Investor Lawyers Blog

SEC Accuses Texas-Based Investment Adviser APEG Energy of $17M Oil and Gas Fraud

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

Owners Accused of Misappropriating Nearly $2.7M from Investors

The US Securities and Exchange Commission (SEC) has filed a civil fraud lawsuit accusing APEG Energy, GP, LLC (APEG) and its owners Paul W. Haarman and Patrick E. Duke of fraudulently raising over $17.4M from 115 investors of an oil and gas investment fund.

These investors purchased limited partnership securities in APEG Energy, LP, a fund concentrated in the oil and gas industry. Now, the SEC is alleging misrepresentations and omissions, breach of fiduciary duty, and a deceptive scam that allowed the Fund and its owners to take almost $2.7M from investors.

Customer Of UBS Brokers Mark Zeller and Scott Rosenberg Awarded Nearly $90K Over YES Strategy Losses

Published on: March 16, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Florida Arbitration Panel Refuses To Expunge Advisors’ Record of Options Overlay Case

In December, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Boca Raton, Florida awarded a UBS Wealth management client and retiree $89,675 in his UBS Yield Enhancement Strategy (YES) claim over significant losses he sustained in the brokerage firm’s options overlay strategy.

The award was for his unsuitability claim against UBS Financial Services. He also alleged negligence, fraud, breach of fiduciary duty, negligence, omissions, failure to supervise, and breach of contract.

Why SPACs Can Be A Poor Investment Choice For Retail Investors

Published on: March 15, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Special Purpose Acquisition Companies Can Lead To Losses, High Fees

If you are an investor whose broker recommended that you invest in a special purpose acquisition company (SPAC) and you have suffered losses on your investment, you should contact our investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com).

SPACs grew even more popular in 2020 in the wake of COVID-19. Although they can be profitable for those who start one, they’ve also proven to be risky and can result in losses for investors. Contact SSEK Law Firm today to request your free, no-obligation consultation.

RBC Capital Markets Broker Brian Wurdemann Named in $1M Mutual Fund Case Alleging Misrepresentations

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

New York Investment Advisor Has Several Customer Disputes on His BrokerCheck Record

Brian Wurdemann, an RBC Capital Markets registered representative, is named in a still-pending customer dispute in which the customer is seeking $1M in damages. The claimant contends that Wurdemann misrepresented three mutual funds, first while he was a UBS broker up through when he went to work at RBC Capital Markets.

This is one of several customer disputes involving Wurdemann, including one from 2004 that appears to still be pending.

Jubilado entabla reclamación de fraude por $500,000 contra Truist Investment Services por inversión en Northstar Financial Services (Islas Bermudas)

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

Inversionista Latinoamericano alega Abuso y Fraude Financiero contra Ancianos

En una reclamación de arbitraje ante la Autoridad Reguladora de la Industria Financiera (FINRA) contra Truist Investment Services, Inc. (t/c/c SunTrust Investment Services, Inc.), un jubilado de América Latina reclama hasta $500 mil en daños. La reclamante sostiene que su corredora le recomendó inadecuadamente invertir dicha cantidad de dinero en Northstar Financial Services (Bermuda) Ltd. La compañía solicitó protección por quiebra el año pasado.

Truist es la unidad de corredores/agentes de bolsa de SunTrust Bank. La compañía está registrada con FINRA. Los agentes de ambas entidades promovieron fuertemente los productos de inversión y anualidades de renta fija y variable de Northstar Financial Services (Bermuda), los cuales pagaban comisiones, bonos y otros incentivos que eran mayores que los ofrecidos por los productos más típicos de SunTrust Bank.

UBS YES Strategy Customers Of Broker Jason Dworak Awarded Over $1M

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

Lincoln, Nebraska Stockbroker Named In Multiple Six-Figure Options Overlay Claims

A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded two claimants over $1M in their UBS Yield Enhancement Strategy (YES) claim against respondent UBS Financial Services (UBS).

Their broker, Jason Mathew Dworak, was not a respondent in the customer dispute. However, according to the FINRA award, the panel did not grant the broker-dealer’s request that the case be expunged from his CRD records. Dworak also is named in other pending options overlay claims involving UBS YES.

GPB Capital Notifies Investors of Independent Monitor But Denies Ponzi Fraud Allegations

Published on: March 9, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SEC Requested Monitor to Protect GPB Fund Investors

In a letter dated March 3rd, 2021, to all investors of its limited partnerships, CFO and interim CEO of GPB Capital Holdings, Rob Chmiel, notified investors that the firm has consented to a court-appointed independent monitor by the SEC to run the company and oversee its assets.

The regulator said it wanted to protect GPB Fund investors from further financial harm in the wake of the Ponzi fraud charges.

FINRA Bars Former LPL Financial Broker Rhett Bedwell Following Ponzi Fraud Allegations

Published on: March 8, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Law Firm Is Representing Arkansas Retiree In $500K Customer Dispute

The Financial Industry Regulatory Authority (FINRA) has barred ex-LPL Financial stockbroker, Rhett Douglas Bedwell after he refused to provide key documents into the self-regulatory organization’s probe into allegations that he invested funds from a client’s IRA in a Ponzi scheme. According to LinkedIn, Bedwell, who is based in Bentonville, Arkansas, is president and a financial advisor at Homestead Wealth Management.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is representing this customer, an Arkansas retiree, in his $500K broker-dealer negligence case against the brokerage firm. If you are another investor who lost money while working with ex-LPL Financial broker Rhett Bedwell or another registered representative from that firm, contact us today to request your free, no-obligation case assessment.

Retiree Files $500K Northstar Financial Services (Bermuda) Fraud Claim Against Truist Investment Services

Published on: March 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Latin American Investor Alleges Elder Financial Fraud And Abuse

In a Financial Industry Regulatory Authority (FINRA) arbitration claim against Truist Investment Services, Inc. (aka SunTrust Investment Services, Inc.), a retiree in Latin America is seeking up to $500K in damages. The claimant contends that her broker unsuitably recommended that she invest that amount in Northstar Financial Services (Bermuda) Ltd. The company filed for bankruptcy protection last year.

Truist is SunTrust Bank’s broker-dealer unit. The firm is registered with FINRA. Both entities’ agents heavily promoted Northstar Financial Services (Bermuda)’s fixed- and variable-rate annuity and investment products, which paid commissions, bonuses and other incentives that were greater than what the more typical SunTrust bank products offered.

Atria Wealth Solutions to Acquire SCF Securities Which Sold GPB Investments

Published on: March 3, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Wealth Management Firm Also May Have Sold ARC NYC REIT, NorthstarHealthcare Income REITs, and Other Illiquid Securities

Wealth management solutions holding company, Atria Wealth Solutions, Inc. recently announced that it is acquiring SCF Securities, which is a brokerage firm based in Fresno, California. Also included in the acquisition will be SCF Investment Advisors, Inc. and SCF Marketing, Inc. The deal is expected to be finalized by the middle of 2021.

Our alternative investment fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are currently investigating SCF Securities over its sale of: