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Articles Posted in Investment Fraud

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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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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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Bit Digital, Inc. (BTBT) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors. If you have losses from investing in Bit Digital, Inc. (BTBT) during the class period between December 21, 2020 and January 8, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Allegations In The Class Action The complaint alleges that throughout the class period Bit Digital exaggerated the scope of its Bitcoin mining operations, and because of that their positive statements about the company and its prospects were misleading or lacked reasonable basis. The class action lawsuit claims that investors suffered damages after the true details became known to the market. A class has not yet been certified in the action against Bit Digital. If you would like to be a lead plaintiff/class representative, you need to move the court before March 22, 2021. Bit Digital, Inc. (BTBT) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors.

If you have losses from investing in Bit Digital, Inc. (BTBT) during the class period between December 21, 2020 and January 8, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Continue reading ›

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CleanSpark, Inc. (CLSK) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors. If you have losses from investing in CleanSpark, Inc. (CLSK) during the class period between December 31, 2020 and January 14, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Allegations In The Class Action The class action complaint alleges that CleanSpark made false and/or misleading statements throughout the class period and didn’t disclose to investors that the company overstated figures for contracts and customers, and that some of the company’s transactions involved undisclosed related party transactions. Because of that, it is alleged that the company’s statements about its operations and prospects were materially false.CleanSpark, Inc. (CLSK) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors.

If you have losses from investing in CleanSpark, Inc. (CLSK) during the class period between December 31, 2020 and January 14, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Continue reading ›

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The Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy is urging investors to be on high alert to avoid falling victim to investment fraud. A December, 2020 press release from the SEC stated that they had experienced a “significant uptick in tips, complaints, and referrals involving investment scams” and warned that turbulent times, such as the COVID-19 pandemic, are prime opportunities for fraudsters to try to victimize investors. The press release included tips to help investors avoid the following fraudulent investment scams:The Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy is urging investors to be on high alert to avoid falling victim to investment fraud.

A December, 2020 press release from the SEC stated that they had experienced a “significant uptick in tips, complaints, and referrals involving investment scams” and warned that turbulent times, such as the COVID-19 pandemic, are prime opportunities for fraudsters to try to victimize investors. Continue reading ›

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Investors in Northstar Financial Services (Bermuda) are beginning to realize that their investments in the companies’ products are unlikely to deliver as promised by their financial advisers. Northstar is now in bankruptcy and investors are expected to lose a substantial percentage of their principal. Unfortunately, Northstar—which invested in insurance and investment products—has suspended monthly income payments, is unable to honor liquidation and surrender requests, and may never be in a financial position to return investors’ principal funds. Northstar utlitzed brokerage firms throughout the US to market and sell its products.  Among others, brokers at SunTrust Investment Services, Ocean Financial Services, LLC, and Bankoh Investment Services, Inc. were recommending Northstar Financial Services (Bermuda) investments. Investors have alleged that brokers were pitching Northstar Financial Services (Bermuda) investments as conservative investments that were similar to bank CDs.  Allegations include promises of guaranteed monthly income and no risk of loss of principal.Investors in Northstar Financial Services (Bermuda) are beginning to realize that their investments in the companies’ products are unlikely to deliver as promised by their financial advisers. Northstar is now in bankruptcy and investors are expected to lose a substantial percentage of their principal. Continue reading ›

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