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Articles Posted in Investment Fraud

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TCA Management Group, a South Florida-based hedge fund and business lender, is shutting down its main investment fund, stating that clients have asked for more cash than is available. The announcement comes after TCA employees filed an SEC whistleblower complaint alleging that the TCA Fund Management Group’s Global Credit Master Fund, which lends money to distressed companies, has inflated the hedge fund’s earnings and assets since 2017. The Securities and Exchange Commission (SEC) is investigating the company’s accounting practices.TCA Management Group, a South Florida-based hedge fund and business lender, is shutting down its main investment fund, stating that clients have asked for more cash than is available.

The announcement comes after TCA employees filed an SEC whistleblower complaint alleging that the TCA Fund Management Group’s Global Credit Master Fund, which lends money to distressed companies, has inflated the hedge fund’s earnings and assets since 2017. Continue reading ›

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Bloomberg News has released an article covering a lawsuit Silver Law Group has filed against E*trade on behalf of two clients who were allegedly charged high undisclosed interest rates on short sales for securities that E*trade calls “hard to borrow”. The suit claims that E*trade didn’t disclose what the estimated interest rate would be before the investors made the trades and didn’t disclose that certain securities were being designated hard to borrow.Bloomberg News has released an article covering a lawsuit Silver Law Group has filed against E*trade on behalf of two clients who were allegedly charged high undisclosed interest rates on short sales for securities that E*trade calls “hard to borrow”.

The suit claims that E*trade didn’t disclose what the estimated interest rate would be before the investors made the trades and didn’t disclose that certain securities were being designated hard to borrow. Continue reading ›

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Law.com published an article regarding Silver Law Group’s racketeering lawsuit against Tallahassee, Florida attorney and investment fund manager Phillip Timothy Howard. The article is titled “Embattled Florida Attorney Took Ex-FSU Professor’s Life Savings, Lawsuit Claims”.Law.com published an article regarding Silver Law Group’s racketeering lawsuit against Tallahassee, Florida attorney and investment fund manager Phillip Timothy Howard.

The article is titled “Embattled Florida Attorney Took Ex-FSU Professor’s Life Savings, Lawsuit Claims”.

The lawsuit, filed on November 12, 2019 in the Northern District of Florida, claims that Phillip Timothy Howard (Tim Howard) defrauded our client of more than $500,000 as part of a real estate fraud scheme. Scott Silver, managing partner of Silver Law Group, and co-counsel Aaron Cohn of Weinberg, Wheeler, Hudgins, Gunn & Dial represent the client. Continue reading ›

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Silver Law Group is investigating WeWork for potential violations of federal and state law by the company and its primary investor, SoftBank. The investigation comes on the heels of WeWork’s canceled initial public offering (IPO) and a $1.7 billion termination package for outgoing CEO Adam Neumann.Silver Law Group is investigating WeWork for potential violations of federal and state law by the company and its primary investor, SoftBank. The investigation comes on the heels of WeWork’s canceled initial public offering (IPO) and a $1.7 billion termination package for outgoing CEO Adam Neumann.

There are reports that the canceled IPO caused WeWork to decline in value by a significant amount. Continue reading ›

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On November 12, 2019, Scott Silver of the Silver Law Group and co-counsel filed a lawsuit in the Northern District of Florida against Phillip Timothy Howard (Tim Howard), a Tallahassee, Florida attorney and investment fund manager, based on claims that Howard defrauded an investor of more than a half-million dollars as part of a real estate fraud scheme. The suit alleges (1) violation of the federal civil Racketeer Influenced and Corrupt Organizations Act (RICO); (2) fraud in the inducement; (3) breach of fiduciary duty; (4) negligent misrepresentation; and (5) unjust enrichment.On November 12, 2019, Scott Silver of the Silver Law Group and co-counsel filed a lawsuit in the Northern District of Florida against Phillip Timothy Howard (Tim Howard), a Tallahassee, Florida attorney and investment fund manager, based on claims that Howard defrauded an investor of more than a half-million dollars as part of a real estate fraud scheme.

The suit alleges (1) violation of the federal civil Racketeer Influenced and Corrupt Organizations Act (RICO); (2) fraud in the inducement; (3) breach of fiduciary duty; (4) negligent misrepresentation; and (5) unjust enrichment. Continue reading ›

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Silver Law Group’s managing partner Scott Silver was interviewed for and gave a quote to The New York Times for an article on Ponzi schemes. Scott Silver is a leading investment fraud attorney recognized as being one of the best lawyers for victims of stockbroker misconduct. Scott is a frequent speaker and author on securities arbitration and is the chair of the securities and financial fraud group of the American Association for Justice. The article examines the new tactics used by perpetrators of Ponzi schemes in the years since Bernie Madoff was caught running the largest Ponzi scheme ever in 2008.Silver Law Group’s managing partner Scott Silver was interviewed for and gave a quote to The New York Times for an article on Ponzi schemes.

Scott Silver is a leading investment fraud attorney recognized as being one of the best lawyers for victims of stockbroker misconduct. Scott is a frequent speaker and author on securities arbitration and is the chair of the securities and financial fraud group of the American Association for Justice.

The article examines the new tactics used by perpetrators of Ponzi schemes in the years since Bernie Madoff was caught running the largest Ponzi scheme ever in 2008. Continue reading ›

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Registered Investment Advisor McDermott Investment Advisors (MIA) and its founder Dean Patrick McDermott are the subject of a lawsuit filed by the Securities and Exchange Commission (SEC) for allegedly “double dipping” on fees by investing clients in securities that paid fees to an affiliated broker-dealer, rather than a cheaper alternative. Clients Charged Unnecessary Transaction Fees The lawsuit alleges that McDermott and MIA put over $5.7 million of its client’s assets into unit investment trusts (UITs) that charged a transaction fee, most of which was paid to a broker-dealer that was owned by McDermott, rather than a UIT with no transaction fee.Registered Investment Advisor McDermott Investment Advisors (MIA) and its founder Dean Patrick McDermott are the subject of a lawsuit filed by the Securities and Exchange Commission (SEC) for allegedly “double dipping” on fees by investing clients in securities that paid fees to an affiliated broker-dealer, rather than a cheaper alternative.

Clients Charged Unnecessary Transaction Fees

The lawsuit alleges that McDermott and MIA put over $5.7 million of its client’s assets into unit investment trusts (UITs) that charged a transaction fee, most of which was paid to a broker-dealer that was owned by McDermott, rather than a UIT with no transaction fee. Continue reading ›

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CannTrust (CTST), a publicly-traded producer of medical and recreational cannabis in Canada, is the subject of a class action lawsuit filed on behalf of shareholders who lost money investing in the company. On July 8, 2019, news broke that CannTrust was growing cannabis in a greenhouse in Pelham, Ontario where regulatory approval was still pending. Holds were placed on the company’s inventory, and CannTrust says this will cause a product shortage. Analysts downgraded the stock.CannTrust (CTST), a publicly-traded producer of medical and recreational cannabis in Canada, is the subject of a class action lawsuit filed on behalf of shareholders who lost money investing in the company.

On July 8, 2019, news broke that CannTrust was growing cannabis in a greenhouse in Pelham, Ontario where regulatory approval was still pending. Holds were placed on the company’s inventory, and CannTrust says this will cause a product shortage. Analysts downgraded the stock. Continue reading ›

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GPB Capital raised over 1.5 billion dollars primarily from mom and pop investors over the last four years. How was GPB they able to raise this money? By paying small and regional brokerage firms over nine (9) percent of the money raised back to the selling broker-dealers.Last week, GPB announced that many of their funds are down 40% or more in value. In hopes of offering their clients some solace, GPB highlighted that it had already made distributions to investors of about 15% of the investors’ capital. However, many investors were shocked to learn that these distributions were not from earnings or profits but an actual return of the money they had previously invested.  In other words, GPB wants to be applauded for returning to investors at least some of their money.GPB Capital raised over 1.5 billion dollars primarily from mom and pop investors over the last four years. How was GPB they able to raise this money? By paying small and regional brokerage firms over nine (9) percent of the money raised back to the selling broker-dealers.

Last week, GPB announced that many of their funds are down 40% or more in value. In hopes of offering their clients some solace, GPB highlighted that it had already made distributions to investors of about 15% of the investors’ capital. However, many investors were shocked to learn that these distributions were not from earnings or profits but an actual return of the money they had previously invested. In other words, GPB wants to be applauded for returning to investors at least some of their money. Continue reading ›

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Edward Earl Matthes (CRD#: 2788055) is a former registered broker and investment advisor whose last employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. His previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc and Minneapolis, and MML Investors Services, INC. (CRD#:10409), of Chesterfield, MO. No current employment information is available. He has been in the business since 1996.Mutual of Omaha discharged Matthes on 3/12/2019, after allegations surfaced that he “created fictitious account statements and diverting customer funds for his own personal use.”  On 3/15/2019, The FBI began an investigation into the allegations of Matthes’ misappropriation of client funds. No additional information is yet available from the FBI.Edward Earl Matthes (CRD#: 2788055) is a former registered broker and investment advisor whose last employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. His previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc and Minneapolis, and MML Investors Services, INC. (CRD#:10409), of Chesterfield, MO. No current employment information is available. He has been in the business since 1996. Continue reading ›

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