Investor Rights Blog

The securities law firm of David R. Chase, http://www.davidchaselaw.com, is investigating potential arbitration claims against brokerage firms for their offer and sale of American Finance Trust, Inc. (Nasdaq symbol AFIN), a non-traded REIT, which has lost almost half of its value from its initial sales price of $25.00 a share. Non-traded REITs are typically marketed and sold by independent broker-dealers to retail customers, and are one of the highest commission generating financial products for brokerage...Read More

The Securities and Exchange Commission (SEC) earlier this week filed an emergency enforcement action in federal court seeking to shut down an alleged ongoing fraudulent scheme run by a handful of investment advisors, including Perry Santillo, Christopher Parris, Paul Anthony Larocco, John Piccarreto and Thomas Brenner. The SEC alleges that these individuals were involved in an ongoing fraudulent scheme in which more than $102 million was raised from approximately 637 investors from around the nation since 2011....Read More

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 Orville, Ohio, promissory note issuer First Nationle Solution LLC, lender Percipience Global Corp. and medical financier United RL Capital Services....Read More

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...Read More

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...Read More

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...Read More

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...Read More