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Articles Posted in Current Investigations

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Silver Law Group is investigating brokers and brokerage firms that sold American Finance Trust, Inc.  Recently, the American Finance Trust (Stock Ticker: AFIN) begins trading on the Nasdaq Exchange 40% less than what investors initially paid.

American Finance Trust went public and was listed on the Nasdaq Exchange in July 2018.  American Finance Trust began trading on the exchange at $15-per-share, which is $10 less per share than what many investors paid when they initially purchased the investment, making it a collective billion-dollar disaster for investors.

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Silver Law Group is investigating claims on behalf of investors who purchased American Finance Trust, Inc. (Nasdaq: AFIN) – a real estate investment trust (REIT) sponsored by AR Global with a focus on the management and acquisition of a service-focused tenant portfolio.

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224AFIN REIT LOSSES?

According to a report from investment bank, Robert A. Stranger & Co. Inc., AFIN American Finance Trust’s listing has been described as a “belly flop,” and has “eroded approximately $1,000,000,000.00 of the company’s equity value.”

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http://www.investmentnews.com/article/20180730/FREE/180739993/schorsch-reit-listing-a-billion-dollar-disaster-for-investors

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224As many brokers and other investment professionals know, investing in a REIT, or Real Estate Investment Trust, is something that’s best left to experienced, sophisticated investors. There’s a reason for that, and some recent activities have proven, once again, that illiquid REITs are definitely not for amateurs.

There are two types—publicly traded and nontraded. While both file papers with the SEC, file regular reports and must return 90% to shareholders, there are obvious differences. Of course, one is traded publicly, and the other isn’t. The idea is that eventual dividends come from the real estate that it’s invested in.

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Do you live in Knoxville, Tennessee? Have you invested or lost money with 1st Global Capital?

iStock-494312894-300x2001st Global Capital has recently filed for Chapter 11 Bankruptcy after investigations alleging sales of unregistered securities, sales of securities by unregistered brokers, and other acts of fraud in connection with the sales of securities. Several state attorney generals are also investigating the solicitation of multiple individuals into investing in MCA deals.

The alleged loan fraud totals $283 million.

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Silver Law Group continues to investigate investor claims against former Raymond James & Associates and Moors & Cabot broker Scott Sibley (CRD# 1523981) for various claims, including unauthorized trading.

Scott Sibley has 27 Disclosures on his FINRA BrokerCheck Report

Silver Law Group has been investigating customer claims against Sibley for over a year now.

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Silver Law Group continues to investigate Perry Santillo Jr. (“Santillo”), founder and chief executive of High Point Wealth Management. According to a recent Investment News article, Santillo was barred by Maryland regulators for “dishonest and unethical trade practices,” that included selling unregistered securities by fraudulent means. Santillo allegedly solicited clients from an investment advisory business he acquired last year from its barred owner, Philip Rousseaux. Santillo faces almost $3.5 million in civil penalties and fines. Santillo acquired Everest Investment Advisors after its owner, Mr. Rousseaux, had his registration as an investment adviser revoked in March for deceptive securities sales practices. Mr. Rousseaux previously recruited clients through his popular infomercials featuring “The Money Guys.” Santillo, according to the order barring him, in November began soliciting former Everest clients through e-mails explaining how their transition would work in regards to their investments. He would then advise them to sell securities and transfer assets to a self-directed IRA. He also asked client to sell their annuities in face-to-face meetings. Then, Santillo would recommend the clients invest in unsecured promissory notes that were used to finance his own companies.

SWhat-Keeps-a-Ponzi-Scheme-Running-300x200antillo, Chris Parris and others are accused of running a massive Ponzi scheme and paying former stockbrokers and investment advisors to retire and send their clients to their companies.  Silver Law Group is assisting investors who were encouraged to liquidate retirement accounts and other investments to invest in the First Nationle Ponzi scheme.

Silver Law Group is representing investors in claims against their former advisors who recommended that their clients invest with Santillo, Chris Parris, Nationle or United RL.  Investors allege that their former advisors failed to inform them that their stockbrokers failed to tell them that they had received money for the recommendation or that their financial advisor had failed to conduct reasonable due diligence into Santillo and his partners.

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On June 19, 2018, the Securities and Exchange Commission (the “SEC”) shut down a $102 million Ponzi scheme and charged five (5) individuals and three (3) businesses with various securities laws violations.

The massive Ponzi scheme’s alleged orchestrators were all formerly registered with FINRA and employed by FINRA-registered firms, according to the SEC complaint. The following individuals were named in the SEC’s complaint:

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Silver Law Group is investigating claims related to Barry Kornfeld and First Financial Tax Group for the sale of investment products issued by the Woodbridge Group of Companies as safe alternatives for income seeking retirees.

Barry Kornfeld (“Kornfeld”) is the owner of First Financial Tax Group in Boca Raton, FL and teaches Baby Boomer Retirement Courses at Florida Atlantic University. Kornfeld is alleged to have sold short-term mortgage notes issued by the Woodbridge Group of Companies (“Woodbridge”) to retirees seeking safe, conservative, income alternatives. Barry Kornfeld was barred in July 2010 by both the U.S. Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.

Woodbridge is currently the subject of a SEC probe for the possible fraudulent sale of securities to investors. Woodbridge filed for Chapter 11 bankruptcy today citing costs of expansion, litigation, and a government fraud investigation as the reason. According to Woodbridge Wealth’s website, Woodbridge offers First Position Commercial Mortgages, Secondary Market Annuities and a Commercial Bridge Loan Fund. Woodbridge has reportedly raised approximately 1 billion dollars from investors around the country through agents such as Barry Kornfeld and First Financial Tax Group.

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Mack L. Miller

CRD#2822317

Silver Law Group is investigating New York, New York-based former Dawson James Securities Broker Mack L. Miller after multiple clients filed FINRA complaints alleging misrepresentation and excessive trading in client accounts.

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Our attorneys are investigating  financial advisor Cory R. Burnell (CRD# 3260340), previously of LPL Financial LLC (CRD# 6413), for unsuitable recommendations to invest in inverse leveraged exchange-traded funds (ETFs).

Cory Burnell has 8 customer complaints on his FINRA BrokerCheck report, all of which concern Burnell’s unsuitable recommendations to invest in inverse leveraged ETFs. These complaints allege damages totaling over $1.9 million. All of the customer complaints have been filed within the past two years.

FINRA requires brokerage firms to supervise their brokers’ activities during the time the brokers are registered with them. According to Burnell’s BrokerCheck report, Burnell is no longer registered with FINRA.

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