SEC News
- SEC Charges Institutional Shareholder Services in Breach of Clients' Confidential Proxy Voting Information May 23, 2013FOR IMMEDIATE RELEASE2013-92 Washington, D.C., May 23, 2013 — The Securities and Exchange Commission today charged a Rockville, Md.-based proxy adviser for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests. Additional Materials SEC Order An SEC investigation found that an employe […]
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
TAG | private placement fraud lawyer
Christian Genitrini (CRD #3277581, Registered Representative, New York, New York)
submitted a Letter of Acceptance, Waiver and Consent in which he was fined $15,000,
suspended from association with any FINRA member in any capacity for two years, and
required to requalify by exam for Series 7 and Series 63 before becoming re-associated
with a member firm after the expiration of the suspension term. The fine shall be paid in
installments beginning 90 days after Genitrini’s reassociation with a FINRA member firm
following his suspension, or prior to the filing of any application or request for relief from
any statutory disqualification, whichever is earlier. Without admitting or denying the
findings, Genitrini consented to the described sanctions and to the entry of findings that
he advertised guaranteed returns on investments of up to 20 percent per year on a website
belonging to a company he wholly owned; Genitrini claimed that his company was a fullservice
investment firm and would, among other claims, provide high-yield investment
opportunities. The findings stated that the website declared that the company invested
nationwide and all industries were considered, but did not disclose the nature of the
investment product or the risks of investment. The findings also stated that Genitrini’s ads
appeared on other websites guaranteeing returns, and his company’s contemplated private
placement documents provided no assurance that by following its current investment
strategy, it would be successful or profitable; the subscription agreement also stated that
the investments the company carried might be volatile and present operational risks.
The findings also included that Genitrini’s Internet ads constituted communications with
the public; were not based on principles of fair dealing and good faith; were not fair and
balanced; did not disclose risks associated with the investment; guaranteed promising
returns that were exaggerated, unwarranted or misleading; and the predictions of
performance were also exaggerated or unwarranted.
FINRA found that Genitrini’s private offering of securities, which involved promissory
notes his company issued according to the private placement memorandum, was not
made pursuant to an effective registration statement filed with the SEC; the offering
was intended to be made pursuant to the exemption from registration in Section 4(2)
of Rule 506 of Regulation D of the Securities Act of 1933, which prohibits offers or sales
of securities by any form of general solicitation or general advertising. FINRA also found
that Genitrini’s use of the Internet and his company’s website violated Section 5 of the
Securities Act of 1933, and guaranteeing returns in the offer of securities over the Internet
violated Section 17(a)(1) of the Securities Act of 1933. In addition, FINRA determined
that Genitrini falsely described his work with his company on his member firm’s outside
business activity disclosure form and also failed to disclose that he maintained a website
for the company; Genitrini told his firm, in writing, that his business and website were for
tax-planning services.
The suspension is in effect from April 4, 2011, through April 3, 2013.
(FINRA Case #2010022859701)
This information was obtained on FINRA’s website under the May disciplanary actions.
If you feel you have been a victim of the alleged fraudulent schemes of Christian Genitrini, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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8
Did You Invest In Simply Fit Beverage Company’s Private Placement?
Comments off · Posted by admin in FINRA
Soreide Law Group, PLLC, is currently investigating the Simply Fit Beverage Company’s private placement offered by Rockwell Global Capital.
Simply Fit Beverage Company was located in South Florida and raised capital through Rockwell Global Capital. If you or a family member invested in Simply Fit through Rockwell Global Capital, call a Securities Arbitration Lawyer for a free consultation on how you could potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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20
List of the Broker-Dealers that Sold Provident Royalties Private Placements
Comments off · Posted by admin in FINRA
The following is a list of the Broker-dealers that sold Provident Royalties private placements.
| Firm name | Total sales | Total commission paid to BD |
|---|---|---|
| Advisory Group Equity Services Ltd. | $110,000 | $70,650 |
| AFA Financial Group LLC | $2,455,000 | $456,150 |
| American Portfolios Financial Services Inc. | $585,000 | $66,650 |
| Asset Management Strategies LLC | $220,000 | $2,250 |
| Ausdal Financial Partners Inc. | $100,000 | $2,250 |
| Barron Moore Inc. | $250,000 | $96,750 |
| Boogie Investment Group Inc. | $410,000 | $110,150 |
| Brookstone Securities Inc. | $460,000 | $76,500 |
| Callaway Financial Services Inc. | - | $22,500 |
| Calton & Associates Inc. | $300,000 | $40,750 |
| Capital Financial Services Inc. | $33,655,000 | $5,510,725 |
| CapWest Securities Inc. | $21,745,000 | $3,058,700 |
| Chester Harris & Co. | $340,000 | $297,500 |
| Community Bankers Securities LLC | $2,780,000 | $355,950 |
| Crescent Securities Group | - | $9,375 |
| David Harris & Co. Inc. | $850,000 | $94,000 |
| DeWaay Financial Network LLC | $850,000 | $134,525 |
| Eagle One Investments LLC | $360,000 | $42,500 |
| Empire Financial Group Inc. | $2,750,000 | $234,200 |
| Empire Securities Corp. | $205,000 | - |
| E-Planning.com Securities Inc. | $3,765,000 | $483,925 |
| First Allied Securities Inc. | $380,000 | $11,250 |
| Gk Securities LLC | $50,000 | - |
| Grant Bettingen Inc. | $215,000 | $19,350 |
| GunnAllen Financial Inc. | $22,255,000 | - |
| Harrison Douglas Inc. | $1,830,000 | $569,900 |
| Independent Financial Group | $495,000 | - |
| INVEST Financial Corp. | $100,000 | - |
| Investlinc Securities LLC | $2,095,000 | $183,275 |
| Investors Capital Corp. | $3,400,000 | $427,975 |
| J.P. Turner & Co. LLC | $11,600,000 | - |
| Jesup & Lamont Securities Corp. | $100,000 | $13,500 |
| Kaiser & Co. | $100,000 | $160,650 |
| Lighthouse Capital Corp. | $250,000 | $33,750 |
| Main Street Securities LLC | $205,000 | $45,450 |
| Matheson Securities LLC | $100,000 | $37,800 |
| Milkie Ferguson Investments Inc. | $4,145,000 | $480,350 |
| Morrow Wealth Management | $30,000 | - |
| National Securities Corp. | $3,665,000 | $437,250 |
| Newbridge Securities Corp. | $25,000 | $15,750 |
| NEXT Financial Group Inc. | $33,485,000 | $3,190,200 |
| Okoboji Financial Services Inc, | $21,910,000 | $2,261,225 |
| Private Asset Group Inc. | $2,015,000 | $204,150 |
| Provident Asset Management | $50,000 | - |
| QA3 Financial Corp. | $32,585,000 | $6,974,450 |
| Questar Capital Corp. | $250,000 | $24,125 |
| Securian Financial Services Inc. | $50,000 | - |
| Securities America Inc. | $17,995,000 | $3,723,475 |
| Securities Network LLC | $215,000 | $89,550 |
| SII Investments Inc. | $100,000 | - |
| Sterling Enterprises Group Inc. | $100,000 | $13,000 |
| Summit Brokerage Services Inc. | $560,000 | $81,000 |
| Unaffiliated Broker-Dealer | $150,000 | - |
| United Equity Securities LLC | $660,000 | $173,200 |
| United Securities Alliance Inc. | $550,000 | $401,850 |
| Waterford Investor Services Inc. | - | $2,250 |
| Wedbush Morgan Securities Inc. | $325,000 | - |
| WestPark Capital Inc. | $785,000 | $114,250 |
| WFP Securities Corp. | $6,755,000 | $1,286,775 |
| Williams Financial Group Inc. | $175,000 | - |
| Workman Securities Corp. | $9,045,000 | $1,239,025 |
| $250,990,000 | $33,380,775 |
Source: U.S. Bankruptcy court filings, Northern District of Texas, case # 09-33886
If you feel you have been an alleged victim of these broker-dealers and were sold Provident Royalties private placements, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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Soreide Law Group, PLLC, wants to speak with you about your Capital Financial private-placement investments. Call 888-760-6552. Recently, it has been reported that Capital Financial Services Inc., with 332 representatives, sold Provident Royalties LLC, preferred stock from 2006 to 2009, according to an SEC cease-and-desist order. Capital Financial brokers also sold $63 million of the offerings by Provident, which the SEC charged with fraud in 2009. The reps received an 8% commission — or $5 million — for selling the Provident deals. The firm collected a 1% due diligence fee, or $600,000. Capital Financial also sold $100 million of private placements for Medical Capital Holdings Inc. Medical Capital has also been charged with fraud.
“Capital Financial never conducted independent verification of any of the offering materials provided by Provident,” the SEC stated in its order, which it issued April 6.
The broker-dealer “also never received audited or even unaudited financial statements for any of the Provident offerings,” the SEC said. “The only financial information Capital Financial received regarding Provident was an unaudited consolidated balance sheet review.”
“Capital Financial failed to disclose to customers that although it was collecting a due diligence fee, it was not conducting any due diligence,” the SEC order stated. When in fact, the firm collected the $600,000 as a due diligence fee but incurred no expenses to match the fee, the SEC alleged. “At no time did Capital Financial hire independent counsel, an accounting firm, contact third parties regarding Provident’s business, or hire consultants to review the Provident offerings,” the SEC alleged.
If you bought private placements, including but not limited to, Provident Royalties LLC, Medical Capital Holdings, Inc., or Capital Financial Services, Inc., Attorney Lars Soreide, of Soreide Law Group, PLLC, would like you call a Securities Arbitration Lawyer for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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