How To File A Complaint for Behavioral Recognition Systems Losses

Did your broker recommend to you Behavioral Recognition Systems (BRS) investments? If so, the attorneys at Stoltmann Law Offices are interested in speaking to you about those losses. BRS was a software development company previously known as Giant Gray. BRS turned out to be an investment fraud scam. It raised tens of millions of dollars from investors, but its owner, Ray Davis, allegedly misappropriated a good portion of the funds. BRS was a software development company based in Houston, Texas that focused on technology that could analyze video content by imitating learning and memory processes of the human brain. The Securities and Exchange Commission (SEC) recently filed a complaint against BRS alleging that its financial statements for 2013 showed that the company was in bad financial condition. Yet, the firm solicited over $28 million from investors in seven equity security offerings between January 2013 and July 2015.
Brokers who recommended this investment may not have done their due diligence on it, which they are required to do before recommending or selling the investment. They do so to make sure it is suitable for every investor based on his age, net worth, investment sophistication and risk tolerance, among other factors. If they do not, their brokerage firms may be liable for investment losses. A broker with Comprehensive Asset Management and Servicing (CAMAS), Ms. Tamara Steele, was recently alleged to have sold unsuitable investments in BRS.