Broker-Dealers May Have Not Fully Apprised Hedge Fund Investors of the Risks According to Bloomberg, sources report that on July 18, 2022, Legion Strategies suspended investor redemptions. The hedge fund is managed by Anthony Scaramucci’s Skybridge Capital. Scaramucci was a communications director for former US President Trump for eleven days…
New Financing Package Is Still No Guarantee of Financial Recovery for 27,000 L Bond Investors The Texas Southern Bankruptcy Court has approved a new debtor-in-possession financing package for GWG Holdings. The alternative asset firm, which sold $1.6B of L Bonds to investors, filed for Chapter 11 bankruptcy protection in April…
Retail Customers Are Each Requesting Up to Six Figures in Damages for Their Losses Our GWG L Bond loss attorneys continue to file Financial Industry Regulatory Authority (FINRA) arbitration claims against Centaurus Financial because its affiliated brokers unsuitably marketed and sold L Bond to customers, including inexperienced investors and retirees.…
Investors Allege Unsuitability and Misrepresentations Our UBS Yield Enhancement Strategy (UBS YES) investment loss attorneys are speaking with customers of UBS Financial Services broker William Word Huthnance in Houston, Texas. Huthnance, who has worked for 20 years in the industry, is accused of allegedly unsuitably recommending the firm’s risky iron…
Irvine, CA Claimants Are Pursuing Up To $500K in Damages from American Trust Investment Services Three Southern California investors have filed a six-figure Financial Industry Regulatory Authority (FINRA) arbitration claim against broker-dealer American Trust Investment Services over their GWG L Bond losses. The claimants, who are related, worked with former…
Unfortunately, Property Management Firm May Not Be Able to Come Up with All the Funds According to attorneys for Greg Milligan, the plan administrator for liquidation proceedings involving luxury high-rise student building Skyloft Austin, a court has approved on a final basis the liquidation plan that would require Nelson Partners…
Brokerage Firm Allegedly Pursued Commissions over Customers’ Best Interests Three Illinois retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Moloney Securities, pursuing up to six figures in damages for bond losses sustained in GWG Holdings L Bonds. The two brokers, Shane Michael DeSherlia and Dale Erbin…
Aegis Brokers in Melville, NY and Boca Raton, FL Allegedly Unsuitably Recommended VRSPs to 48 Customers, Including Elderly Investors In July 2022, the US Securities and Exchange Commission (SEC) filed civil charges against Aegis Capital Corp., former Managing Director Alan Zelig Appelbaum, and ex-broker Paul Francis Gallivan. They are charged…
FINRA suspends former Florida Financial Advisor The Financial Industry Regulatory Authority (FINRA) has indefinitely suspended ex-broker Chad Ryan Barancyk after he failed to respond to the self-regulatory organization’s probe. FINRA attorneys requested more information on the arbitration award/settlement agreement, which the former broker allegedly didn’t address. Barancyk was fired by…
Customer of Former New York Financial Advisor Is Requesting Over $850K in Damages In July 2022, the Financial Industry Regulatory Authority (FINRA) permanently barred Joseph Albert Ambrosole after he refused to testify in the self-regulatory organization’s (SRO) probe. FINRA led this investigation concerning an amended Uniform Termination Notice by Joseph Stone…