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Investor Rights Blog

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 to registered investment advisers to cause them to invest millions of dollars of their clients’ money in Essex’s deteriorating equipment...
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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 States.  Summit acquires, leases, and manages healthcare real estate and invests in the healthcare sector. Public information indicates that shares...
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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 broker with the Financial Industry Regulatory Authority (FINRA), and no longer associated with NYLIFE Securities at this time. All three...
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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 resource stocks between 2013 and 2015. The customer sought damages of $1 million and JP Morgan Securities paid $375,000 in...
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The Law Firm of David Chase, representing defrauded stock market investors throughout the country, is investigating the Form U-5 statements made by ProEquities, the former employing brokerage firm of stockbroker Michael Patrick McTigue, concerning the circumstances surrounding McTigue’s voluntary resignation from the firm. ProEquities indicated that it had discovered “issues” during a branch inspection of the office Michael McTigue concerning: use of an unapproved email address, use of an unapproved performance report, customer signature discrepancies...
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The Law Firm of David Chase, representing defrauded stock market investors nationwide, is reviewing allegations concerning former LPL Financial LLC stockbroker Thomas Breslin Jr. after he was discharged by LPL Financial for directing clients to an unapproved investment in violation of firm policy. The law firm is also reviewing allegations made by the Financial Industry Regulatory Authority, FINRA, against Thomas Breslin Jr. apparently for the same problematic private securities transactions. In or about October 2017,...
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The Law Firm of David Chase, representing defrauded stock market investors nationwide, is reviewing allegations concerning former United Planner’s Financial Services of America stockbroker Jerry Lou Guttman after he was sanctioned by the Financial Industry Regulatory Authority, FINRA, and permanently barred from the securities industry. In or about November 2017, Jerry Lou Guttman consented, without admitting or denying the findings, to FINRA sanctions and to the entry of FINRA findings that he sold more than...
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