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David R. Chase P.A.
This week the United States Securities and Exchange Commission sought and obtained asset freezes against five investment advisers for allegedly defrauding approximately 637 investors over the course of years in a $102 million Ponzi scheme. The SEC filed an enforcement action against Perry Santillo of Rochester, New York, Christopher Parris also of Rochester, Paul LaRocco of Ocala, Florida, John Piccarreto of San Antonio, and Thomas Brenner of...
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The Securities and Exchange Commission has sued an equipment leasing company, Essex Capital Corporation, and its principal for fraud in connection with their sale of over $80 million in promissory notes. Per the SEC’s complaint, between 2014 and 2017, Essex Capital Corporation and its founder, Ralph T. Iannelli, issued numerous false statements and illusory personal guarantees...
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Investors in Summit Healthcare REIT (“Summit”), a non-traded real estate investment trust (Non-traded REIT), may have claims to recover their investment losses against their broker or financial advisor who recommended its purchase. Summit, based in Lake Forest, California, invests in a diversified, income-producing portfolio of assets in the healthcare sector, focusing its investments on operators of senior housing facilities in the United...
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The Securities and Exchange Commission announced its recent settlement of charges against securities broker-dealers Chardan Capital Markets LLC and Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) for failure to report suspicious sales of billions of penny stock shares. Securities brokerage firms are required under law to timely file Suspicious Activity Reports (SARs) for suspected fraudulent transactions. Per the SEC’s allegations, from...
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The Securities and Exchange Commission continued its efforts to crack-down on illegal insider trading this week as it announced charges against a foreign citizen who, in conjunction with his brother, is alleged to have profited by trading prior to the May 2013 public announcement of WH Group’s acquisition of Smithfield Foods. In its complaint, the SEC alleges...
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The Law Firm of David Chase, representing investors throughout the country in cases to recover stock market and investment losses, is reviewing allegations concerning former NYLIFE Securities LLC broker Alan New, after three customers alleged he sold them unregistered and fraudulent investments, per FINRA’s BrokerCheck Report. Alan New is no longer registered as a securities...
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Earlier this month, a federal court in New Jersey entered a judgment against Scott Newsholme, an investment adviser and tax-preparer out of New Jersey, for defrauding his clients in excess of $1 million. The Complaint of the Securities and Exchange Commission alleged that Newsholme fabricated securities account statements, doctored stock certificates, and forged promissory notes — all in furtherance of his investment scheme...
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In its continuing efforts to investigate, detect and prosecute investment adviser fraud, the US Securities and Exchange Commission filed civil charges agains Investment Adviser Amrit J.S. Chahal alleging that since February 2015 he utilized his company, Kane Capital Investment Group, to fraudulently raise almost $1.5 million from approximately 50 individual investors. Chahal duped his investors by misrepresenting to be a successful securities trader capable...
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The Securities and Exchange Commission last week filed fraud charges against Andrew J. Kandalepas, CEO of Wellness Center USA, Inc., a Chicago-based company.  In its complaint, the SEC alleged that Kandalepas manipulated the company’s stock and made false statements in the company’s SEC filings and press releases. Specifically, the SEC claims that Kandalepas misappropriated $450,000 in unauthorized withdrawals from the company and then covered his misconduct by...
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The Law Firm of David R. Chase, representing defrauded stock market investors throughout the nation, is examining multiple customer allegations of serious misconduct regarding former J.P. Morgan Securities stockbroker Rick Konecny. In March 2016, a client of Rick Konecny alleged that he overconcentrated her investments, through unsuitable and unauthorized trades, in several energy and natural...
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