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Do you have a family member who is also your stockbroker, investment advisor, or other financial services representative? Many broker-dealer firms encourage newly-minted employees to recruit wealthy relatives to invest with them to begin their business and grow their client list. You may have taken the bait and moved your investments over, or may just be considering changing brokers to help them out. There isn’t anything wrong with doing this, of course, it’s your choice. In many ways, you should treat them as you would anyone you’re considering to invest your money, since it is your money that’s on the line. The goal is to ensure that your money will be in safe hands, and handled professionally, family or not.Do you have a family member who is also your stockbroker, investment advisor, or other financial services representative?

Many broker-dealer firms encourage newly-minted employees to recruit wealthy relatives to invest with them to begin their business and grow their client list. You may have taken the bait and moved your investments over, or may just be considering changing brokers to help them out. There isn’t anything wrong with doing this, of course, it’s your choice. Continue reading ›

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Broker-dealers under the Advisor Group (which includes SagePoint Financial, Royal Alliance Associates Inc., Triad, Woodbury Financial Services, and FSC Securities) have increased legal reserves by about $4.4 million compared to the prior year, according to SEC filings. According to an InvestmentNews article, Royal Alliance, SagePoint, and FSC increased their reserves by as much as three times the amount of the prior year. GPB Sales Cost Broker-Dealers The Advisor Group firms say they increased their reserves for “legal and regulatory matters”, but don’t say exactly what those matters are. One issue that may be costing the firms is the sale of GPB Capital Holdings private placements, which recently was charged with running a Ponzi-like scheme and had three of its senior executives arrested.Broker-dealers under the Advisor Group (which includes SagePoint Financial, Royal Alliance Associates Inc., Triad, Woodbury Financial Services, and FSC Securities) have increased legal reserves by about $4.4 million compared to the prior year, according to SEC filings. Continue reading ›

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Christopher Black (CRD#5049080, aka Chris Bryan Black) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Statesboro, GA. His previous employers are Wells Fargo Clearing Services, LLC (CRD#:19616) of St. Simons Island, GA, State Farm V Management Corp. (CRD#:43036) of Bloomington, IL, and Linsco/Private Ledger Corp. (CRD#:6413) of Rome, GA. He has been in the industry since 2006. Christopher Black Disclosures Christopher Black is the subject of five disclosures, beginning with his discharge from LPL Financial on 3/30/2020. In the Form U5 submitted to FINRA on 4/30/2020, LPL stated that the firm terminated Black for entering into a loan agreement with a customer that he failed to disclose to the firm. Following his discharge from LPL, a customer filed a dispute on 4/17/2020 alleging that Black made an “unsuitable recommendation and purchase of bond investments with regard to risk tolerance and investment objective.”  The client requested damages of $72,044.00, and the firm settled the claim for $128,936.70.Christopher Black (CRD#5049080, aka Chris Bryan Black) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Statesboro, GA. His previous employers are Wells Fargo Clearing Services, LLC (CRD#:19616) of St. Simons Island, GA, State Farm V Management Corp. (CRD#:43036) of Bloomington, IL, and Linsco/Private Ledger Corp. (CRD#:6413) of Rome, GA. He has been in the industry since 2006. Continue reading ›

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On April 5, 2021, the United States Securities and Exchange Commission (SEC) filed a Complaint against Zachary Horwitz and 1inMM Capital arising from an alleged “offering fraud and Ponzi scheme in violation of federal securities laws.” Among other things, the SEC alleged Horowitz and 1inMM “raised over $690 million from investors by selling promissory notes . . . using fabricated agreements and fake emails with prominent third parties with whom Defendants had no actual business relationship.” The SEC was able to obtain an asset freeze and emergency relief, but investors are now struggling to figure out whether they will receive any meaningful portion of their investments back. Los Angeles-Based Actor Zachary Horwitz Was Alleged Mastermind Of The Ponzi Scheme According to the SEC’s Complaint, Horwitz raised money from investors in the form of promissory notes issued by his company, 1inMM Capital. Regarding the promissory notes, the SEC alleged: Horwitz and 1inMM “represented that 1inMM would use the proceeds from each Promissory Note to finance transactions in which Defendants would: (1) acquire distribution rights in a specific movie; (2) license those rights to a specific media company; and (3) use the profits from these transactions to satisfy the note.” “Horwitz represented to investors that he and 1inMM would profit from these transactions by selling the movie rights to HBO or Netflix at a profit in excess of the profits paid to investors, and that Horwitz and 1inMM would retain this excess.”On April 5, 2021, the United States Securities and Exchange Commission (SEC) filed a Complaint against Zachary Horwitz and 1inMM Capital arising from an alleged “offering fraud and Ponzi scheme in violation of federal securities laws.” Among other things, the SEC alleged Horowitz and 1inMM “raised over $690 million from investors by selling promissory notes . . . using fabricated agreements and fake emails with prominent third parties with whom Defendants had no actual business relationship.” Continue reading ›

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On February 4, 2021, the SEC 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. In the complaint, the SEC alleges that David Gentile, GPB Capital’s owner and CEO, and Jeffry Schneider, owner of a GPB affiliate called Ascendant Capital, falsely told investors that an 8% annualized distribution payment came exclusively from monies generated by the company’s portfolio companies. In reality, the distribution came from new investor contributions. The SEC also charged Jeffrey Lash, another GPB exec, with manipulating financial statements to further the Ponzi scheme and allege that GPB violated whistleblower laws by including language in its contracts that impeded potential whistleblowers and retaliated against a known whistleblower.On February 4, 2021, the SEC 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. Continue reading ›

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Investors filed multiple Financial Industry Regulatory Authority (FINRA) arbitration claims against stockbrokers at multiple different brokerage firms. The claims involve allegations of unsuitable investments in GPB Capital Holdings, and negligent due diligence resulting in millions of damages. GPB And Advisor Group In February of 2020, Advisor Group acquired Ladenburg Thalmann and its subsidiaries, including Triad Advisors. Advisor Group already owned SagePoint Financial, Royal Alliance, and other brokerage firms. So with the mounting claims against GBP Capital, Advisor Group now has become one of the many investment firms facing allegations of negligence, misconduct, or fraud by its financial advisors and stockbrokers. Triad Advisors is one of over 60 broker-dealers that sold GPB Capital Holdings investments to its customers. On February 4, 2021, the U.S. Department of Justice and the SEC 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. Investors have filed multiple Financial Industry Regulatory Authority (FINRA) arbitration claims against stockbrokers at multiple different brokerage firms. The claims involve allegations of unsuitable investments in GPB Capital Holdings, and negligent due diligence resulting in millions of damages. Continue reading ›

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With the Department of Justice’s recent indictment of GPB Capital Holding’s executives, David Gentile, Jeffry Schneider, and Jeffrey Lash, for securities fraud, wire fraud, and conspiracy, it’s abundantly clear that investment fraud is alive and well in the industry. In that case, it is estimated that broker-dealers sold GPB to over 2,000 investors, with losses of up to $1.8 billion. Although investors understand the risks associated with investing, they often aren’t aware of the many avenues available to them to recover their losses if they occurred due to negligence, misconduct, or fraud by financial advisors and stockbrokers. If this is you, here’s what you need to know to recoup your GPB investments. FINRA Mediation Or Arbitration One of the most common pathways to recoup an investment is through a FINRA mediation or arbitration. The Financial Industry Regulatory Authority (“FINRA”) is a government authorized non-profit designed to protect investors by overseeing and regulating U.S. broker-dealers. The government authorizes both the SEC and FINRA to take enforcement actions against broker-dealers who violate the law, including granting monetary awards to investors.With the Department of Justice’s recent indictment of GPB Capital Holding’s executives, David Gentile, Jeffry Schneider, and Jeffrey Lash, for securities fraud, wire fraud, and conspiracy, it’s abundantly clear that investment fraud is alive and well in the industry. Contact Silver Law Group to recover your GPB Losses. Continue reading ›

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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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