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Articles Posted in Ponzi Scams

Rand Heckler of Rand Heckler, Inc. is Now The Subject of SEC and Criminal Fraud Charges

Former stockbroker Rand Allan Heckler of Long Island, New York, is facing US Securities and Exchange Commission (SEC) charges accusing him of investor fraud. Heckler, who was barred by the Financial Industry Regulatory Authority (FINRA) last year, is also now facing criminal charges alleging that he ran an over $1M Ponzi scam.

Over his 22 years in the securities industry,  Rand Heckler worked at 11 broker-dealers. Four of these firms were expelled by FINRA. 

Texas Brothers Sue Financial Services Company for $1.5M

After turning down a settlement that would have reimbursed them 60 cents for every dollar, brothers Jim and Ken Karger are suing Monex Grupo Financiero for the $1.5M they lost in an alleged decades-long Ponzi scam. This alleged scam not only defrauded them but also other expatriates living in the town of San Miguel de Allende resulting in a loss of up to $40M.

Mexico Daily News, which conducted an investigation into the allegations last year, found that the money was stolen from 150 Monex accounts held by expatriates, including retirees. 

Michael Cohn Allegedly Stole Information About SEC Probe Into GPB Ponzi Scam Allegations

Nearly a year after he was charged with obstruction of justice, Michael Cohn, the former Chief Compliance Officer of GPB Capital Holdings, has pleaded guilty to the misdemeanor crime of theft of government property. 

The initial charges against him had been classified as federal crimes and included obstruction of justice, unauthorized disclosure of confidential information, and unauthorized computer access.

GPB Capital Holdings Faces Another Fraud Lawsuit

Already the subject of mass fraud accusations, including allegations of a $1.8B Ponzi scam, the alternative assets firm is once again the defendant of two new lawsuits. 

Adding to a growing list of GPB Capital lawsuits is another class action securities fraud case. The other, brought by Volkswagen of America, is accusing GPB of breaking its agreement when it fired Prime Automotive Group CEO, David Rosenberg, last year. 

Ex-NYLIFE Securities Broker Accused Of Selling Investments In Mass Ponzi Scam 

If you suffered losses after former NYLIFE Securities broker, Kari Bracy, also known as Kari Falwell, or any other registered representative persuaded you to invest in Future Income Payments, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today. 

Our stockbroker securities law firm has been looking into claims involving Future Income Payments, LLC. By the time the company stopped doing business in 2018, over 2600 investors were owed more than $300M. The firm has since been accused of running a Ponzi scam. 

Texas-Based Broker Sold GPB Private Placements To Retiree Couple 

Once again, Shepherd Smith Edwards and Kantas (SSEK Law Firm) has filed an investor fraud claim against a broker-dealer after its financial advisor sold investments in GPB Capital Holding’s funds to customers. 

This time, the brokerage firm is International Assets Advisory (IAA), LLC and the broker involved is Williams Keen Butcher who is based in Houston. 

Woodbury Financial Services Representative Accused Of GPB Private Placements Sales

If you are an investor who was sold GPB Capital private placements by Woodbury Financial Services broker Daryl Serizawa, our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to talk to you. 

Serizawa is one of the hundreds of financial representatives who sold GPB funds to customers. These brokers and their firms earned more than $160M in commissions. Now, GPB Capital Holdings, an alternative asset firm that invests in auto dealers and waste management, is accused of operating a $1.8B Ponzi scam. 

Michael Sievert is Now an Arkadios Capital Broker

If you were an investor who suffered losses from GPB Capital Holdings investments that were sold to you by broker Michael Sievert, please contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. 

Sievert is currently an Arkadios Capital broker. Already, he is the subject of two customer disputes involving GPB private placements from his time when he was a Triad Advisors broker. 

Sagepoint Financial Customers Suffer Losses From GPB Funds

If you are an investor who suffered losses after a Sagepoint Financial broker sold you GPB private placements, our investor fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to talk to you. GPB Capital Holdings is accused of running a $1.8B Ponzi scam. Sagepoint Financial is one of more than 60 broker-dealers whose registered representatives sold these investments to their customers.

Sagepoint Financial is part of Advisor Group, a huge network of independent wealth management firms. In August, the broker-dealer and another Advisor Group firm, Royal Alliance, were prominently named by the lead plaintiffs in the first class action securities case against GPB Capital. The firms’ brokers had sold them their investments in the GPB Automotive Portfolio and the GPB Holdings II funds. The plaintiffs, like so many other investors, had sustained substantive losses in the wake of the Ponzi fraud allegations, the suspension of investor redemption, the massive drop in value of all of the GPB Funds, and the other regulatory and civil troubles plaguing the alternative asset firm.

Ex-Securities America Broker Investigated For Ponzi Scam Involvement

The US Securities and Exchange Commission (SEC) announced that it has permanently barred ex-Securities America broker, Ronald Roach, in the wake of his involvement in a $909M Ponzi fraud. 

Ronald Roach pleaded guilty last month to criminal fraud charges and is facing up to 10 years behind bars. According to InvestmentNews, Securities America fired him the day after he entered his plea. The SEC contends that Roach and Joseph Bayliss, a general building and electrical contractor, operated an alternative energy tax credit Ponzi scam associated with the company DC Solar. 

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