Stephen C. Carver, from Peoria, Illinois and Formally of Cetera Advisors, Sued for $3 million

Our firm is investigating allegations made against Stephen C. Carver, who was a registered representative for Cetera Advisors in Peoria, Illinois. According to his FINRA BrokerCheck Report, an investor sued Cetera and Mr. Carver in FINRA Arbitration for upwards of $3 million. The complaint makes allegations of elder abuse, conversion, breach of fiduciary duty, and violations…

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John G. Schmidt, Formally of Wells Fargo Advisors in Dayton, Ohio Charged with Running Ponzi Scheme

On December 27, 2018, John G. Schmidt was charged in a 128 count indictment by the Montgomery County, Ohio Prosecuting Attorney. According to Investment News, the Prosecutor alleges that Schmidt, while employed a financial advisor for Wells Fargo Advisors, stole money from clients while operating a Ponzi scheme. The Prosecutor further alleges that Schmidt created fictitious…

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GPB Capital Halts Sales to new Investors, Suspends Redemptions, Delays Financial Statements, Auditor Resigns, Investors Wary

GPB Capital, a New York-based private equity firm and manager of several private placement funds, announced last week that the auditor of its funds’ financial statements, Crowe, LLP, had resigned. According to an article published by Investment News on November 14, 2018, Crowe walked-away from performing audits on GPB’s two largest funds amid concerns about…

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