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Articles Posted in SEC Actions

The SEC announced that it has filed a temporary restraining order against Ron Harrison (Ron K. Harrison), a former registered broker and investment advisor (CRD#: 1785805) to freeze the assets of his company, Global Trading Institute, and his girlfriend since 2017, Irina Parfyonova. She is named as a relief defendant after receiving more than $279,000 from Harrison’s fraudulent activities, using the funds for their own living expenses.  The US District Court in the Central District of California granted the SEC’s restraining order on September 30, 2021, freezing assets and requiring a full accounting of all funds. The court also set another hearing on October 14th to extend the emergency relief with a preliminary injunction.   The complaint states that Harrison and Parfyonova live in Ladera Ranch, CA. Harrison was unregistered, and ran his company, Global Trading Institute (GTI) since 2016 and the now-defunct Trading Advisement Program, LLC (TAP.) Neither were ever registered with the SEC. Harrison charged 22 clients $900,000 based on alleged gains he’d made trading options in the client’s accounts.The SEC announced that it has filed a temporary restraining order against Ron Harrison (Ron K. Harrison), a former registered broker and investment advisor (CRD#: 1785805) to freeze the assets of his company, Global Trading Institute, and his girlfriend since 2017, Irina Parfyonova. She is named as a relief defendant after receiving more than $279,000 from Harrison’s fraudulent activities, using the funds for their own living expenses. Continue reading ›

Silver Law Group, a national securities and investment fraud law firm that represents Ponzi scheme victims, is investigating Harbor City Capital Corp. and its founder, Melbourne, Florida resident Jonathan P. Maroney (JP Maroney, Jonathan Paul Maroney), for running an alleged Ponzi scheme.  Jonathan P. Maroney Alleged To Have Sold Unregistered Fraudulent Securities   An emergency action filed April 20, 2021, by the Securities and Exchange Commission (SEC) in federal court in the Middle District of Florida alleges that Maroney used Harbor City Capital, a purported "online lead generation campaign business," and a number of entities to raise $17.1 million through offerings of unregistered fraudulent securities. Jonathan P. Maroney allegedly used those proceeds to maintain his Ponzi scheme and for his personal use.  Maroney, 50, sold unregistered fraudulent securities as either promissory notes, fixed-rate funding agreements, or high yield, secured bonds while promising investors monthly returns ranging from 1 percent to 5 percent—and annual returns from 10 percent to 60 percent. Through marketing videos and social media, Jonathan P. Maroney ensnared over 100 victims across the United States, according to the SEC.Silver Law Group, a national securities and investment fraud law firm that represents Ponzi scheme victims, is investigating Harbor City Capital Corp. and its founder, Melbourne, Florida resident Jonathan P. Maroney (JP Maroney, Jonathan Paul Maroney), for running an alleged Ponzi scheme. Continue reading ›

The Securities and Exchange Commission (SEC) has obtained a temporary restraining order and asset freeze against Melbourne, Florida resident Jonathan P. Maroney, accusing him of running an ongoing Ponzi scheme through his company Harbor City Capital Corp., LLC and other entities. Although characterized as an internet marketing company, Maroney allegedly structured the company to raise money from investors who would profit from Harbor City Capital’s operations placing ads on the internet.  In reality, according to the SEC allegations, Maroney used investor money for his own use and benefit and was operating a Ponzi scheme. The SEC emergency action, filed April 20, 2021, in federal court in the Middle District of Florida, halted the alleged Ponzi scheme and marketing scam that the SEC said was ongoing. Maroney, 50, raised more than $17.1 million by offering fraudulent unregistered securities to finance his business of online “customer lead generation campaigns,” in which online sales leads are created and sold to third party businesses. In fact, very little of the capital that Maroney raised through his securities offerings went into this business, the SEC alleges, and was instead misappropriated for Maroney’s personal use, to make payments to entities unrelated to the purported purpose of the offerings, and to keep his Ponzi scheme going. Maroney and two relief defendants, Celtic Enterprises, LLC, a company he runs, as well as Maroney’s wife, Tonya L. Maroney, are charged with violating the antifraud and registration provisions of the federal securities laws. In addition to the emergency relief granted by the Court, the complaint seeks preliminary and permanent injunctions, disgorgement, prejudgment interest, and a civil penalty from each of the defendants.The Securities and Exchange Commission (SEC) has obtained a temporary restraining order and asset freeze against Melbourne, Florida resident Jonathan P. Maroney, accusing him of running an ongoing Ponzi scheme through his company Harbor City Capital Corp., LLC and other entities. Although characterized as an internet marketing company, Maroney allegedly structured the company to raise money from investors who would profit from Harbor City Capital’s operations placing ads on the internet. In reality, according to the SEC allegations, Maroney used investor money for his own use and benefit and was operating a Ponzi scheme. Continue reading ›

Scott Silver, Silver Law Group’s managing partner, was interviewed for a CNBC article about the GameStop (GME) bull who is behind the Roaring Kitty YouTube streams.  GameStop Surges With Help From Reddit, Social Media Bulls  According to news reports, GameStop stock’s incredible rise in price was helped by social media posts by people like Roaring Kitty and a Reddit user named DeepF***ingValue who posted on the WallStreetBets thread. The posts contributed to large amounts of retail investment money pouring into GameStop stock, which drove up the price and harmed the hedge funds who had shorted the stock.Scott Silver, Silver Law Group’s managing partner, was interviewed for a CNBC article about the GameStop (GME) bull who is behind the Roaring Kitty YouTube streams.

GameStop Surges With Help From Reddit, Social Media Bulls

According to news reports, GameStop stock’s incredible rise in price was helped by social media posts by people like Roaring Kitty and a Reddit user named DeepF***ingValue who posted on the WallStreetBets thread. The posts contributed to large amounts of retail investment money pouring into GameStop stock, which drove up the price and harmed the hedge funds who had shorted the stock. Continue reading ›

On February 4, 2021, the Securities and Exchange Commission (SEC) announced that it charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings. Silver Law Group represents investors in claims against the broker-dealers who sold GPB to investors. Claims to recover investment losses allege that the broker-dealers failed to conduct adequate due diligence on the investment, among other causes. Our securities fraud attorneys have already filed multiple FINRA arbitration claims. Silver Law Group reportedly filed the first GPB-related stockbroker arbitration claim in 2019.  Since that time, our attorneys have recovered substantial damages for investors around the country. The SEC action further demonstrates the gross misconduct allegedly at GPB and although most brokerage firms refused to sell GPB, investors have alleged that the selling brokerage firms failed to do adequate due diligence or turned a blind eye to red flags because GPB paid substantial commissions to the selling stockbrokers.On February 4, 2021, the Securities and Exchange Commission (SEC) announced that it charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings. Continue reading ›

Silver Law Group is investigating potential claims on behalf of victims of an alleged fraud perpetrated by Detroit, Michigan-based Viktor Gjonaj. According to a press release from the Securities and Exchange Commission (SEC), Gjonaj “allegedly defraud[ed] members of the Albanian-American community out of approximately $26.4 million, some of which he spent playing the Michigan State Lottery.”  Securities And Exchange Commission Filed Civil Enforcement Complaint Against Viktor Gjonaj  On January 28, 2021, the SEC filed a Complaint against Viktor Gjonaj in United Stated District Court for the Eastern District of Michigan. The Complaint states that “[t]he SEC brings this civil law enforcement action to address Defendant Viktor Gjonaj’s fraudulent offer and sale of securities to at least 24 investors . . .”  The SEC alleges that Gjonaj’s conduct violates Section 17(a) of the Securities Act as well as Section 10(b) and Rule 10b-5 of the Exchange Act. The SEC is seeking an order permanently restraining and enjoining Gjonaj from further violation of federal securities laws, an order requiring Gjonaj to pay disgorgement—his ill-gotten gains from the scheme, and civil penalties.Silver Law Group is investigating potential claims on behalf of victims of an alleged fraud perpetrated by Detroit, Michigan-based Viktor Gjonaj. According to a press release from the Securities and Exchange Commission (SEC), Gjonaj “allegedly defraud[ed] members of the Albanian-American community out of approximately $26.4 million, some of which he spent playing the Michigan State Lottery.” Continue reading ›

Dain Stokes (CRD: #2960801) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Bedford, NH. His previous employers include Edward Jones (CRD#:250) of Manchester, NH, American Express Financial Advisors Inc. (CRD#:6363) and IDS Life Insurance Company (CRD#:6321), both of Minneapolis, MN. He has been in the industry since 1998. On 3/18/2020, a client filed a dispute alleging “misappropriation of funds,” and requesting damages of $375,000. This claim was settled, but no additional information is available.Dain Stokes (CRD: #2960801) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Bedford, NH. His previous employers include Edward Jones (CRD#:250) of Manchester, NH, American Express Financial Advisors Inc. (CRD#:6363) and IDS Life Insurance Company (CRD#:6321), both of Minneapolis, MN. He has been in the industry since 1998. Continue reading ›

On September 10, 2020, the Unites States Securities and Exchange Commission (SEC) filed a civil Complaint in U.S. District Court for the District of New Jersey against defendants RRBB Asset Management, LLC and Carl S. Schwartz. According to the “Summary” contained in the SEC’s Complaint, Schwartz engaged in “cherry picking,” the act of disproportionately allocating profitable trades to accounts held by certain clients while allocating less profitable trades to other clients. The SEC alleges that by engaging in “cherry picking,” RRBB and Schwartz earned substantial management fees and convinced their clients that RRBB and Schwartz were better money managers than they really were. This conduct, according to the SEC’s Complaint, violates the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940.On September 10, 2020, the Unites States Securities and Exchange Commission (SEC) filed a civil Complaint in U.S. District Court for the District of New Jersey against defendants RRBB Asset Management, LLC and Carl S. Schwartz. According to the “Summary” contained in the SEC’s Complaint, Schwartz engaged in “cherry picking,” the act of disproportionately allocating profitable trades to accounts held by certain clients while allocating less profitable trades to other clients. Continue reading ›

On September 3, 2020, the Unites States Securities and Exchange Commission (SEC) commenced a civil action against Illinois resident Geoffrey Thompson. According to the SEC’s Complaint, from July 2014 through June 2019, an entity founded and controlled by Thompson, Covalent Collective, Inc., offered several different types of investments to approximately 500 investors, raising more than $19 million. According to the SEC’s Complaint, Geoffrey Thompson and Covalent used a variety of methods to solicit investors, including the use of unregistered broker-dealers, press releases, an investor relations firm, a public website, and a call center operated by Thompson’s company, Fortress Legacy. The SEC lists the following fraudulent offerings as part of its new lawsuit:  Advantameds Convertible Promissory Notes Covalent Warrants Covalent Common Stock Covalent Promissory NotesOn September 3, 2020, the Unites States Securities and Exchange Commission (SEC) commenced a civil action against Illinois resident Geoffrey Thompson. According to the SEC’s Complaint, from July 2014 through June 2019, an entity founded and controlled by Thompson, Covalent Collective, Inc., offered several different types of investments to approximately 500 investors, raising more than $19 million. Continue reading ›

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