What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: August 23, 2016

Two Chattanooga, Tennessee-based brokers, James Hugh Brennan III and Douglas Albert Dyer are under investigation for securities fraud by the Securities and Exchange Commission (SEC), the Tennessee Department of Commerce & Insurance (TDCI) and the FBI. Both operated Broad Street Ventures in Chattanooga, Tennessee, and allegedly raised more than $5 million from investors without using the money as promised. In February, the TDCI failed a cease-and-desist order against Broad Street, Brennan and Dyer, alleging that they had sold unregistered securities, were not registered to sell securities in Tennessee, and had engaged in fraud by failing to disclose the existence of a desist-and-refrain order previously issued in California. The SEC issued an asset freeze on July 22nd. The TDCI then referred the case to the SEC and FBI for further action.

Both men allegedly sold shares in eight similarly named companies to more than 240 investors since 2008 without ever registering the stock they promised. They then transferred the money to personal accounts or to those belonging to their wives. They failed to tell investors that Brennan was banned from the brokerage industry and Dyer was suspended and fined for executing unauthorized transactions in customer accounts. If you believe you are a victim of Brennan or Dyer, or Broad Street Ventures, please call our securities law offices in Chicago at 312-332-4200. The call is free with no obligation. Attorneys are standing by to take your call.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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