The Investment Fraud Attorneys at Meyer Wilson Are Investigating Claims and Speaking to Victims of Philip Incorvia’s Alleged Ponzi Scheme
Meyer Wilson is investigating claims that Philip Incorvia, a long-time broker at Henley & Co. out of New York, may have sold clients fraudulent investments. Incorvia died in August 2021. After his death, victims have come forward to allege that Incorvia sold them what now appear to be fictitious funds, including Vanderbilt Realty Investors and Jefferson Resources. Incorvia worked out of a branch of Henley & Co. in Shoreham, New York from 2006 until his death in 2021.
Public records show that Incorvia had previously been the subject of two customer complaints and a regulatory action in which Incorvia was fined and sanctioned for allegedly signing customers signatures on paperwork without their knowledge or approval.
The investments in Vanderbilt Realty Investors and Jefferson Resources are alleged by investors to be a Ponzi scheme - a fraudulent investment operation that pays “returns” to investors from their own money, or money paid by later investors, rather than from an actual earned revenue. These schemes are illegal and operate on the “rob Peter to pay Paul” principle, where money from new investors is used to pay off the previous investors.
Once the scheme itself unravels—as they always do—investors are left asking themselves, “How can I get my money back?”
Brokerage firms, like Henley & Co., can be held responsible for the losses sustained by victims of the fraud if the firm failed to adequately supervise its broker. Brokerage firms may not turn a blind eye while their representatives sell sham investments otherwise run rampant with its customers’ assets. They have an affirmative duty to implement and operate a robust supervisory system that adequately monitors and detects this type of misconduct. If their supervisory systems fail, they can be held liable for failing to meet the standard of care owed to investors.
Proving that a brokerage firm was negligent, and that their negligence allowed broker misconduct, can be difficult and often requires extensive investigation on the part of a qualified attorney. The investment fraud attorneys with Meyer Wilson represent investors nationwide and have recovered millions of dollars in losses for clients. If you lost money working with Philip Incorvia, we would like to talk to you about your legal options. Call us or complete our online form for a free case evaluation.
Did Mark Former Make Unauthorized Trades or Recommend Unsuitable Investments on Your Account?
Meyer Wilson is investigating allegations that Illinois-based broker Mark Former engaged in unauthorized trading and recommended unsuitable investments, including direct investments into Direct Participation Programs (DPPs) and Limited Partnership (LP) interests. Former currently works for Oppenheimer & Co., where he has been registered since 2019. He previously worked for Morgan Stanley for nine years.
Former has been the subject of six customer disputes. Two disputes against Former are currently pending, alleging unauthorized trading and unsuitable investments. Unauthorized trading occurs when a broker makes trades on a client’s account without their permission or authorization. Brokers must obtain a client’s permission prior to making any purchases or sales for their account.
DPPs allow investors to make direct investments into different businesses. These non-traded, illiquid, pooled investments are highly risky. Brokers have a duty to recommend the purchase and sale of a security or investment that is in the best interests of their clients. Without a reasonable basis to believe a transaction is suitable for the customer based on their investment profile, a broker may be liable for recommending an unsuitable investment.
If Mark Former engaged in unauthorized trading or you lost money in unsuitable investments that he recommended and sold to you, the skilled investment fraud attorneys at Meyer Wilson would like to speak with you. Please contact Meyer Wilson today for a no-cost consultation to discuss your legal options.
Did You Have an Account Managed by Kevin McCallum of LPL Financial?
Meyer Wilson is investigating allegations that Alabama-based broker Kevin McCallum engaged in unauthorized trading and unsuitable purchases of risky investments. McCallum worked for LPL Financial until 2019 and has not been registered since.
McCallum has been the subject of eight customer disputes and one regulatory action. Four disputes against McCallum are currently pending and four were settled. McCallum consented to a one-year suspension by the Financial Industry Regulatory Authority (FINRA) for allegedly recommending unsuitable investments to twelve customers. According to FINRA, these unsuitable recommendations resulted in his customers’ investments being overconcentration in a high-risk business development company.
FINRA rules require brokers to obtain customer’s permission prior to making any trades on their account. Failure to do so may result in unauthorized trading. Brokers must consider enough information about the financial situations of individual customers and have a reasonable basis for believing a recommendation of a purchase or sale of an investment is suitable for you. Otherwise, they may be liable for recommending an unsuitable investment.
Firms are required to supervise the activities of brokers. If you suffered financial losses due to McCallum’s actions, you may be able to hold Kevin McCallum and LPL Financial liable. The experienced securities and investment fraud attorneys at Meyer Wilson would like to discuss your legal options with you. Please contact Meyer Wilson today for a no-cost consultation.
Did You Lose Money in an Account Managed by Andrew Marschall?
Meyer Wilson is investigating allegations on behalf of investors that Andrew Marschall, a Maryland-based broker, recommended unsuitable investments of non-traded Real Estate Investment Trusts (REITs) to his customers. Marschall has worked for PNC Investments since December 2020. He previously worked for Capitol Securities Management, Inc.
A customer filed a complaint against Marschall alleging breach of fiduciary duty and that he recommended unsuitable shares in non-traded REITs while employed at Capitol Securities Management. The case is currently pending. Non-traded REITs are highly risky and not traded on a public exchange. Investors must wait until the underlying real estate is sold to get their money back. A broker must have a reasonable basis for believing that the recommendation to buy or sell non-traded REITs is suitable for the client.
Brokers have an obligation to consider enough information about individual customers’ financial situations prior to recommending the purchase or sale of a security or investment. They must also have a reasonable basis for believing that recommendation is suitable for them. A broker may be liable for recommending an unsuitable investment if they fail to do so.
If Marschall recommended you unsuitable investments and you lost money, the experienced securities and investment fraud lawyers at Meyer Wilson would like to speak with you. Contact us today for a no-cost consultation to discuss your legal options.
Did You Suffer Investment Losses While Working With Arkadios Capital Broker Kevin Rainwater?
Meyer Wilson is investigating allegations that Kevin Rainwater, an Atlanta-based broker and investment advisor, engaged in investment misconduct that caused his customers to suffer financially. Rainwater currently works for Arkadios Capital, where he has been registered since 2017.
Rainwater has been the subject of multiple allegations of misconduct by several clients. Four cases have been settled. The complaints alleged that he recommended unsuitable private placements, made misrepresentations, and engaged in unauthorized trading. One customer complaint is still pending, alleging that he recommended unsuitable investments, including Real Estate Investment Trusts (REITs). Non-traded REITs are highly risky, illiquid, and rarely suitable for any retail investor.
When recommending the purchase or sale of a security or investment, brokers have a duty not only to recommend investments that are in the best interests of their clients, but also to provide complete and balanced information regarding the investment to investors. If they fail to disclose information or provide inaccurate facts, they may be liable for misrepresentation.
Working with the right legal team makes all the difference. If you invested with Rainwater and lost money in unsuitable investments, the experienced securities and investment fraud lawyers at Meyer Wilson would like to speak with you. Please contact Meyer Wilson today for a no-cost consultation to discuss your legal options.
Meyer Wilson Representing Investors in Claims Involving Improper Reit Sales and Other Unsuitable Investments Sold by Cetera Advisors
The investment fraud lawyers at the law firm of Meyer Wilson are representing clients and investigating other claims on behalf of former customers of Cetera Investments Services, LLC, and its affiliates, who may have been improperly sold investments in real estate investment trusts (REITs) and other unsuitable investments in violation of securities industry rules and best practices.
Cetera is one of the nation’s largest networks of independent broker-dealers with about 8,000 financial advisors nationwide. Cetera has been the subject of numerous customer complaints relating to the improper sale of REITs and other alternative investments.
REITs are investment pools similar to mutual funds that focus on investing in income-producing real estate. These investments are often pitched to retirees who are looking for steady income, but they also can be fraught with significant risks. Due diligence on the part of the supervising brokerage firm is absolutely critical, as is avoiding overconcentration in particular REIT positions and across real estate sectors.
Various Cetera financial advisors are the subjects of currently pending customer complaints involving alleged improper sales of REITs and other investments. These include:
Hui Zhang: Three customer disputes were filed against Hui Zhang alleging he misrepresented in the recommendation of unsuitable, illiquid Real Estate Investment Trusts (REITs), including ARC Healthcare. One dispute was settled and two are currently pending. Hui Zhang currently works for Independent Financial Group, LLC. He previously worked for Cetera Investment Advisers LLC.
Shane Boehm: Two customer disputes alleging misrepresentation and unsuitable investments were filed against former Cetera Broker Shane Boehm. One customer dispute is still pending. The claimant alleges unsuitable investment recommendations, including Real Estate Investment Trusts (REITs), which resulted in a $1.5 million dollar loss.
Howard Hao-Chung Hsieh: Hseih is a broker and investment adviser in Irvine, California. He has been associated with Cetera Investment Services since 2013. Meyer Wilson is currently representing former customers of Hseih in FINRA arbitration claims involving sales of Hospitality Investors Trust. Hseih is the subject of at least one other pending customer complaint. Two prior customer complaints settled for a combined amount of approximately $900,000.
John Frank Donoso: Donoso is a former Cetera financial advisor in Boca Raton who is currently registered with Newbridge Securities. He is the subject of a currently pending customer complaint involving the sale of unsuitable investments.
Travis Jerome Hughes: Hughes is a broker and investment adviser with Cetera Advisors in El Paso, Texas. He has been associated with Cetera since 2016. He is the subject of at least one currently pending customer complaint. He has been the subject of at least nine prior customer complaints, four of which settled for combined amounts in excess of $600,000.
Nathan Paul McDonald: McDonald is a broker and investment adviser with Cetera Advisors in Auburn, Maine. He is the subject of a currently pending customer complaint involving the sale of REITS and private placements.
Ping Wu: Wu is a broker and investment adviser with Cetera Investment Services in Arcadia, California. She has been with the firm since 2013. Chu is the subject of two currently pending customer complaints alleging unsuitable investments.
In 2015, Cetera was fined by regulators for various supervisory failures relating to the sale of non-traded REITs.
If you are a current or former customer of Cetera, the investment fraud lawyers at the law firm of Meyer Wilson would like to speak with you. Contact us today for a no-charge consultation to discuss your legal options.
Meyer Wilson Investigating Potential Legal Claims Involving Financial Advisor Richard Braverman of Geneos Wealth Management
The investment fraud lawyers at the law firm of Meyer Wilson are investigating potential legal claims involving financial advisor Richard Mark Braverman (CRD#: 1023227).
Braverman is a registered representative of Geneos Wealth Management, Inc., and maintains offices in Lancaster, Pennsylvania. He has been associated with Geneos since 2008. Regulatory records show that Braverman has worked in the securities industry for about 39 years and been associated with nine different firms during that timeframe.
Braverman is the subject of two currently pending customer complaints involving allegations of unsuitable investment recommendations. The cases allege combined losses of approximately $1.2 million.
Another complaint involving Braverman and alleging unsuitable investments was settled in 2020.
Under securities industry rules, brokerage firms like Geneos are required to supervise their representatives’ securities recommendations to its customers. If it can be shown that a financial advisor sold unsuitable investments to a customer, then the supervising brokerage firm may be held legally responsible for the customer’s losses resulting from the unsuitable investments.
Since 1999, the investment fraud lawyers at the law firm of Meyer Wilson have helped recover over $350 million in awards, judgments, and settlements on behalf of their clients.
If you are a client of Richard Braverman and have questions about the investments he sold to you, contact us today for a complimentary consultation. We handle all investor cases on a contingency fee basis and get paid only if we recover money for our clients.
Meyer Wilson Investigating Potential Legal Claims Against Worden Capital Management Relating to Excessive and Unsuitable Trading by Stockbroker John Lopinto
On January 11, 2022, the Financial Industry Regulatory Authority announced sanctions against John Michael Lopinto (CRD#: 4563735). The sanctions stem from allegations that Lopinto engaged in excessive and unsuitable trading in at least five customer accounts and improperly exercised discretion in another customer’s account without prior written authorization.
Lopinto worked as a financial advisor with Worden Capital Management, LLC, from November 2016 to November 2019. FINRA states that during this timeframe:
Lopinto worked as a financial advisor with Worden Capital Management, LLC, from November 2016 to November 2019. FINRA states that during this timeframe:LoPinto recommended high frequency trading and his customers routinely followed his recommendations and, as a result, LoPinto exercised de facto control over the customer’s accounts. LoPinto’s trading was excessive and unsuitable given the customers’ investment profiles. As a result of LoPinto’s excessive trading, the customers suffered collective realized losses of $240,331 while paying total trading costs of $205,523, including commissions of $161,706. The findings also stated that LoPinto exercised discretion to effect trades in a customer’s account without prior written authorization. LoPinto charged the customer a total of $21,632 in commissions to place the trades. The customer did not provide written authorization for LoPinto to exercise discretion in the account and LoPinto’s member firm did not accept the account as a discretionary account.
Under the law, brokers are prohibited from making unsuitable and excessive trades in customer accounts and making trades without proper authority. While Lopinto neither admitted nor denied FINRA’s allegations, he consented to a nine-month bar from working in the securities industry and a $7,500 fine. He was also ordered to pay restitution in the amount of $135,333.
Brokerage firms like Worden Capital are required under securities industry rules to monitor trading activity in customer accounts to detect and prevent unsuitable and excessive trading and unauthorized transactions. Brokerage firm customers may be entitled to compensation if it can be shown that a firm failed to take adequate steps to prevent and respond to possible improper trading activity in the customer’s account.
The latest sanctions are not Lopinto’s first run-in with regulators. In September 2020, Lopinto was the subject of a Securities & Exchange Commission cease-and-desist order, which included a public censure and $40,000 fine. The SEC accused Lopinto and another colleague of various violations of the Investment Advisers Act of 1940 relating to Keyport Venture Partners, LLC, an unregistered investment fund. The SEC accused Lopinto of misrepresentations relating to the fund’s purported investment in a pre-IPO offering.
An investigation of Lopinto’s regulatory record also shows a history of numerous tax liens in excess of $350,000.
If you are a former customer of John Lopinto and suspect misconduct in your trading account, contact the investment fraud lawyers at Meyer Wilson for a complimentary case evaluation.
Did Ivan Cen Sell You Risky, Non-Traded Real Estate Securities?
Meyer Wilson is investigating claims on behalf of investors that Ivan Cen, a California-based financial advisor registered with Cetera Investment Services, sold his clients inappropriate investments.
Customers have filed three complaints against Cen alleging that he recommended them unsuitable investments, including shares in non-traded Real Estate Investment Trusts (REITs). One case settled. Two others remain pending.
Because non-traded REITs aren’t traded on a public exchange, investors can’t get their money back until the underlying real estate is sold. That makes them highly risky for investors. As a result, regulators have warned that REITs are unsuitable for the average retail investor, especially seniors.
If Cen recommended you unsuitable investments, contact us today for a free consultation to discuss your legal options. Meyer Wilson offers a completely free, no-pressure consultation so that you can learn about your rights to recovery after securities fraud, stockbroker misconduct, or investment fraud. All of our cases are handled on a contingency fee basis, so we don’t get paid for our work unless we’re successful in recovering money for you.
Meyer Wilson Is Taking Calls From Clients of David N. Adams
Meyer Wilson is investigating allegations that Jacksonville, Florida-based securities broker David Norman Adams recommended unsuitable investments to his clients. Adams currently works for Ameriprise Financial Services, where he has been a registered representative since 2018. For several years prior, Adams worked as a financial advisor with Sagepoint Financial.
Adams is the subject of two currently-pending customer complaints alleging that he sold them unsuitable investments, including investments in GPB Holdings. The complaints seek combined damages of at least $350,000.
Working with the right investment fraud legal team can make all the difference. The lawyers at the law firm of Meyer Wilson have the experience and resources to fight the Wall Street machine. They have recovered over $350 million on behalf of their clients through awards, judgments, and settlements. If you lost money in investments sold to you by financial advisor David N. Adams, please contact Meyer Wilson today to discuss your legal options.