Investor Lawyers Blog

Ongoing Concerns About GPB Auto Group’s Ability to Survive

Published on: May 20, 2021 | by Shepherd Smith Edwards & Kantas, LLP

GPB Capital’s Auto Group has released more bad news about the financial condition of the company and the likelihood that it can continue as a substantial concern. Specifically, the New York-based private equity firm, GPB Capital Holdings, LLC produced recent filings with the Securities and Exchange Commission which included additional financial information.

The parent company is already facing multiple civil fraud charges for their Ponzi scheme and the recent ability to maintain business as usual does not come as a shock to our experienced attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm).

SEC Filing Reveals Uncertain Future Ahead for GPB Auto Group

Latin American Investor Files Six-Figure Northstar (Bermuda) Fraud Claim Against Truist Investment Services

Published on: May 19, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former SunTrust Advisory Services Investment Adviser Luisa Gonzales Unsuitably Recommended Northstar Bermuda Products

A senior investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim seeking up to $500K in damages against Truist Investment Services for losses he suffered in Northstar Financial Services (Bermuda). The claimant is a retired Catholic Priest who lives in Bogota, Colombia, and was a longtime client of SunTrust Bank.

Truist Investment Services is SunTrust’s brokerage arm and is based in the United States. Ex-SunTrust Advisory Services investment adviser, Luisa Gonzales, was this investor’s financial representative.

Ex-Customer Of Unionbanc Investment Services Broker Asako Thompson Files $500K Northstar Financial Services (Bermuda) Fraud Claim

Published on: May 18, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Japanese Investor’s Savings Were Overconcentrated in Offshore CD

An investor who lives in Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Unionbanc Investment Services and its California-based broker, Asako Kanekiyo Thompson.

The claimant suffered losses in an offshore certificate of deposit (CD) from Northstar Financial Services (Bermuda) that was recommended to him by Thompson. BrokerCheck reports that Thompson has been a Unionbanc Investment Services investment advisor and broker for 16 years.

Ex-Cetera Investment Services Broker May Have Unsuitably Recommended Northstar Financial Services (Bermuda) to Customers

Published on: May 17, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former California Registered Representative is Named in Pending $2.3M Northstar Bermuda Claim

Ching-Yun Linda Fang, also known as Linda Fang, is an ex-Cetera Investment Services stockbroker and investment advisor who may have unsuitably recommended to customers that they invest in Northstar Financial Services (Bermuda) investment products. The Bermuda-based company, which is no longer solvent, filed for bankruptcy protection last year and now must liquidate.

Our investment fraud lawyers are investigating customer claims of losses involving Linda Fang or any other Cetera Investment Services financial advisor. You may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover damages.

Ex-LPL Financial Broker Matthew Clason Pleads Guilty To Defrauding Elderly Investor of $600K

Published on: May 14, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Barred Connecticut Financial Advisor Faces Pleads Guilty to Wire Fraud

Matthew O. Clason, a former LPL Financial broker, has pleaded guilty to wire transfer fraud related to his misappropriation of $600K from a 73-year-old Connecticut retiree. Now he could be sentenced to up to 20 years behind bars. The theft is from when Clason worked with the senior investor as a registered representative with LPL Financial and before that with Lincoln Financial Advisors.

The Financial Industry Regulatory Authority (FINRA) barred Clason in September 2020 right after the Securities and Exchange Commission (SEC) filed parallel charges against him. The brokerage firm had fired Clason the month before, as did Integrated Wealth Concepts where he was a registered investment adviser.

Ex-SagePoint Financial Broker Dan Dillard Sold GPB Private Placements to Customers

Published on: May 13, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Texas Stockbroker Founded Nest Financial in Austin

Our GPB private placement lawyers are investigating investment losses suffered by former customers of ex-SagePoint Financial registered representative, Daniel G. Dillard. Although he is no longer a registered broker, Dillard remains a registered investment advisor and the founder of Nest Financial in Austin.

He is currently named in two pending customer disputes, including one Financial Industry Regulatory Authority (FINRA) arbitration case over private placements in which the claimants are seeking $1.5M in damages.

O.N. Equity Sales Fined $1.3M Over Broker’s Unsuitable Investing Strategy

Published on: May 11, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ohio National Financial Services Broker-Dealer Accused of Failing to Properly Supervise

The Financial Industry Regulatory Authority (FINRA) announced that brokerage firm O.N. Equity Sales Co., an Ohio National Financial Services brokerage firm, must pay a $1.3M penalty for not adequately supervising a former broker who is accused of recommending an unsuitable investment strategy to customers.

The strategy involved whole life insurance policies and variable annuities (VAs). The former O.N. Equity Sales broker is no longer with the firm. He arrived at a separate settlement with the self-regulatory organization (SRO).

Customer of UBS Broker Andrew Burish Seeks $23M Over Tesla Stock Losses

Published on: May 10, 2021 | by Shepherd Smith Edwards & Kantas, LLP

UBS Financial Broker Runs The Burish Group in the Midwest

If you are an investor who suffered losses while working with UBS broker Andrew Burish, please contact our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com).

Burish is considered a top UBS financial advisor who is head of The Burish Group in Madison, Wisconsin. He is accused of repeatedly recommending the short-selling of Tesla, Inc. shares, causing over $23M in losses for four couples, who are all related, and another investor. Tesla is an electric vehicle and clean energy company founded by billionaire Elon Musk.

Brokers May Have Unsuitably Recommended Lodging Fund REIT III

Published on: May 7, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SEC Looks at Reimbursements Made to Legendary Capital REIT III

If your financial advisor recommended that you invest in Lodging Fund REIT III and you suffered losses, you may have grounds for a broker fraud claim to recover damages.

The publicly registered non-traded real estate investment trust (REIT) disclosed in a recent filing with the US Securities and Exchange Commission (SEC) that since December 2020 the latter has been looking into certain reimbursements made to Legendary Capital REIT III, LLC, as well as at disclosures involving reimbursement procedures and policies.

Bank Losses From Archegos Collapse Exceed $10B After UBS and Morgan Stanley Report $861M and $911M Losses, Respectively

Published on: May 5, 2021 | by Shepherd Smith Edwards & Kantas, LLP

More Fallout From Hedge Fund’s Sell-Off

A month after Archegos Capital Management (Archegos), a hedge fund and the family office of Bill Hwang, liquidated more than $30 Billion in equities when banks ordered it to post more collateral after borrowing on margin, news about the fallout continues.

UBS Group has finally disclosed that it lost $861 Million as a result of exposure to Archegos. Morgan Stanley also recently announced that it sustained $644 Million in losses from a “credit event” and $267 Million in related trading involving Archegos.