Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

1st Global Capital and 1st West Capital File for Bankruptcy Amid SEC Fraud Investigation

The Investment Fraud Attorneys at Meyer Wilson Are Representing Individuals Against Brokerage Firm that Recommended the Purchase of 1st Global Capital

Two affiliated small business lenders - 1st Global Capital LLC and 1st West Capital LLC - filed for bankruptcy at the end of July amid a Securities and Exchange Commission (SEC) investigation into an alleged $283 million loan fraud. According to the agency, at least some of those loans were sold through a network of financial advisers and brokers.

The two Florida-based companies, which share ownership, filed for Chapter 11 bankruptcy on July 27 in the Southern District of Florida’s U.S. Bankruptcy Court. Both 1st Global Capital and 1st West Capital provided small businesses with unsecured, short-term commercial financing, also known as direct merchant cash advances. The terms of the loans reportedly averaged about 9 months and had a yield of 10%. 1st Global Capital is also known as 1st Global Capital Financial Services. According to official filings, the SEC,

"opened an investigation into the company's activities related to alleged possible securities laws violations, including the alleged offer and sale of unregistered securities, the alleged sale of securities by unregistered brokers, and by the alleged commission of fraud in connection with the offer, purchase and sale of securities.”

According to those official filings, both the SEC and the Southern District of Florida U.S. Attorney's office opened similar investigations into these allegations prior to the bankruptcy filings.

If your investment advisor or broker recommended that you purchase 1st Global Capital or 1st West Capital and you lost money as a result, Meyer Wilson is interested in speaking with you. We have spent nearly two decades working with victims of fraud across the United States, and through our efforts we have recovered more than $350 million for our clients. Set up a free, in-depth consultation by sending us the details of your situation through our online form.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram