Articles Posted in Investment Advisers

Broker-Dealers May Have Unsuitably Sold This Risky Investment To Retail Customers and Retirees

If your broker recommended that you purchase shares in Atlas Growth Partners, LP, you may be able to file a Financial Industry Regulatory Authority (FINRA) arbitration claim against the broker-dealer. Unfortunately, according to the limited partnership’s filings with the US Securities and Exchange Commission (SEC), Atlas Growth investors may have lost nearly 99% of their principal. Not only that, but after raising more than $230M from thousands of investors, as of March 31, 2021, the company was only able to report net assets of under $4M. This means that Atlas Growth investors could be looking at more than $200M in losses. 

Our Texas oil and gas securities lawyers at Shepherd Smith Edwards and Kantas ( are working with Atlas Growth Partners investors, including many retail investors and retirees, that were unsuitably sold shares in this company. Please contact us today at (800) 259-9010 so that one of our securities attorneys can help you explore your legal options. 

Our Houston Securities Attorneys and Investment Fraud Attorneys Can Help You Explore Your Legal Options

Beginning August 26, 2022, the Financial Industry Regulatory Authority (FINRA) has barred former Morgan Stanley broker Doug Marshall McKelvey. The decision comes after the ex-Texas financial advisor refused to provide the information requested by the self-regulatory organization (SRO) in the latter’s inquiry into his firing by the broker-dealer in April 2022. 

Morgan Stanley claims that they terminated McKelvey’s employment because he allegedly misappropriated funds from and engaged in unauthorized activities in the accounts of clients. McKelvey has consented to FINRA’s findings resulting in the permanent and indefinite bar. 

Our Skyloft Austin Investment Loss Lawyers Represent Investors in Recouping Their Losses

If you are a Skyloft Austin investor, you may be grappling with the losses you suffered in this real estate private placement deal that you were led to believe would earn you regular dividends while also providing you with deferred capital gains tax benefits. Instead, like many of those who invested in this luxury student housing near the University of Austin in Texas, you may be hoping to somehow recoup your investment from the liquidation agreement reached with property manager Nelson Partners and the $17.5M verdict won against the hedge fund Axonic Capital. 

Visit Skyloft Austin Student Housing by Nelson Partners and Liquidation Plan Gets Final Court Approval to find out more.  

Why You Should Contact A Seasoned Retirement Loss Attorney Right Away

Unfortunately, retirees and older investors are especially vulnerable to significant investment losses. This is why it is so important that your broker only markets products or investment strategies to you that are suitable for you given your investing profile, risk tolerance level, financial goals, age, and other criteria. Yet that does not always happen. Some of the investments and products that have been the largest cause of investor losses in recent years were backed by retirees and seniors who would have never gotten involved in them were it not for the unsuitable recommendation of their brokerage firm and financial advisor. Here are a few examples: 

State Securities Regulator Seeks to Ban Former Capital Planning Group Investment Adviser 

Massachusetts securities regulator William Galvin has fined MassMutual broker-dealer subsidiary MML Investors Services $250K for its alleged failure to supervise its former registered representative Charles Jonathan Evan. The ex-Wellesley, MA broker is also a former registered investment adviser who most recently was with Capital Planning Group of Massachusetts, Inc. Both Evan and Capital Planning are respondents in a separate but related civil complaint brought by the state.

According to Galvin’s office, Evan allegedly pressured investors to buy high-commission insurance products that were unsuitable for them. The state securities regulator is seeking to permanently bar him from operating as a financial advisor in Massachusetts.

Broker-Dealers May Have Not Fully Apprised Hedge Fund Investors of the Risks 

According to Bloomberg, sources report that on July 18, 2022, Legion Strategies suspended investor redemptions. The hedge fund is managed by Anthony Scaramucci’s Skybridge Capital.

Scaramucci was a communications director for former US President Trump for eleven days in July 2017. His Skybridge Capital is an SEC-registered investment adviser and asset manager that, as of the end of June 2022, was overseeing about $2.5B, including more than $800M in digital assets. 

Ex-Windsor, Georgia Investment Adviser Was Fired by Hamilton Investment Counsel and LPL

The US Securities and Exchange Commission (SEC) has filed civil charges against Eric Shea Hollifield, a former LPL Financial broker and registered investment adviser with Hamilton Investment Counsel, LLC in Georgia. The regulator contends that he allegedly misappropriated at least $1.7M from one brokerage investor and two investment advisory clients. He then used their money to pay for his personal expenses, including a 37-acre property with a house.  

According to the SEC, Hollifield allegedly moved customers’ funds without permission to an outside business controlled by him. On top of that, he sent some of those funds to his account. Allegedly, Hollifield sold securities in the brokerage client’s account and suggested that the customer move $1.24M to a different financial institution to earn more interest. After gaining the client’s consent, he transferred the money to a real estate closing agent to buy his house. Due to this, the Commission is seeking permanent injunctions and monetary relief. 

Broker-Dealers Sold Private Placement Shares In Texas Luxury Student Housing To Retail Customers, Including Retirees 

Our Texas brokerage firm of investment lawyers and arbitration attorneys are looking into claims of losses involving Nelson Partners’ Skyloft Austin investors. Many of those who invested in this troubled luxury student housing building close to the University of Texas have sued Nelson Partners. Which is the property management firm that marketed this deal in 2019. They sued Axonic Capital, the hedge fund that provided $30M in additional financing to buy the 18-story property.  

Skyloft investors, each invested $100K to $500K, accuse Nelson Partners CEO Patrick Nelson of fraud and allegedly diverting some of their funds to pay for operations at his other properties. 

Structured Products Are Not Suitable for Most Retail Investors 

Investment Lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are looking into claims of losses involving JPMorgan Chase Auto Callable Contingent Interest Notes. Which is connected to the  S&P GSCI® Crude Oil Index Excess Return (SPGCCLP). This index tends to reflect the theoretical performance of a trader selling and buying crude oil futures. 

What Is An Auto Callable Contingent Interest Note?

Regulator Seeks To Protect Nearly $1B of Investor Assets From Founder Accused of Over $1.8B Ponzi Scam.

The US Securities and Exchange Commission (SEC) and court-appointed monitor Joseph Gardemal recommend the appointment of receivership to protect almost $1B of investors’ assets from GPB Capital Holdings owner and founder David Gentile. 

Other executives and founders of the alternative asset firm are accused of operating a more than $1.7B Ponzi scam. That defrauded over 17,000 investors, including many retail investors and retirees. 

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