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Articles Posted in Investment Fraud

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On February 4, 2021, the SEC charged GPB Capital Holdings, its officials, and other affiliated entities with making material misrepresentations, violating whistleblower laws, and defrauding over 17,000 investors in a $1.7 billion Ponzi-like scheme. In the complaint, the SEC alleges that David Gentile, GPB Capital’s owner and CEO, and Jeffry Schneider, owner of a GPB affiliate called Ascendant Capital, falsely told investors that an 8% annualized distribution payment came exclusively from monies generated by the company’s portfolio companies. In reality, the distribution came from new investor contributions. The SEC also charged Jeffrey Lash, another GPB exec, with manipulating financial statements to further the Ponzi scheme and allege that GPB violated whistleblower laws by including language in its contracts that impeded potential whistleblowers and retaliated against a known whistleblower.On February 4, 2021, the SEC charged GPB Capital Holdings, its officials, and other affiliated entities with making material misrepresentations, violating whistleblower laws, and defrauding over 17,000 investors in a $1.7 billion Ponzi-like scheme. Continue reading ›

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Investors filed multiple Financial Industry Regulatory Authority (FINRA) arbitration claims against stockbrokers at multiple different brokerage firms. The claims involve allegations of unsuitable investments in GPB Capital Holdings, and negligent due diligence resulting in millions of damages. GPB And Advisor Group In February of 2020, Advisor Group acquired Ladenburg Thalmann and its subsidiaries, including Triad Advisors. Advisor Group already owned SagePoint Financial, Royal Alliance, and other brokerage firms. So with the mounting claims against GBP Capital, Advisor Group now has become one of the many investment firms facing allegations of negligence, misconduct, or fraud by its financial advisors and stockbrokers. Triad Advisors is one of over 60 broker-dealers that sold GPB Capital Holdings investments to its customers. On February 4, 2021, the U.S. Department of Justice and the SEC charged GPB Capital Holdings, its officials, and other affiliated entities with making material misrepresentations, violating whistleblower laws, and defrauding over 17,000 investors in a $1.7 billion Ponzi-like scheme. Investors have filed multiple Financial Industry Regulatory Authority (FINRA) arbitration claims against stockbrokers at multiple different brokerage firms. The claims involve allegations of unsuitable investments in GPB Capital Holdings, and negligent due diligence resulting in millions of damages. Continue reading ›

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No one enjoys losing money on investments. Still, investors can feel even worse if they lost money because they invested in funds that their financial advisor or brokerage firm didn’t properly vet. Investors in GPB Capital Holdings may find that they are facing this exact situation. In parallel actions filed on February 4, 2021, the SEC and the United States Department of Justice charged GPB Capital Holdings, its officials, and other affiliated entities with making material misrepresentations, violating whistleblower laws, and defrauding over 17,000 investors in a $1.7 billion Ponzi-like scheme that lasted more than 4 years. Though the loss of money alone isn’t an indication of bad financial advice, when it comes to investments in GPB, there may be other indications that advisors failed to uphold their fiduciary duties. No one enjoys losing money on investments. Still, investors can feel even worse if they lost money because they invested in funds that their financial advisor or brokerage firm didn’t properly vet. Investors in GPB Capital Holdings may find that they are facing this exact situation. In parallel actions filed on February 4, 2021, the SEC and the United States Department of Justice charged GPB Capital Holdings, its officials, and other affiliated entities with making material misrepresentations, violating whistleblower laws, and defrauding over 17,000 investors in a $1.7 billion Ponzi-like scheme that lasted more than 4 years. Continue reading ›

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Investment fraud is any behavior related to investments that involves outright lies, omissions, or violations of the state or federal securities law. Fraud encompasses a wide variety of scams and behaviors, but at the core, they all involve making markets less fair. Investors who are unlucky enough to be caught up in the scheme may not realize until it’s too late and they have lost considerable money. And, of course, all investors suffer when the market isn’t fair. Financial advisors, issuers, brokers and others make substantial profits from the sale of investments even if an investment is unprofitable or fails to perform. Our investment fraud lawyers help victims of this kind of fraud hold the wrongdoers responsible—and, whenever possible, recover some or all of the money they lost. The Silver Law Group exclusively represents investors in fraud cases. Our attorneys are career securities lawyers and investor advocates. We understand this complex, specialized area of the law very well—and we use that knowledge to fight for your rights.Investment fraud is any behavior related to investments that involves outright lies, omissions, or violations of the state or federal securities law. Fraud encompasses a wide variety of scams and behaviors, but at the core, they all involve making markets less fair. Investors who are unlucky enough to be caught up in the scheme may not realize until it’s too late and they have lost considerable money. Continue reading ›

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Bonitas Research recently published a new report on AgEagle Aerial Systems, Inc. (UAVS) revealing that the company is not all it claims to be, and actively worked to defraud US investors. In its release, Bonitas stated:   “We believe that AgEagle Aerial Systems Inc.’s (“UAVS”, “AgEagle”, or the “Company”) was a pump & dump scheme orchestrated by Alpha Capital Anstalt (“Alpha Capital”), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” Based in Witchita, KS, AgEagle is a company that manufactures drones (unmanned aerial systems) and offers drone solutions for a range of different industries, including agriculture. Their website includes a description of their drone delivery work that the company has worked on since 2019. Although Amazon is not specifically mentioned, the web page includes a picture of a non-branded packing box flying under a drone.Bonitas Research recently published a new report on AgEagle Aerial Systems, Inc. (UAVS) revealing that the company is not all it claims to be, and actively worked to defraud US investors.

In its release, Bonitas stated:

“We believe that AgEagle Aerial Systems Inc.’s (“UAVS”, “AgEagle”, or the “Company”) was a pump & dump scheme orchestrated by Alpha Capital Anstalt (“Alpha Capital”), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” Continue reading ›

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Silver Law Group represents investors for losses in funds offered by SEC-registered investment advisor Indie Asset Partners, LLC (“Indie Asset”).  Indie Asset is an Indiana-based investment adviser firm that, among other things, offers its clients a series of “house funds” managed by its affiliate: Indie Diversified Partners, LLC. Among others, these funds include: Indie Diversified Asset Fund (“IDAF”) Indie Diversified Absolute Return Fund (“IDARF”) Indie Diversified Income Fund (“IDIF”) Indie Asset advertised a prudent investment model that included research and diversification to limit risks, but several of its funds invested a large percentage of Indie Asset clients’ portfolios in Prophecy Asset Management, L.P. (“Prophecy”).  Unfortunately for investors, Prophecy is now embroiled in litigation and may have lost hundreds of millions of dollars that belonged to investors.Silver Law Group represents investors for losses in funds offered by SEC-registered investment advisor Indie Asset Partners, LLC (Indie Asset). Indie Asset is an Indiana-based investment adviser firm that, among other things, offers its clients a series of “house funds” managed by its affiliate: Indie Diversified Partners, LLC. Among others, these funds include: Continue reading ›

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Silver Law Group is representing investors who suffered losses after investing in Worth Group’s and/or Treasure Coast Bullion Group’s leveraged silver program, sometimes referred to as the “Midas Program”. Worth Group and Treasure Coast operated nationwide through a network of salesmen who called investors to convince them to invest in precious metals. Silver Law Group is currently representing victims who lost their entire investment of precious metals and Silver Law Group’s attorneys are continuing to investigate additional potential claims against Worth Group and Treasure Coast.  Investors’ Funds Were Wiped Out In March 2020 Many investors with Worth Group and/or Treasure Coast were convinced not only to purchase precious metals—usually silver—but also to invest in additional metals on “margin” or on a “leveraged basis”. Investors are alleging that they were promised more upside by purchasing silver on margin with minimal risk. Unfortunately, in March 2020, after a fluctuation in silver, many investors who purchased precious metals on this leveraged basis were wiped out, losing their entire investment. Silver Law Group is investigating the nature of this wipeout event, as well as whether Worth Group and Treasure Coast investors were charged unfairly high commissions and fees, above and beyond the spot price for the silver they were purchasing, which magnified their losses.Silver Law Group is representing investors who suffered losses after investing in Worth Group’s and/or Treasure Coast Bullion Group’s leveraged silver program, sometimes referred to as the “Midas Program”. Worth Group and Treasure Coast operated nationwide through a network of salesmen who called investors to convince them to invest in precious metals. Continue reading ›

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Social media has become an integral part of modern culture. It’s the place where we can keep in touch with friends, relatives, and people you met long ago. You can meet people with shared interests, learn new things, swap stories, and ask for advice. Facebook, LinkedIn, and other similar sites have group functions for like-minded people to gather to share and discuss. Silver Law Group’s managing partner, Scott Silver, is a frequent news commentator speaking about current events relating to investing. Scott appeared in multiple news outlets including CNBC discussing the trading around Gamestop and the perceived relationship between wall street v main street. Just like “reality TV” and those gossip magazines at the grocery checkout, not everything on social media is what it seems. Psychology offers many answers as to why so many people believe everything they see and read without asking questions. For instance, “influencers” are those who post frequently about their life and lifestyle, and frequently receive paid sponsorships and other compensation in return. However, not all of these “influencers” are telling the truth about their lives, and taking pictures for social media that aren’t completely accurate. Researching financial related information can be just as inaccurate no matter where it’s found. That’s why it’s important to have a strong understanding about any securities purchases you’re considering, as well as reliable sources before making any decision. This includes anything from your stockbroker and/or financial advisor. If you’re just a casual investor who doesn’t have the experience of a more sophisticated investor, you’re taking a gamble with the risk of losing not only your investment capital, but more.   The Securities And Exchange Commission recently published an investor alert discussing stock information on social media. Keep this in mind when researching stocks, securities, or other financial information.Social media has become an integral part of modern culture. It’s the place where we can keep in touch with friends, relatives, and people you met long ago. You can meet people with shared interests, learn new things, swap stories, and ask for advice. Facebook, LinkedIn, and other similar sites have group functions for like-minded people to gather to share and discuss. Continue reading ›

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Bill Hightower (William Andrew “Bill” Hightower CRD#: 2152369) is a former registered broker and investment advisor whose last known employer was Legacy Asset Securities, Inc. (CRD#:47644) of Houston, TX. His previous employers include UBS Financial Services Inc. (CRD#:8174) and RBC Dain Rauscher Inc. (CRD#:31194), also of Houston, and A. G. Edwards & Sons, Inc. (CRD#:4), of St. Louis, MO. He has been in the industry since 1991. The Securities & Exchange Commission (SEC) found that Bill Hightower was, while employed for Legacy Asset Securities, also the CEO of Hightower Capital Group (HCG). HCG was his own private and unregistered company where he conducted business away from Legacy. The SEC investigation found that Hightower transferred sums of money from two clients into HCG under the guise of “investment.” On 3/14/2015, Hightower transferred $800,000 into the HCG accounts. Then on 1/14/2015, he transferred $900,000 from a second client’s account into HCG. Both transfers were used to pay previous “investors” in HCG, as well as for personal expenses.Bill Hightower (William Andrew “Bill” Hightower CRD#: 2152369) is a former registered broker and investment advisor whose last known employer was Legacy Asset Securities, Inc. (CRD#:47644) of Houston, TX. His previous employers include UBS Financial Services Inc. (CRD#:8174) and RBC Dain Rauscher Inc. (CRD#:31194), also of Houston, and A. G. Edwards & Sons, Inc. (CRD#:4), of St. Louis, MO. He has been in the industry since 1991. Continue reading ›

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