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Articles Posted in SEC Actions

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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 ›

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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 ›

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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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On July 17, 2020, the Securities and Exchange Commission (SEC), brought fraud charges against David Hu, the co-founder and chief investment officer of International Investment Group (IIG), in Manhattan federal district court. A link to the charges can be found here. The SEC is charging Hu with running multiple fraudulent schemes to misrepresent the performance and conceal losses in IIG’s Trade Opportunities Fund (TOF). In addition, Hu is alleged to have sold over $60 million in phony trade finance loans to investors, using the proceeds to pay back other customers who made redemption requests for earlier investments.On July 17, 2020, the Securities and Exchange Commission (SEC), brought fraud charges against David Hu, the co-founder and chief investment officer of International Investment Group (IIG), in Manhattan federal district court. A link to the charges can be found here.

The SEC is charging Hu with running multiple fraudulent schemes to misrepresent the performance and conceal losses in IIG’s Trade Opportunities Fund (TOF). In addition, Hu is alleged to have sold over $60 million in phony trade finance loans to investors, using the proceeds to pay back other customers who made redemption requests for earlier investments. Continue reading ›

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The Securities and Exchange Commission (SEC) has charged former Morgan Stanley broker Michael Barry Carter with fraud for stealing from his customers, including an elderly client. The complaint filed by the SEC alleges that Carter, a currently-barred broker who was last registered with Morgan Stanley in their McLean, Virginia office, made dozens of unauthorized wire transfers from his client’s accounts to his personal bank account, which amounted to millions of dollars. It is alleged that Carter falsified documents to make the transfers and made unauthorized sales of client’s securities.The Securities and Exchange Commission (SEC) has charged former Morgan Stanley broker Michael Barry Carter with fraud for stealing from his customers, including an elderly client.

The complaint filed by the SEC alleges that Carter, a currently-barred broker who was last registered with Morgan Stanley in their McLean, Virginia office, made dozens of unauthorized wire transfers from his client’s accounts to his personal bank account, which amounted to millions of dollars. It is alleged that Carter falsified documents to make the transfers and made unauthorized sales of client’s securities. Continue reading ›

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Our south Florida securities and investment fraud attorneys are investigating claims on behalf of investors in PAR Funding and related companies. On July 24, 2020, the Securities and Exchange Commission (“SEC”), brought an emergency action against a number of individuals and entities, including but not limited to John Gissas and his central-Florida based company, Retirement Evolution Group, LLC, for their roles in an alleged half billion dollar fraud scheme. The SEC brought its emergency action to immediately halt the nation-wide fraud, which is believed to have harmed over 1,200 investors. The SEC is seeking a temporary restraining order and by freezing assets. A link to the charges can be found here, which was unsealed on Friday, July 31, 2020.Our south Florida securities and investment fraud attorneys are investigating claims on behalf of investors in PAR Funding and related companies. On July 24, 2020, the Securities and Exchange Commission (“SEC”), brought an emergency action against a number of individuals and entities, including but not limited to John Gissas and his central-Florida based company, Retirement Evolution Group, LLC, for their roles in an alleged half billion dollar fraud scheme. Continue reading ›

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Our south Florida securities and investment fraud attorneys are investigating claims on behalf of investors in PAR Funding and related companies. On July 24, 2020, the Securities and Exchange Commission (“SEC”), brought an emergency action against a number of individuals and entities, including but not limited to Dean J. Vagnozzi and his Pennsylvania-based company, A Better Financial Plan, for their roles in an alleged half billion dollar fraud scheme. The SEC brought its emergency action to immediately halt the nation-wide fraud, which is believed to have harmed over 1,200 investors. The SEC is seeking a temporary restraining order and by freezing assets. A link to the charges can be found here, which was unsealed on Friday, July 31, 2020.Our south Florida securities and investment fraud attorneys are investigating claims on behalf of investors in PAR Funding and related companies. On July 24, 2020, the Securities and Exchange Commission (“SEC”), brought an emergency action against a number of individuals and entities, including but not limited to Dean J. Vagnozzi and his Pennsylvania-based company, A Better Financial Plan, for their roles in an alleged half billion dollar fraud scheme. Continue reading ›

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Our south Florida securities and investment fraud attorneys are investigating claims on behalf of investors in PAR Funding and related companies. On July 24, 2020, the Securities and Exchange Commission (SEC), brought an emergency action against a number of individuals and entities, including but not limited to Michael C. Furman and his south-Florida based company, United Fidelis Group Corp., for their roles in an alleged half billion dollar fraud scheme. The SEC brought its emergency action to immediately halt the nationwide fraud, which is believed to have harmed over 1,200 investors. The SEC is seeking a temporary restraining order and by freezing assets. A link to the charges can be found here, which was unsealed on Friday, July 31, 2020.Our south Florida securities and investment fraud attorneys are investigating claims on behalf of investors in PAR Funding and related companies. On July 24, 2020, the Securities and Exchange Commission (SEC), brought an emergency action against a number of individuals and entities, including but not limited to Michael C. Furman and his south-Florida based company, United Fidelis Group Corp., for their roles in an alleged half billion dollar fraud scheme. Continue reading ›

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On July 24, 2020, the Securities and Exchange Commission (“SEC”), brought an emergency action against Par Funding and others, to obtain a temporary restraining order and freeze assets in order to halt a nearly half-billion dollar fraud scheme, harming over 1,200 across the U.S. A link to the charges can be found here, which was unsealed on Friday, July 31, 2020. In the Complaint, the SEC alleged that Joseph W. LaForte (a convicted felon) and his wife, Lisa McElhone orchestrated a scheme to defraud investors, using unregistered securities offerings for Complete Business Solutions Group (CBSG). CBSG was a cash advance company they controlled, that did business under the name “Par Funding.”On July 24, 2020, the Securities and Exchange Commission (“SEC”), brought an emergency action against Par Funding and others, to obtain a temporary restraining order and freeze assets in order to halt a nearly half-billion dollar fraud scheme, harming over 1,200 across the U.S. A link to the charges can be found here, which was unsealed on Friday, July 31, 2020.

In the Complaint, the SEC alleged that Joseph W. LaForte (a convicted felon) and his wife, Lisa McElhone orchestrated a scheme to defraud investors, using unregistered securities offerings for Complete Business Solutions Group (CBSG). CBSG was a cash advance company they controlled, that did business under the name “Par Funding.” Continue reading ›

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On April 21, 2020, the Securities and Exchange Commission (SEC) filed a Complaint for Injunctive and Other Relief (Complaint) against Steven L. Brickner. According to the SEC, Brickner “falsely represented to prospective investors that he would use their money to purchase the assets of a Colorado-licensed marijuana dispensary network . . .” and ultimately net investors substantial gains through a reverse merger IPO. In reality, Brickner did not own the assets he represented to investors and never filed any necessary documents to complete his promised merger or IPO. Instead, the SEC alleges that from 2015 to 2019, “Brickner misappropriated approximately $3 million of investor money to fund his lavish lifestyle.” According to the SEC’s press release regarding this matter, Brickner had more than 60 victims, most of whom were retail investors. The SEC alleges that Brickner violated various provisions of the federal securities laws. As part of the fraud, the SEC explained that Brickner, a 48-year-old Central Florida resident, operated FirstCanna Pharmaceuticals LLC, FirstCanna Financial LLC, FirstCanna Insurance LLC, and High Country Healing Co. LLC. The SEC Complaint highlights that Brickner’s LinkedIn profile and other background information create a façade of past success running a series of venture capital, finance, and other commercial companies in the Tampa, Florida area. However, Hillsborough County court records indicate that Brickner and one of Brickner’s prior ventures, VC Financial Management, LLC, were accused of defrauding a Tampa-based tech startup startup in or around 2014.  The SEC Complaint also indicates that Brickner filed for bankruptcy in 2016 and did not file a tax return in 2014 “because he had no taxable income.” This was far from the successful venture capitalist turned entrepreneur Brickner held himself out to be.On April 21, 2020, the Securities and Exchange Commission (SEC) filed a Complaint for Injunctive and Other Relief (Complaint) against Steven L. Brickner. According to the SEC, Brickner “falsely represented to prospective investors that he would use their money to purchase the assets of a Colorado-licensed marijuana dispensary network . . .” and ultimately net investors substantial gains through a reverse merger IPO. In reality, Brickner did not own the assets he represented to investors and never filed any necessary documents to complete his promised merger or IPO. Continue reading ›

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