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Articles Posted in Investment Fraud

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The Securities and Exchange Commission (SEC) is investigating GWG Holdings $2 billion L Bond, according to GWG’s annual filing in November, 2021 for the previous year. GWG Holdings (GWGH) is a Texas-based financial services firm that offers alternative investments, life insurance, and other services. The company has missed important SEC filing deadlines, and has not yet filed financial statements for the first 3 quarters of 2021, causing Nasdaq to threaten to delist the company. The company had previously declined to comment when asked about an SEC investigation. Now they confirm that the commission is conducting an investigation and has subpoenaed information related to the company’s products, L Bonds, and accounting. GWG stated that it is currently not able to raise money, is losing money, and that the SEC’s investigation is delaying its business plans and could damage its reputation and result in fines and legal costs. A report from an external auditor said that GWG’s internal controls over its financial reporting showed insufficient accounting policies and led to restating financial statements. GWG says it is cooperating with the investigation and that the SEC also asked about their financial reporting consolidation with Beneficient Company Group LP.The Securities and Exchange Commission (SEC) is investigating GWG Holdings $2 billion L Bond, according to GWG’s annual filing in November, 2021 for the previous year.

GWG Holdings (GWGH) is a Texas-based financial services firm that offers alternative investments, life insurance, and other services. Continue reading ›

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The SEC has found that two businesses that were alleged to invest in acquiring and leasing real estate to cannabis companies are frauds. The three defendants who used two crowdfunding websites to raise capital for the alleged real estate businesses are: Robert Samuel Shumake, Jr., of Bloomfield Hills, Michigan, the alleged “ringleader” with multiple criminal convictions, including two felonies involving financial crimes and on probation Nicole T. Birch, a solo licensed attorney in Georgia with a personal relationship to Shumake Willard L. Jackson, of Houston, Texas, the CEO and sole director of 420 Real Estate All falsely represented themselves to investors, as well as omitted Shumake’s previous criminal record and other important facts to investors in connection with the crowdfunding offerings. They then redirected thousands of dollars from investor funds to different accounts for their own personal benefit. The SEC has found that two businesses that were alleged to invest in acquiring and leasing real estate to cannabis companies are frauds. The three defendants who used two crowdfunding websites to raise capital for the alleged real estate businesses are: Continue reading ›

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Silver Law Group’s Coral Springs headquarters serves as home base for many of our attorneys and support staff. Scott Silver, managing partner of Silver Law Group, is licensed to practice in Florida and New York and is proud to establish a leading securities and investment fraud law firm in Coral Springs. Centrally located between Palm Beach and Miami, our attorney’s have easy access to the federal courts throughout south Florida. We represent investors in securities and investment fraud cases to recover losses due to stockbroker misconduct, fraud, and Ponzi schemes. Our work is frequently featured in the Palm Beach Post, Sun Sentinel and other Florida publications and we are proud to help ponzi scheme victims throughout Florida. Our firm takes most cases on a contingency fee basis, meaning clients don’t have to pay us up front and nothing is owed unless we recover your money for you. If you have investment losses, call us toll free at (800) 975-4345 or email ssilver@silverlaw.com. Silver Law Group helps investors in south Florida and around the country. We have satellite offices in Boca Raton and New York, and our main office is in Coral Springs, Florida. Scott Silver, Silver Law Group’s managing partner, is a graduate of the University of Miami Law School. A popular guest lecturer, Scott frequently speaks at Law Schools, trial bar functions and elsewhere about preventing Ponzi schemes. Scott currently serves as Chairman of the American Association of Justice Chair for Securities and Financial Fraud.Silver Law Group’s Coral Springs headquarters serves as home base for many of our attorneys and support staff. Scott Silver, managing partner of Silver Law Group, is licensed to practice in Florida and New York and is proud to establish a leading securities and investment fraud law firm in Coral Springs. Continue reading ›

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Scott Silver was interviewed by The Palm Beach Post for an article about Seeman Holtz, a Boca Raton insurance company accused of swindling over 1,000 investors out of hundreds of millions of dollars with the sale of unregistered promissory notes. Seeman Holtz is alleged to be a Ponzi scheme, is unable to pay its obligations, and has liabilities that exceed its assets. The company is now under the control of a corporate monitor and Scott Silver’s firm, Silver Law Group, represents investors who purchased the promissory notes, many of whom are South Florida-based retirees. The Florida Office of Financial Regulation has investigated Seeman Holtz and filed a lawsuit in Palm Beach County Circuit Court. Co-founder Marshal Seeman, chief financial officer Brian Schwartz, and Seeman Holtz and related companies are accused of misconduct such as securities fraud.Scott Silver was interviewed by The Palm Beach Post for an article about Seeman Holtz, a Boca Raton insurance company accused of swindling over 1,000 investors out of hundreds of millions of dollars with the sale of unregistered promissory notes.

Seeman Holtz is alleged to be a Ponzi scheme, is unable to pay its obligations, and has liabilities that exceed its assets. The company is now under the control of a corporate monitor and Scott Silver’s firm, Silver Law Group, represents investors who purchased the promissory notes, many of whom are South Florida-based retirees. Continue reading ›

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Bitcoin: it’s the virtual currency based on blockchain technology. It’s rising, falling, trading, and the “wave of the future,” depending on who you talk to. Started in 2009 as an international alternative currency, a growing number of businesses are accepting bitcoin as a standard method of payment. PayPal has also begun allowing customers of their cash accounts to buy, sell, and hold Bitcoin and three other cryptocurrencies in their own accounts. One of the many ways people buy and use use Bitcoin is as an investment vehicle. This includes the purchase of a futures contract strictly for Bitcoin. These contracts are considered commodities, and fall under both the Securities and Exchange Commission and the Commodities Futures Trading Commission. The SEC and the CFTC recently issued an investor alert to inform the public about funds trading in bitcoin futures. Some investors may decide to invest in bitcoin futures as a way getting into cryptocurrency in a small way. In this press release, both agencies emphasize that any cryptocurrency investment is speculative, and could rise or fall quickly. It’s important to consider your risk tolerance before investing in any investment, due to the potential for losing the entire amount. Bitcoin is particularly volatile, because of the up-and-down nature of its price. The underlying “spot” or cash Bitcoin market also adds the possibility of fraud and manipulation.  Bitcoin: it’s the virtual currency based on blockchain technology. It’s rising, falling, trading, and the “wave of the future,” depending on who you talk to. Started in 2009 as an international alternative currency, a growing number of businesses are accepting bitcoin as a standard method of payment. PayPal has also begun allowing customers of their cash accounts to buy, sell, and hold Bitcoin and three other cryptocurrencies in their own accounts. Continue reading ›

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Silver Law Group is representing clients who invested in Seeman Holtz promissory notes, which were sold primarily to senior investors. The company has not paid the insurance-policy backed notes when they matured. On Friday, June 11, 2021, partner and co-founder Eric Holtz died by suicide in California. In a press release, the company announced Holtz’s death, but denied that it was related to the pending lawsuits. The suits were filed on June 7th, and company was notified of the lawsuits on June 14th. The company had previously claimed it could not repay investors due to “financial problems.” Seeman Holtz has recently auctioned its property and casualty insurance business, Seeman Holtz Property & Casualty. Additionally, public records state that Seeman Holtz received $4,269,400 in PPP funds on April 7th, 2020. "Our clients were told to invest every dollar they had in the world with these investments. I've spoken to investors who had from $100,000 to $10 million invested with Seeman Holtz and they are panicking," said Scott Silver, Silver Law Group’s managing partner.Silver Law Group is representing clients who invested in Seeman Holtz promissory notes, which were sold primarily to senior investors. The company has not paid the insurance-policy backed notes when they matured.

On Friday, June 11, 2021, partner and co-founder Eric Holtz died by suicide in California. In a press release, the company announced Holtz’s death, but denied that it was related to the pending lawsuits. The suits were filed on June 7th, and company was notified of the lawsuits on June 14th. Continue reading ›

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If you purchased investor “units” in a conservation easement offered by EcoVest or otherwise, you may face potential tax penalties and repayment of tax deductions to the IRS as a result of a government crackdown on what the IRS categorizes as an abusive tax scheme. To discuss your legal rights and how you may be able to recover your losses, contact Silver Law Group for a no-cost consultation at (800) 975-4345 to discuss potential options. Conservation easement investments involve bundling investors’ funds and in turn purchasing conservation easements on private land. The easements are then donated, but at an appraised value that is substantially higher than what EcoVest and similar companies paid for them. Because the land in question was appraised well above fair market value, investors are able to reduce their own tax burdens by several multiples of their principal investment. IRS Targeting Investors for Improper Write-Offs As discussed in Silver Law Group’s blog about conservation easements, the United States Department of Justice filed a Complaint against EcoVest alleging that these conservation easements are “nothing more than a thinly veiled sale of grossly overvalued federal tax deductions under the guise of investing in a partnership.”If you purchased investor “units” in a conservation easement offered by EcoVest or otherwise, you may face potential tax penalties and repayment of tax deductions to the IRS as a result of a government crackdown on what the IRS categorizes as an abusive tax scheme. To discuss your legal rights and how you may be able to recover your losses, contact Silver Law Group for a no-cost consultation at (800) 975-4345 to discuss potential options. Continue reading ›

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Silver Law Group is investigating claims on behalf of investors who invested in conservation easement syndicates such as EcoVest Capital. The EcoVest investments were recommended by investors’ financial advisors as investments that could substantially lessen their tax liability. Unfortunately, investors may face lawsuits from the Internal Revenue Service (IRS) and a massive tax penalty. Conservation Easements Labeled Tax Scams By IRS Conservation easement syndicates landed on the IRS’ 2021 “Dirty Dozen” tax scam list. This demonstrates the attention the IRS is paying to these investments and the IRS’ increased efforts to crack down on investors who benefitted from EcoVest’s and other conservation easements’ tax deductions. Conservation easement investments involve bundling investors’ funds into “syndicates” that in turn purchase conservation easements on private land. The easements are then donated at an appraised value that is substantially higher than what the syndicates paid for them. Because the land in question was appraised well above fair market value, investors are able to reduce their own tax burdens by several multiples of their principal investment.Silver Law Group is investigating claims on behalf of investors who invested in conservation easement syndicates such as EcoVest Capital. The EcoVest investments were recommended by investors’ financial advisors as investments that could substantially lessen their tax liability. Unfortunately, investors may face lawsuits from the Internal Revenue Service (IRS) and a massive tax penalty. Continue reading ›

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A growing trend in the brokerage industry is for financial advisers to offer their customers access to pre-IPO “deals”. Often, investors are promised “inside access” to invest in start-ups or even well-known companies before the initial public offerings (“IPOs”), but in reality investors are just investing in some sort of venture or company that promises to acquire the pre-IPO shares. While the sales pitch of getting in on the ground floor of growing companies can be enticing to retail investors, many pre-IPO investment “vehicles” are in fact complex products that contain hidden commissions and fees that make it nearly impossible for investors to turn a profit. Investors should be weary of these products. While there are legitimate and profitable ways to invest in pre-IPO companies, this type of investment is highly susceptible to fraud, self-dealing, and other misconduct and these products are sometimes sold by unregistered brokers and there is even a risk that these products can be outright frauds.A growing trend in the brokerage industry is for financial advisers to offer their customers access to pre-IPO “deals”. Often, investors are promised “inside access” to invest in start-ups or even well-known companies before the initial public offerings (“IPOs”), but in reality investors are just investing in some sort of venture or company that promises to acquire the pre-IPO shares. Continue reading ›

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Seeman Holtz, a Boca Raton-based company, is auctioning 100% of its property and casualty business. Silver Law Group has filed two lawsuits against Seeman Holtz on behalf of investors who were sold unregistered promissory notes in Para Longevity and other offerings. The lawsuits allege that investors were not paid when their notes matured. Investors Are Owed Principal Many Seeman Holtz investors allege they have not received principal back after their promissory notes matured. Investors have been told to wait for the company to recapitalize, which they were told would allow the company to pay investors their principal. Despite these assurances, investors continue to wait. BocaNewsNow.com reported that Seeman Holtz received $4,269,400 in PPP money, and that Marshall Seeman listed his home in Boca Raton for sale for $8,650,000.Seeman Holtz, a Boca Raton-based company, is auctioning 100% of its property and casualty business. Silver Law Group has filed two lawsuits against Seeman Holtz on behalf of investors who were sold unregistered promissory notes in Para Longevity and other offerings. The lawsuits allege that investors were not paid when their notes matured. Continue reading ›

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