Nicholas Edward Stovall Barred for Selling Over $1 Million Unregistered Promissory Notes That Defaulted

Nicholas Edward Stovall (CRD# 5581487) was barred for participating in private securities transactions not disclosed or approved from his firm prior to the transactions.

Stovall sold $1,401,690 worth of unregistered promissory notes issued by Premier Global Corporation (PGC), Premier Factoring, LLC (PF-LLC) and Premier Factoring Group, LLC (PFG-LLC). This corporation provided financing to construction companies. Any unregistered promissory notes could have a higher risk of fraud and may leave investors without significant legal protection if something goes wrong.

Nicholas Stovall had recommended these unregistered promissory notes to six of his customers who purchased just over $1 Million of the issuer’s promissory notes. The company then defaulted on the notes and ceased operations. Stovall was working for Gradient Securities LLC and Gradient Advisors LLC when he sold these promissory notes to clients.

In 2022 two state securities regulators brought actions against the issuers and others, claiming that the promissory notes were part of a fraudulent scheme. Stovall was not named as a defendant in either action. He invested $300,000 himself.

Nicholas Edward Stovall had one investor dispute before this involving the sale of a fixed annuity which was later withdrawn.

Did You Invest With Nicholas Edward Stovall?

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