{"id":2829,"date":"2016-02-09T00:00:00","date_gmt":"2016-02-09T05:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/"},"modified":"2018-10-08T12:39:57","modified_gmt":"2018-10-08T16:39:57","slug":"sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/","title":{"rendered":"SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors"},"content":{"rendered":"<\/p>\n

The Securities and Exchange Commission announced<\/a> fraud charges against a Manhattan-based lending company and its placement agent for falsely stating that its financial statements were being audited and lying about the returns on the loans.<\/p>\n

The SEC filed a complaint in federal district court in Manhattan against lending company American Growth Funding II LLC (\u201cAGF II\u201d) and brokerage firm Portfolio Advisors Alliance (\u201cPAA\u201d), as well as two of its executives, for promising investors 12-percent annual returns and concealing pertinent details about the deteriorating loan values that could jeopardize full payment of the promised returns to investors. \u00a0PAA and its owner Howard Allen and president Kerri Wasserman allegedly knew the offering documents were inaccurate yet continued using them to solicit sales of AGF II securities.<\/p>\n

The SEC\u2019s complaint<\/a> states that AGF II raised approximately $8.6 million from investors in a private placement offering from March 2011 to December 2013 and the company represented in offering documents that its financial statements had been audited and would continue to be audited each fiscal year. It further states that Ralph Johnson, AGF II\u2019s sole managerial employee and 51 percent owner, knew AGF II\u2019s financial statements had not been audited and would not continue to be audited each fiscal year but still caused AGF II to send out monthly account statements to investors that concealed the precariousness of its business.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission announced fraud charges against a Manhattan-based lending company and its placement agent for falsely stating that its financial statements were being audited and lying about the returns on the loans. The SEC filed a complaint in federal district court in Manhattan against lending company American Growth Funding II LLC (\u201cAGF […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[595,583],"tags":[],"class_list":["post-2829","post","type-post","status-publish","format-standard","hentry","category-investment-fraud","category-sec-actions"],"yoast_head":"\nSEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors — Securities Arbitration Lawyers Blog — February 9, 2016<\/title>\n<meta name=\"description\" content=\"If you believe you have been the victim of investment fraud, contact Silver Law Group today to speak to an experienced securities attorney\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors — Securities Arbitration Lawyers Blog — February 9, 2016\" \/>\n<meta name=\"twitter:description\" content=\"If you believe you have been the victim of investment fraud, contact Silver Law Group today to speak to an experienced securities attorney\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors — Securities Arbitration Lawyers Blog — February 9, 2016","description":"If you believe you have been the victim of investment fraud, contact Silver Law Group today to speak to an experienced securities attorney","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/","twitter_card":"summary_large_image","twitter_title":"SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors — Securities Arbitration Lawyers Blog — February 9, 2016","twitter_description":"If you believe you have been the victim of investment fraud, contact Silver Law Group today to speak to an experienced securities attorney","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/","url":"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/","name":"SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors — Securities Arbitration Lawyers Blog — February 9, 2016","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"datePublished":"2016-02-09T05:00:00+00:00","dateModified":"2018-10-08T16:39:57+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"If you believe you have been the victim of investment fraud, contact Silver Law Group today to speak to an experienced securities attorney","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/sec-alleges-new-york-based-lending-company-and-its-placement-agent-raise-8-6-million-by-lying-to-investors\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=2829"}],"version-history":[{"count":1,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2829\/revisions"}],"predecessor-version":[{"id":7133,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2829\/revisions\/7133"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=2829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=2829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=2829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}