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…Details
The smoke emanating from the GPB Funds continues to build. As detailed in our post from November, the 1.8 billion-dollar GPB Capital Funds have been raising eyebrows for a few months now. Back in September, Massachusetts Secretary of State William Galvin announced an investigation into 63 brokerage firms that sold investments in GPB to its clients.…Details
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…Details
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…Details
Investors who are exposed to unscrupulous financial advisors are starting to feel some serious pain. If you have lost a substantial amount of money over the course of the last few months, and your account is on margin, it might get a lot worse. The good news is, your losses may be recoverable by filing…Details
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