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On August 13, 2021, a FINRA arbitration panel ordered Respondent HighTower Securities LLC to fully refund its investor-customer’s purchases of GPB Automotive Portfolio LP and GBP Waste Management LP, which the investor had made in reliance upon the advice and recommendations of HighTower Securities. That investor presented substantial evidence to the FINRA arbitration panel that HighTower Securities failed in its obligations to conduct adequate due diligence regarding GPB Capital and its affiliates. The SEC has charged GPB Capital and its affiliates with running a “Ponzi-like” scheme that raised approximately $1.8 billion. Much of that total was invested in the following funds: GPB Holdings, LP / GPB Holdings Qualified, LP GPB Automotive Portfolio, LP GPB Holdings II, LP GPB Waste Management, LP / Armada Waste Management, LP Financial advisors such as HighTower Securities LLC are being found responsible for investors’ GPB losses based upon evidence that they failed in their obligations to adequately investigate GPB and/or turned a blind eye to red flags concerning GPB’s finances and business operations when recommending GPB funds to their clients. Broker-dealers are supposed to recommend only suitable investments to their clients and perform due diligence on the products they sell. FINRA-registered brokers and firms are subject to arbitration to resolve disputes.On August 13, 2021, a FINRA arbitration panel ordered Respondent HighTower Securities LLC to fully refund its investor-customer’s purchases of GPB Automotive Portfolio LP and GBP Waste Management LP, which the investor had made in reliance upon the advice and recommendations of HighTower Securities. That investor presented substantial evidence to the FINRA arbitration panel that HighTower Securities failed in its obligations to conduct adequate due diligence regarding GPB Capital and its affiliates. Continue reading ›

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The SEC has sued investor John J. Woods of Marietta, GA, over allegations that his company, Southport Capital Investment, were running a Ponzi scheme called Horizon Private Equity. In its petition, the SEC requested a temporary restraining order to stop Woods from continuing to operate both his company and the Horizon investment fund. As with other Ponzi-style schemes, investors were told that that their investments would bring 6% to 7% rates of return, and funds not used to pay previous investors. More than 400 investors in 20 different states, many of them elderly, have invested in Horizon, expecting that kind of return. Unfortunately, those who have received “returns” were simply paid from the inflow of funds from newly acquired investors. Wood is the president and majority owner of Southport, which is registered with the SEC as Livingston Group Asset Management Company, Inc. According to filings, he operates the company from his Marietta base and maintains 17 offices in nine states with remote employees, managing over $824 in investments for the firm’s client base. Woods’ brother and cousin are also involved in the company.The SEC has sued investor John J. Woods of Marietta, GA, over allegations that his company, Southport Capital Investment, were running a Ponzi scheme called Horizon Private Equity. In its petition, the SEC requested a temporary restraining order to stop Woods from continuing to operate both his company and the Horizon investment fund. Continue reading ›

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Peter Ianace (Peter Vincent Ianace CRD# 3238078) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999. Two Pending Investment Arbitration Claims Allege “Unsuitable” Investment Recommendations According to Ianace’s BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA), two of Ianace’s customers recently initiated securities arbitrations—one against Wells Fargo and one against Merrill Lynch—relating to the alleged mishandling of their accounts: One customer alleges Ianace “made unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts” resulting in alleged damages of $13,000,000. Another customer alleges “unsuitable investment recommendations and misrepresentations” resulting in requested damages of $18,000,000. According to FINRA, the types of investments allegedly at issue include commodities. Regardless of the type of investment, FINRA Rules require brokers to have “a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable” based on a variety of factors, including the investor’s age, financial situation, investment objectives, risk tolerance etc. FINRA also requires brokers to “Know Your Customer” so that brokers learn and evaluate these factors before making investment recommendations.Peter Ianace (Peter Vincent Ianace CRD# 3238078) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999. Continue reading ›

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David Volpe (David John Volpe CRD# 2543478) is a former registered broker who has previously worked for First Financial Equity Corporation, LPL Financial LLC, and National Planning Corporation, all in Scottsdale, Arizona. Volpe began his career in the securities industry in 1996. David Volpe Discharged From Firms For Improper Private Transactions & Borrowing From Customers According to Volpe’s BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA), Volpe has been discharged from two different brokerage firms: In December 2018, Volpe was discharged from LPL for an alleged “violation of the Firm’s private securities transactions policy for involvement in capital-raising efforts without prior disclosure.” Similarly, in April 2019, Volpe was discharged from First Financial for an alleged “failure to notify firm of private securities transaction involvement and violation of firm policy regarding borrowing funds from a client.” Following these discharges, Volpe was investigated FINRA. According to FINRA’s Letter of Acceptance, Waiver and Consent, Volpe failed to respond to FINRA’s request for information and documents, resulting in “a bar from associating with any FINRA member firm in any capacity.”David Volpe (David John Volpe CRD# 2543478) is a former registered broker who has previously worked for First Financial Equity Corporation, LPL Financial LLC, and National Planning Corporation, all in Scottsdale, Arizona. Volpe began his career in the securities industry in 1996. Continue reading ›

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Silver Law Group recently wrote that it was investigating L Bonds offered by GWG Holdings, following GWG’s temporary suspension of sales of L Bonds. In March 2021, GWG notified the Securities and Exchange Commission (SEC) that it could not timely file its Forms 10-K and 10-Q, which are annual and quarterly financial reports and company disclosures. GWG said it needed additional time to complete these financial statements and related disclosures. This prompted a deficiency letter from Nasdaq in April 2021. Background On GWG Holdings And L Bonds GWG Holdings (GWGH) is a Dallas-based financial services firm that offers a variety of services including life insurance and alternative investments. GWG sold billions of dollars worth of L Bonds over the past several years, and investors are now growing concerned about the status of these investments. Generally speaking, L Bonds are a relatively new financial product that purportedly offers higher yields than typical publicly traded, fixed income bonds. L Bonds are sold by life insurance companies that buy back the policies from policyholders. The bonds are supposed to help finance the purchase of the policies. According to a prospectus published by GWG for the offering of $2 billion of L Bonds, the bonds were sold with varying maturity terms ranging from 2 years to 7 years, with interest rates ranging from 5.50% to 8.50%. These bonds likely carry much higher risk than traditional corporate bonds and other conservative investments.Silver Law Group recently wrote that it was investigating L Bonds offered by GWG Holdings, following GWG’s temporary suspension of sales of L Bonds. In March 2021, GWG notified the Securities and Exchange Commission (SEC) that it could not timely file its Forms 10-K and 10-Q, which are annual and quarterly financial reports and company disclosures. GWG said it needed additional time to complete these financial statements and related disclosures. This prompted a deficiency letter from Nasdaq in April 2021. 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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The recent case of Beverly Schottenstein Vs. JP Morgan and the Schottenstein Brothers was a very strong reminder of the problem of elder abuse. Specifically, financial abuse among elderly people who, in some cases, may not understand they’ve been defrauded. While Ms. Schottenstein knew her grandsons were defrauding her, she was able to get justice (and a financial settlement) in her case. Other elders that don’t have as much money or realize they are being defrauded may not be as fortunate. Financial institutions now have the opportunity to stop a case of elder financial fraud before it happens. Elder Financial Fraud By The Numbers The FBI’s Internet Crime Complaint Center (ICCC) in their Elder Fraud Report for 2020, reports that more than 105,000 victims over the age of 60 lost $1 billion dollars through various schemes just last year. These scams can include: Extortion Non-payment/non-delivery (more prevalent since the increase of online ordering during the pandemic) Tech support (i.e., “I’m calling from Microsoft about the virus on your computer”) Identity TheftThe recent case of Beverly Schottenstein Vs. JP Morgan and the Schottenstein Brothers was a very strong reminder of the problem of elder abuse. Specifically, financial abuse among elderly people who, in some cases, may not understand they’ve been defrauded.

While Ms. Schottenstein knew her grandsons were defrauding her, she was able to get justice (and a financial settlement) in her case. Other elders that don’t have as much money or realize they are being defrauded may not be as fortunate. Continue reading ›

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Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. FINRA began an investigation after it received a telephone call to its Securities Helpline for Seniors. While employed with Cetera Investment Services, Summers accepted “multiple appointments and designations from one of the firm’s elderly clients.” The client, age 82, made Summers a: Successor trustee of his living trust, allowing Summers to receive 90% of the assets upon this customer’s death Personal representative of the customer’s estate in the will Sole beneficiary for an annuity Agent with power of attorney and medical power of attorney (Summers never used these POAs, and is no longer an agent) Cetera’s firm policies prohibited brokers and investment advisors from being named as a trustee, co-trustee, successor trustee, or executor for a firm customer, or from having power of attorney for a firm customer, or beneficiary in any capacity, unless the customer was also an immediate family member.Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. 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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Live Ventures Incorporated (LIVE) is being investigated by Silver Law Group regarding possible violations of the federal securities laws. If you purchased shares of Live Ventures (LIVE) between December 28, 2016 and August 3, 2021 (class period), contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. The deadline to apply to be lead plaintiff (class representative) is October 12, 2021. Live Ventures is a US-based publicly-traded holding company that, with its subsidiaries, operates in the flooring manufacturing, retail, and steel manufacturing business. Class Action Lawsuit Filed On Friday, August 13, 2021 a class action lawsuit was filed against Live Ventures in federal court in Nevada. The lawsuit was filed on behalf of investors who have losses from owning shares of the company during the class period.Live Ventures Incorporated (LIVE) is being investigated by Silver Law Group regarding possible violations of the federal securities laws.

If you purchased shares of Live Ventures (LIVE) between December 28, 2016 and August 3, 2021 (class period), contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. The deadline to apply to be lead plaintiff (class representative) is October 12, 2021. Continue reading ›

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