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Mercer Hicks III (CRD#: 245170, a/k/a “Mercer Hicks,” “Toby Mercer Hicks III,” or “Toby Hicks III”) is a currently registered broker and formerly registered investment advisor currently employed with Southeast Investments, N.C., INC. (CRD#: 43035) of Charlotte, NC. His previous employers include Capital Investment Group, Inc. (CRD#:14752) and Cantella & Co., Inc. (CRD#:13905), both of Pinehurst, NC, and American Investment Services, Inc. (CRD#:21111, expelled by FINRA in 2003) of Oklahoma City, OK. He has been in the industry since 1972.Mercer Hicks III (CRD#: 245170, a/k/a “Mercer Hicks,” “Toby Mercer Hicks III,” or “Toby Hicks III”) is a currently registered broker and formerly registered investment advisor currently employed with Southeast Investments, N.C., INC. (CRD#: 43035) of Charlotte, NC. His previous employers include Capital Investment Group, Inc. (CRD#:14752) and Cantella & Co., Inc. (CRD#:13905), both of Pinehurst, NC, and American Investment Services, Inc. (CRD#:21111, expelled by FINRA in 2003) of Oklahoma City, OK. He has been in the industry since 1972. Continue reading ›

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Over the past few years, GPB Capital missed key Securities and Exchange Commission (“SEC”) filing deadlines, announced that some of its financial statements can no longer be relied upon, was raided by the FBI and New York City Business Integrity Commission, had one of its insiders criminally indicted, and is the subject of several civil lawsuits arising from its business practices, including a class action. The only thing missing are formal SEC charges against GPB.Over the past few years, GPB Capital missed key Securities and Exchange Commission (“SEC”) filing deadlines, announced that some of its financial statements can no longer be relied upon, was raided by the FBI and New York City Business Integrity Commission, had one of its insiders criminally indicted, and is the subject of several civil lawsuits arising from its business practices, including a class action. The only thing missing are formal SEC charges against GPB.

Based on the foregoing, it should not be long before the SEC takes action, especially given the gravity of the allegations already looming against GPB in other lawsuits. Continue reading ›

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A class-action complaint was filed in a Texas federal court on October 25, 2019 against GPB Capital and its principals and affiliates as well as nearly 80 broker-dealers. The basis of the lawsuit is “improper conduct in selling securities . . . at the direction of GPB Capital.” Specifically, the suit alleges that the defendants knowingly made misstatements and omissions in communications with potential investors that they were engaged in a massive Ponzi scheme.A class-action complaint was filed in a Texas federal court on October 25, 2019 against GPB Capital and its principals and affiliates as well as nearly 80 broker-dealers. The basis of the lawsuit is “improper conduct in selling securities . . . at the direction of GPB Capital.” Specifically, the suit alleges that the defendants knowingly made misstatements and omissions in communications with potential investors that they were engaged in a massive Ponzi scheme.

For the most part, the complaint lays out in great detail what we already know: GPB engaged in an asset management strategy that was fraudulent and “destined to fail” and GPB’s scheme was carried out by broker-dealers who blindly recommended the investment in exchange for high commission payments. Per previous articles, the selling broker-dealers ignored the best interests of their clients and pocketed millions of dollars in the process. Continue reading ›

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Silver Law Group recently filed FINRA arbitration claims against a broker-dealer for the recommendation and sale of an unsuitable Regulation D (“Reg D”) private placement. The broker-dealer marketed the investment as having huge upside because the company’s initial public offering (“IPO”) was coming up. However, despite repeated promises to customers, the IPO never came and customers’ investments are now worthless.Silver Law Group recently filed FINRA arbitration claims against a broker-dealer for the recommendation and sale of an unsuitable Regulation D (“Reg. D”) private placement. The broker-dealer marketed the investment as having huge upside because the company’s initial public offering (“IPO”) was coming up. However, despite repeated promises to customers, the IPO never came and customers’ investments are now worthless.

The suit alleges that much of the company’s marketing materials was designed to mislead investors into believing the company was profitable and poised for a lucrative IPO. The broker-dealer failed to conduct adequate due diligence on the company and passed this false or misleading information along to its customers. The broker-dealer turned a blind eye to the risks its customers faced because it received a high commission for the capital raised. Continue reading ›

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The Securities and Exchange Commission (SEC) announced that it has taken emergency action to stop an alleged $6 million Ponzi scheme that took money from at least 55 people, many of whom are seniors. The SEC obtained a temporary asset freeze and restraining order against Neil Burkholz of Boca Raton, Florida, and Frank Bianco, of Pembroke Pines, Florida and their companies Palm Financial Management LLC and Shore Management Systems LLC.The Securities and Exchange Commission (SEC) announced that it has taken emergency action to stop an alleged $6 million Ponzi scheme that took money from at least 55 people, many of whom are seniors.

The SEC obtained a temporary asset freeze and restraining order against Neil Burkholz of Boca Raton, Florida, and Frank Bianco, of Pembroke Pines, Florida and their companies Palm Financial Management LLC and Shore Management Systems LLC. Continue reading ›

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Benjamin Benoit Lowder Jr. (CRD: #3014106) is a former registered broker whose last employer was MSI Financial Services, Inc. (CRD#:14251) of Charlotte, NC. He was previously employed with Metropolitan Life Insurance Company (CRD#:4095), also of Charlotte, NC, and Jefferson Pilot Securities Corporation (CRD#:3870) of Fort Wayne, IN. He has been in the industry since 1998.Benjamin Benoit Lowder Jr. (CRD: #3014106) is a former registered broker whose last employer was MSI Financial Services, Inc. (CRD#:14251) of Charlotte, NC. He was previously employed with Metropolitan Life Insurance Company (CRD#:4095), also of Charlotte, NC, and Jefferson Pilot Securities Corporation (CRD#:3870) of Fort Wayne, IN. He has been in the industry since 1998.

Lowder has eight disclosures, seven of which are customer disputes with the same allegations in the FINRA investigation. The first dispute filed was on 4/30/2018, and the most recent filed on 7/1/2009. All but one of these customer disputes filed with FINRA request damages of $25,000.01. Continue reading ›

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Christopher R. (“Cubby”) Brice is a registered broker and investment advisor currently employed with Sagepoint Financial, Inc. (CRD#: 133763) of Greensboro, NC. His previous employers include A. G. Edwards & Sons, Inc. (CRD#:4) of St. Louis, MO and UBS Painewebber Inc. (CRD#:8174) of Weehawken, NJ.  He has been in the industry since 1999.Christopher R. (“Cubby”) Bice is a registered broker and investment advisor currently employed with Sagepoint Financial, Inc. (CRD#: 133763) of Greensboro, NC. His previous employers include A. G. Edwards & Sons, Inc. (CRD#:4) of St. Louis, MO and UBS Painewebber Inc. (CRD#:8174) of Weehawken, NJ.  He has been in the industry since 1999.

Bice is the subject of three customer disputes, with two listed as “pending.”  The first dispute was filed on 2/9/2018, and the second on 11/12/2018, and have identical allegations of “unsuitable investment recommendations, investment overconcentration, misrepresentation, and failure to supervise.”  The total requested damages for these two disputes is $1,750,000. Continue reading ›

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Silver Law Group is investigating WeWork for potential violations of federal and state law by the company and its primary investor, SoftBank. The investigation comes on the heels of WeWork’s canceled initial public offering (IPO) and a $1.7 billion termination package for outgoing CEO Adam Neumann.Silver Law Group is investigating WeWork for potential violations of federal and state law by the company and its primary investor, SoftBank. The investigation comes on the heels of WeWork’s canceled initial public offering (IPO) and a $1.7 billion termination package for outgoing CEO Adam Neumann.

There are reports that the canceled IPO caused WeWork to decline in value by a significant amount. Continue reading ›

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Leonard Charles Kinsman (CRD: #2816535) is a former registered broker and investment advisor whose last employer was Wells Fargo Advisors Financial Network, LLC (CRD#:11025) of Staten Island, NY, until 7/4/2019.Leonard Charles Kinsman (CRD: #2816535) is a former registered broker and investment advisor whose last employer was Wells Fargo Advisors Financial Network, LLC (CRD#:11025) of Staten Island, NY, until 7/4/2019.

Previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of Staten Island, NY, Wells Fargo Advisors, LLC (CRD#:19616) of Red Bank, NJ and Citigroup Global Markets Inc. (CRD#:7059), of Staten Island, NY. Two of Kinsman’s previous employers have been expelled by FINRA. Continue reading ›

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Maria Hendershott (CRD:# 818681) is a registered broker and investment advisor currently employed with Raymond James & Associates, Inc. (CRD#: 705) of Houston, TX. Her previous employers include Legg Mason Wood Walker, Incorporated (CRD#:6555) of Baltimore, MD, First Union Securities, Inc. (CRD#:19616) of St. Louis, MO, and Lovett Underwood Neuhaus & Webb, Inc. (CRD#:22540). She has been in the industry since 1976.Maria Hendershott (CRD:# 818681) is a registered broker and investment advisor currently employed with Raymond James & Associates, Inc. (CRD#: 705) of Houston, TX. Her previous employers include Legg Mason Wood Walker, Incorporated (CRD#:6555) of Baltimore, MD, First Union Securities, Inc. (CRD#:19616) of St. Louis, MO, and Lovett Underwood Neuhaus & Webb, Inc. (CRD#:22540). She has been in the industry since 1976.

Hendershott is the subject of a current customer dispute filed on 8/5/19 in which a client alleges that she violated FINRA Rule 2210, as well as engaged in unsuitable investments, overconcentration, negligence, and misrepresentations and omissions. The client has requested damages of $175,000, and the claim is currently pending. Continue reading ›

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