Asset Management II LLC, Christopher J. Nohl, and Chrysalis Financial’s LLC alleged operating fraud. Investors who believe they may have lost money in activity related to Michael G. Hull, Greenpoint Asset Management II LLC, Christopher J. Nohl, and Chrysalis Financial’s LLC alleged operating fraud are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Fund, Hull, Nohl, and their entities, in the offering materials for Greenpoint Tactical Income, allegedly made false and misleading statements to the aforementioned investors, the Complaint states, and Hull, Nohl, and their entities have also allegedly represented to investors that Greenpoint Tactical Income Fund is a so-called income fund. 

In reality, however, the Fund’s holdings are almost entirely non-income-generating and illiquid assets, and, as of June 30, 2018—the last date for which the Fund has financial statements—52% of the Fund’s purported value is its gem and mineral collection and 46% of the Fund’s purported value is a portfolio of debt and equity securities of private companies, primarily consisting of a now defunct and worthless environmental remediation company, the Complaint reports. 

Bluepoint, via Hull, allegedly recommended that all of Bluepoint’s individual clients invest in the Greenpoint Tactical Income Fund and other affiliated Greenpoint Funds, and Hull also allegedly made said recommendations without regard for each individual investor’s needs and circumstances, the Complaint details.

What is more, Hull, Nohl, and their entities are allegedly investment advisers to Greenpoint Tactical Income Fund and owe fiduciary duties to the Fund including a duty of loyalty, the Complaint states. 

Michael G. Hull operates Greenpoint Asset Management II LLC, and is also the co-owner of Bluepoint Investment Counsel, LLC, a now de-registered investment adviser that claimed to have as much as $145 million in assets under management, the Complaint reports, and Christopher J. Nohl operates Chrysalis Financial LLC.

Greenpoint Tactical Income Fund LLC & Their Entities Allegedly Made False & Misleading Statements to Investors 

Hull, Nohl, and their entities allegedly made false and misleading statements to investors regarding Greenpoint Tactical Income Fund LLC, the Complaint notes. 

Hull, Nohl, and their entities, for example, allegedly stated that, as of June 30, 2018, the Fund had a net asset value of $135 million based almost entirely on unrealized gains, and indeed, 95% of the purported gains are allegedly unrealized, the Complaint states. 

Said gains are allegedly largely fictitious, and Hull, Nohl, and their entities have allegedly made misleading statements to investors as to how they have been operating the Fund and valuing its assets, the Complaint reports.

Hull, Nohl, & Their Entities Allegedly claim that the Greenpoint Fund Had a Return on Investment of 65.68% for 2014, & a Return on Investment of Just in Excess of 50% for 2015

Hull, Nohl, and their entities, for 2014, allegedly claim that Greenpoint Tactical Income Fund had a return on investment of 65.68%, and for 2015 they allegedly claim that the Fund had a return on investment of just in excess of 50%, the Complaint reports. 

For 2016, Hull, Nohl, and their entities allegedly claim that the Fund had a return on investment of 25.48%, and for the first two quarters of 2018, they allegedly claim that the Fund had a return on investment of 16.11%, the Complaint states.  

As of June 30, 2018—the last date for which the Fund has financial statements—52% of the Fund’s purported value is its gem and mineral collection and 46% of the Fund’s purported value is a portfolio of debt and equity securities of private companies, primarily consisting of a now defunct and worthless environmental remediation company, known in the Complaint only as Private Company 1, the Complaint reports. 

The purported returns allegedly come from Hull and Nohl purportedly improperly inflating the value of Private Company 1 and from the valuations of the gems and minerals that, amongst other things, and allegedly failed to comply with the minimal valuation procedures contained in the Fund’s operating agreements, the Complaint notes. 

Hull, Nohl, and their entities initially valued the Fund’s interest in Private Company 1 at over $4.2 million as of December 31, 2015 and increased the value of the Fund’s interest to over $46 million as of June 30, 2018, the Complaint details. 

Hull, Nohl, and their entities allegedly more than doubled the value from the fourth quarter of 2017 to the first quarter of 2018 while knowing that the primary subsidiary of Private Company 1 was in default on a line of credit secured by all of the subsidiary’s assets and guaranteed by Private Company 1, the Complaint states. 

Private Company 1 is now defunct and worthless, the Complaint reports. 

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael G. Hull, Greenpoint Asset Management II LLC, Christopher J. Nohl, and Chrysalis Financial’s LLC alleged operating fraud. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Michael G. Hull, Greenpoint Asset Management II LLC, Christopher J. Nohl, and Chrysalis Financial’s LLC alleged operating fraud may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

Brenda A. Smith Allegedly Engaged in Fraudulent, Deceptive, & Manipulative Business Practices; Smith Allegedly Ran $105 Million Ponzi Scheme 

Brenda A. Smith, of Philadelphia, Pennsylvania, is the subject of an SEC suit that alleges she engaged in fraudulent, deceptive, and manipulative business practices and perpetrated a Ponzi-like scheme, according to a Complaint filed in the U.S. District Court for the District of New Jersey under review by investor rights attorney Alan Rosca.

Brenda A. Smith, who worked out of West Conshohocken, Pennsylvania, along with her co-Defendants, allegedly solicited approximately $105 million from investors in the Philadelphia area and elsewhere for purported investment in sophisticated securities trading strategies, according to the aforementioned Complaint. 

Investor rights attorneys Alan Rosca and Paul Scarlato, of the Goldman Scarlato & Penny PC law firm, are investigating activity related to Brenda A. Smith’s alleged Ponzi scheme. They are collecting evidence, have been interviewing individuals with direct knowledge of key aspects of Smith’s alleged scheme, and have identified a number of potential recovery options for investors. Their focus is on certain third parties that, they believe, played a role in assisting, enabling, or failing to prevent Smith’s alleged fraud. 

Investors who believe they may have lost money in activity related to Brenda A. Smith’s alleged fraudulent, deceptive, and manipulative business practices are encouraged to contact attorneys Alan Rosca and Paul Scarlato with any useful information or for a free, no obligation discussion about their options.

Brenda Smith, from at least February 2016 through the present, along with defendants Broad Reach Capital, LP, defendant Broad Reach Partners, LLC , and defendant Bristol Advisors, LLC – all of which were entities she controlled – allegedly engaged in the aforementioned alleged fraud, the Complaint notes. 

Smith, however, allegedly misused the vast majority of the funds she raised from investors for unrelated companies, to pay back other investors, and for personal use, and, in 2019, was confronted with at least one investor trying to redeem their investment, the Complaint further details. 

Smith then allegedly created a fictitious valuation of assets backed by false claims that she held billions of dollars in assets through a company she owned, the Complaint reports. 

Smith allegedly dominated and controlled the Entity Defendants such that they were essentially her so-called alter egos, the Complaint states. 

Smith through the aforementioned Entity Defendants, allegedly offered limited partnership interests in the Fund to investors beginning in early 2016, the Complaint details. 

From the Fund’s inception, Smith purportedly raised approximately $105 million from at least 40 investors, the Complaint states. Said investors are still owed more than $63 million in principal, the Complaint notes, and the case has all the telltale signs of an alleged Ponzi scheme, according to Reports from Philadelphia. 

Brenda SmithBrenda A. Smith Allegedly Falsely Represented That Her Fund Employed Several Profitable, Sophisticated Trading Strategies

Brenda A. Smith, in order to allegedly solicit and retain investors, allegedly represented that the Fund employed several profitable, sophisticated trading strategies involving highly liquid securities, including those that it was uniquely positioned to pursue because of its access to the Philadelphia Stock Exchange trading floor, the Complaint states. 

In truth, only a small fraction of investor money was actually used for these strategies, the Complaint states. 

A good amount of the funds were allegedly moved through the bank accounts of entities Smith controls and ultimately used to, among other things, make her own personal investments and to repay other investors, the Complaint reports.

Smith, furthermore, in order to lull existing investors and solicit additional investments, allegedly provided monthly account statements reflecting high returns and so-called tear sheets touting the Fund’s overall claimed 30%+ yearly return and that the Fund had never had a losing month, the Complaint notes. 

The SEC maintains that these and other performance statements were allegedly false, the Complaint details.  

Brenda Smith Charged with Wire & Securities Fraud

Brenda A. Smith has also been charged by the U.S. Attorney’s Office for the District of New Jersey with four counts of wire fraud and one count of securities fraud, the Complaint states.

Smith previously was disciplined by FINRA in June, and her registration was revoked and she was barred from associating with any FINRA member, FINRA notes.

  1. Jeffrey Boujoukos, the director of the SEC’s Philadelphia office, has made the following statement regarding the case:

An investment adviser serves in a position of trust and has a fiduciary duty to speak truthfully to clients… We allege that Ms. Smith breached her clients’ trust by misleading investors with false claims of how she invested their money and how those investments performed.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

What Brenda Smith Investors Should Do

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating  Brenda A. Smith’s alleged fraudulent, deceptive, and manipulative business practices. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of  Brenda A. Smith’s alleged fraudulent, deceptive, and manipulative business practices may contact attorneys Alan Rosca or Paul Scarlato for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.