Current Investigations

Aegis Capital Broker Accused by Investors of Negligence, Unsuitable Investments and Unauthorized Trading

Published on: July 29, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former National Securities Stockbroker Named in Over 12 Customer Disputes

Thomas Edison Kelly, Jr., an Aegis Capital broker, has been the subject of a number of customer complaints between 2013 and 2020, three of which are still pending.

Prior to working for Aegis Capital in 2018, Kelly was a National Securities broker for 10 years. Before that, he was with First Republic Group from 1998 to 2008. First Republic was expelled by the Financial Industry Regulatory Authority (FINRA) in 2019. According to a 2017 Reuters report analyzing FINRA data, National Securities is one of 48 firms that hire brokers with red flags on their record.

Once Again, GPB Capital Holdings Reneges On Giving Key Tax Documents to Investors

Published on: July 9, 2020 | by Shepherd Smith Edwards & Kantas, LLP

K-1 Tax Documents Delayed Past Tax Deadline

In the latest GPB Capital news, the firm has notified investors of its GP Holdings II, LP fund that they won’t be getting their 2019 Schedule K-1 tax documents ahead of or by July 15, 2020, which is when US tax filings are due this year. The filing deadline was extended by the Internal Revenue Service (IRS) from its usual April 15 date as part of the US government’s COVID-19 relief.

This is the latest delay by the alternative asset firm, which has yet to provide key financial statements to investors and regulators for the past few years and is accused of operating a more than $1.5 B Ponzi scam.

$200K Investor Claim Against Arni Diamond, Of The Diamond Group, Alleges Unsuitable Alternative Investment Recommendations

Published on: June 18, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Diamond and Other Kalos Capital Brokers Are Accused of Broker Fraud

Arni Diamond, who is now a registered representative with Dempsey Lord Smith, is currently the subject of a pending $200K broker fraud claim accusing him of making unsuitable alternative investment recommendations reportedly while he was a Kalos Capital broker.

Diamond is one of a number of financial representatives currently or formerly associated with Kalos who has been accused of marketing securities products to investors even when they were inappropriate for them.

National Securities Broker Michael Burkoff Accused of Unsuitable Investment Recommendations Involving Structured Products

Published on: May 11, 2020 | by Shepherd Smith Edwards & Kantas, LLP

National Securities Broker Investigated Over Unsuitable Investment Recommendations

Our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm) are looking into claims by investors who suspect that National Securities stockbroker Michael Burkoff recommended investments that were unsuitable for them. Burkoff is a registered representative with National Securities. He has been the subject of a number of customer complaints.

Our seasoned securities fraud attorneys have been successful at representing investors from all over the United States in cases of broker fraud. If you are interested in finding out how you can recover investment losses, get in touch with us today.

Trial of EX-GPB Capital Holdings CCO Michael Cohn is Delayed Over COVID-19 Concerns

Published on: May 6, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Cohn, Also A Former SEC Examiner, Is Charged With Obstruction

The criminal trial of Michael Cohn, the ex-GPB Capital Holdings chief compliance officer, has been postponed after he expressed concern that his pre-existing health conditions placed him at a higher risk of contracting the coronavirus (COVID-19).

Cohn is charged by federal prosecutors with obstruction of justice. The US government alleges that he took information about US Securities and Exchange Commission (SEC)’s investigation into the alternative asset firm, while he was still an SEC examiner, and shared it with GPB executives.

David Lerner Associates May Have Sold Spirit of America Energy Fund, Energy Resources 12, and Energy 11 Investments to Conservative Investors and Retirees

Published on: May 1, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Broker-Dealer Comes Under Scrutiny Over Energy, Gas, and Oil Investment Recommendations

If you are a retail or conservative investor, a retiree, or any other investor unwilling or unable to take on too much risk and a David Lerner Associates broker sold you oil, gas, and energy investments, our investment fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to offer you a free, no-obligation case consultation.

Investors who recently invested in the following funds with David Lerner Associates may have been a victim of unsuitable sales practices and have grounds for a claim:

Frontier Communications Bonds Purchased From FMSBonds May Have Grounds for FINRA Arbitration Claim

Published on: April 23, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FMSBonds May Not Have Apprised Frontier Communications Investors Of The Risks

If you purchased Frontier Communications bonds from FMSBonds, also known as First Miami Securities, or any other bonds that have turned out riskier than what was represented to you, please contact our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) today.

Our investor law firm has been speaking to investors with complaints against the Florida-based municipal bond firm to help them determine whether they have grounds for a securities arbitration claims to recover their losses.

Some Brokers Are Taking Advantage Of Investors During The COVID -19 Coronavirus

Published on: March 24, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Watch Out for Brokers Looking to Make High Commissions During COVID-19

With the market crashing in the wake of the Coronavirus (COVID-19), many investors are suffering from massive losses in their portfolio and are looking to their brokers for investment advice.

Unfortunately, not all stockbrokers work with their customers’ best interests at heart, breaching their fiduciary duty in the process. There are also unscrupulous registered representatives who may even seek to take advantage of these hard times and try to persuade investors to buy into risky investments that charge high commissions. Such fraudulent and negligent behavior will lead to even more investment losses and ultimately, acts of stockbroker misconduct.

Shepherd Smith Edwards and Kantas Investigates UBS YES Strategy Claims

Published on: March 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

UBS YES Strategy Losses May Be Grounds For A Claim

Our investment fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are continuing to offer free, no-obligation case consultations to investors that lost money in the UBS Yield Enhancement Strategy (YES). SSEK Law Firm represents clients throughout the United States.

Investor fraud claims over UBS YES Strategy losses continue to grow. Among the allegations against UBS are that its brokers made unsuitable recommendations of this complex strategy and misrepresented its risks to many customers, causing at least $60M in losses, with some reports saying that this figure could be much higher.

Wells Fargo Settles Inadequate Supervision of Non-Traditional ETFs Claim for $35M

Published on: March 4, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Wells Fargo Sold Non-Traditional ETFs to Retail Investors

If you were an investor who suffered losses in non-traditional exchange-traded funds (ETFs) that you feel were unsuitable for you yet were recommended by a Wells Fargo investment advisor or broker, our ETF fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to offer you a free case consultation.

Wells Fargo Advisors Financial Network and Wells Fargo Clearing Services recently agreed to pay $35M to settle US Securities and Exchange Commission (SEC) claims. These claims accused the two Wells Fargo entities of lax supervision of their registered investment advisors (RIAs). As well as the brokers who recommended certain complex non-traditional ETFs to retirees and other retail advisory and brokerage customers.