Investor Lawyers Blog

Customers of Peregrine Private Capital’s Robert Smith File GPB Investment Fraud Claims

Published on: November 9, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Concorde Investment Services Broker Allegedly Made Negligent Recommendations

Robert Scott Smith, the President of Peregrine Private Capital in Newberg, Oregon, and a former Concorde Investment Services, is named in multiple Financial Industry Regulatory Authority (FINRA) arbitration claims by former customers that invested in GPB private placement funds at his recommendation.

GPB Capital Holdings is accused of running a $1.8B Ponzi scam. Smith is one of a number of Concorde Investment Services brokers who sold this alternative asset firm’s private placements to customers.

UBS YES Strategy Customers of Broker Eric Wittenberg Are Seeking at Least $1.8M in Damages

Published on: November 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

New York Stockbroker and Investment Advisor is Accused of Misrepresentations and Unsuitability

Eric Andrew Wittenberg, a managing director and private wealth advisor at UBS Group AG (UBS) in the New York metropolitan area, is being blamed by a number of the firm’s customers for investment losses they suffered after he recommended the UBS Yield Enhancement Strategy (YES) to them.

Wittenberg is one of many UBS registered representatives named in Financial Industry Regulatory Authority (FINRA) arbitration claims over this program.

UBS Recommended Noble Stock to Customers Until Company’s Bankruptcy

Published on: November 3, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investors May Have Been Subject to Unsuitable Recommendations & Misrepresentations

If you are a UBS customer whose broker persuaded you to invest in Noble Corporation, you likely have lost money. The offshore drilling company filed for Chapter 11 bankruptcy protection on July 31 in Houston, Texas.

Noble Corp. took a huge financial hit this year as COVID-19 caused oil and gas prices to plunge in value, making oil wells below the sea too costly. However, the company’s financial woes did not stop UBS Financial Group from recommending Noble stock shares to investors all the way leading up to its bankruptcy filing.

Leo Financial Advisor and Pruco Securities Broker Robert Luley Allegedly Unsuitably Recommended GPB Automotive to Customers

Published on: November 2, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Charlotte, NC Advisor Is Named in GPB Private Placement Claims

Robert Leo Luley, a financial advisor based in Charlotte, North Carolina, reportedly marketed and sold investments in GPB Automotive Portfolio from GPB Capital Holdings. The alternative asset firm is accused of running a $1.8B Ponzi scam that allowed brokers and investment advisors to earn over $165M in commissions.

There are several GPB funds, and all of them have lost money. GPB Automotive Portfolio is GPB Capital Holdings’ second-largest fund.

Intrinsic Value Partners Co-Founder and Noble Capital Markets Broker Joseph Hain Faces Misrepresentations Allegations

Published on: October 30, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former Customers of Boca Raton, Florida Financial Advisor Request $700K in Damages

Two investors have filed separate Financial Industry Regulatory Authority (FINRA) arbitration claims against Noble Capital Markets registered representative, Joseph Menachem Hain, also known as Joey Hain. Based in Boca Raton, Hain is the broker-dealer’s investment banking director. He also is the co-founder of the advisory firm, Intrinsic Value Partners.

Hain has worked in the industry for 14 years. Other firms where he used to be a broker include Paulson Investment Company, Aegis Capital Corp., Westpark Capital, Tejas Securities Group, Wynston Hill Capital, and Robotti & Co.

Investors Blame UBS Broker and Edinroc Financial Group Head Jose Cornide For Recommending YES Strategy

Published on: October 28, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Florida Financial Advisor is Named in at Least 10 FINRA Cases, Including One $25 Million Claim

If you suffered losses while working with UBS Financial Services (UBS) stockbroker, Jose Manuel Cornide, Jr., you may be able to file a Financial Industry Regulatory Authority (FINRA) arbitration claim for your losses. Cornide, who is based out of Coral Gables in South Florida, is the head of Edinroc Financial Group, which is a UBS private wealth management group.

Jose Cornide is named in multiple FINRA arbitration cases brought by customers for losses they suffered from the firm’s Yield Enhancement Strategy (YES Strategy). They are just some of the UBS clients who were sold on what was supposed to be a low-risk trading strategy that would allow them to earn enhanced yield. Instead, many of these UBS customers are now contending with significant losses.

Another Customer Files REIT Losses Claim Against Frank Briseno III of FSC Securities and Nettworth Financial

Published on: October 26, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Metairie, LA Broker Allegedly Made Unsuitable Recommendations to Retirees

If you suffered serious investment losses from working with FSC Securities Corp. stockbroker and Nettworth Financial investment advisor, Frank Briseno III, you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses.

Briseno, who is a Metairie, Louisiana broker, also co-ran Nettworth Financial Group with another FSC Securities broker. The New Orleans investment advisory firm, which may no longer be in operation, has been accused by more than two dozen retirees of unsuitably selling them real estate investment trusts (REITs) while generating high commissions.

Ex-SagePoint Financial Broker Troy Baily Sold Future Income Payments Securities to Investors

Published on: October 23, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Suspends Nebraska Stockbroker Who Marketed An Alleged $300M Ponzi Scam to Customers

Troy Robert Baily, a former SagePoint Financial broker, has been suspended by the Financial Industry Regulatory Authority (FINRA) for six months. Baily, who is also a previously registered investment advisor, is based in Nebraska.

The suspension comes in the wake of allegations that Baily took part in unapproved and undisclosed private transactions and persuaded customers to invest in Future Income Payments (FIP), which federal prosecutors now say was a $300M Ponzi scam.

Investors Have Lost Money in RW Holdings NNN Real Estate Investment Trust

Published on: October 19, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Unsuitable Investment Recommendation May Be a Factor in Brokerage Firm Customers’ Losses

Investors in RW Holdings NNN REIT, Inc., a non-traded real estate investment trust formerly called the Rich Uncles NNN REIT, have suffered significant losses this year.

Not only did RW Holdings NNN REIT announce in May 2020 that it was suspending its offering and plans to revise its net asset value (NAV)/share, but also, any NAV and distribution rate would likely be lower in the wake of the impact that COVID-19 is having on the markets. The company pointed to its inability to collect 100% of all contractual rents because of the pandemic as a reason for re-evaluating its distribution rate.

Customers Accuse Ex-Fortune Financial Services Broker Jonathan Freeze of Alternative Investment Fraud

Published on: October 13, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former Canonsburg, Pennsylvania Stockbroker Faces Selling Away Allegations

Three years after the Financial Industry Regulatory Authority (FINRA) barred him, Jonathan Douglas Freeze remains the subject of eight pending customer disputes. Most of these investor claims accuse him of selling away and investing customers’ funds in Alternative Investment Holdings, a North Carolina real estate and investment holdings company, without Fortune Financial Services’ authorization.

Freeze worked 21 years in the industry. He also previously was a broker for Summit Brokerage Services, LPL Financial (LPLA), Lincoln Financial Advisors, and The Lincoln National Life Insurance Company.