investment fraud

Shepherd Smith Edwards and Kantas Investigates Claims Involving 1 Global Capital Investments

Published on: November 25, 2019 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Investigate Investment Fraud Claims Made Against 1 Global Capital

If you are someone who invested in 1 Global Capital notes at the recommendation of your broker or financial advisor, you may have grounds for filing an investment fraud claim. 1 Global is accused of operating a $322M scam and defrauding at least 3,600 investors including older investors who lost their retirement funds as a result.

Contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today so we can determine whether you have grounds for a broker fraud case to help you recover your money.

Shepherd Smith Edwards and Kantas Investigates Investor Claims Involving Capital Financial Investments and Ex- Broker Sean Kelly

Published on: November 18, 2019 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Investigates Capital Financial Investments And Ex-Broker Sean Kelly Over Investor Claims

At the heart of recent investor claims against Capital Financial are allegations against one of its ex-brokers, Sean Kelly.

Sean Kelly was accused last year by the US Securities and Exchange Commission (SEC) of defrauding a dozen investors. These investors, including senior retirees, were defrauded of over $1M through three of his companies, including Lion’s Share and Associates, that is based out of Georgia.

Newbridge Securities Corporation in Financial Trouble

Published on: May 28, 2019 | by Shepherd Smith Edwards & Kantas, LLP

In March 2019, Newbridge Securities Corporation (“Newbridge”) filed its Form X-17A-5, commonly called a firm’s Focus Report, with the Securities & Exchange Commission (“SEC”). The Focus Report showed that in 2018, Newbridge had almost $33 million in revenues, yet reported only about $108,000 in net profits.

The accounting firm that audited Newbridge disclosed in its “Opinion on the Financial Statements” that “there is substantial doubt about [Newbridge’s] ability to continue as a going concern.” This means that the finding from the CPA firm of Newbridge in financial trouble means investors that hold accounts with the firm should be concerned.

Newbridge is a Boca Raton, Florida based brokerage and financial services firm. Although the firm claims to have “over 80 locations in the US”, its website only lists offices in Boca Raton, Ft. Lauderdale, Scottsdale, Chicago and a few locations in New York.

$22M HEDGE FUND FRAUD LEADS TO SEC BAN FOR MONEY MANAGER

Published on: April 25, 2018 | by Shepherd Smith Edwards & Kantas, LLP

Michael Scronic Pleads Guilty in Ponzi Scheme

Michael Scronic, who touted himself as the hedge fund manager of the unregistered Scronic Macro Fund, has agreed to a US Securities and Exchange Commission ban permanently blocking him from buying or selling securities. In a parallel criminal case, Scronic pleaded guilty to securities fraud that involved 45 victims in his over $22M hedge fund fraud. His victims who suffered significant investment fraud losses included acquaintances, relatives, and friends. According to Bloomberg, investors gave him amounts ranging from $23K to $2.4M to invest.

Prosecutors contend that Scronic lied about his investment fund’s performance, touting returns of up to 13% when, in reality, the fund suffered millions of dollars in losses. About $500K, also from investors, was used to fund his own expenses, including a $12K/month New York rental, mortgage payments on a Vermont vacation home, country club and beach club membership fees, and about $15K/month in credit card expenses. The investment scam went on from 2012 through June 2017.