The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, February, 2013.”

Martin Benjamin Feibish (CRD #205556, Registered Representative, Providence, Rhode Island)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Feibish consented to the described sanction and to the entry of findings that he developed a scheme to misappropriate more than $5 million from an elderly customer by investing her money in fictitious investment vehicles, and forging her relatives’ signatures.

According to FINRA, Feibish created false promissory notes through the company, which evidenced a purported interest in mortgage-backed securities. Feibish created and provided the customer with false documentation evidencing the purported mortgage-backed securities and IRS Form 1099s, to convince the customer that she was invested in legitimate investment vehicles. Feibish took funds from the customer for the non-existent investments and placed them in a bank account he controlled in his company’s name.

The findings also included that Feibish had checks issued from the company bank account to the customer. Feibish told the customer that these payments represented the interest payments from the investments, but were actually the return of the customer’s own money. Feibish convinced the customer to reinvest the money in additional fictitious investment vehicles, including promissory notes from a bank.

FINRA found that Feibish forged the names of the customer and her relatives to open trust accounts in their names at the bank. Payments were simply a return of the customer’s money.

FINRA also found that Feibish managed insurance plans belonging to the customer, and for the benefit of her
relatives. Feibish told the customer he was paying the premiums on those policies, when in fact he had forged the relatives’ signatures and borrowed approximately $280,000 against them. Feibish routinely had false documentation issued to the customer, including false promissory notes and falsified account statements.

FINRA Case #2011026750303

This ends the information from FINRA’s website.

If you find yourself in a similar situation with your broker or financial advisor, call Soreide Law Group for a free consultation with an attorney, 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Recently, a New York City man working as a broker/dealer in Stamford, Connecticut, has been charged with securities fraud, according to a news release from U.S. Attorney David B. Fein’s office.

Jesse Litvak, 38, while working in the Stamford office of Jefferies & Co., is suspected of scheming to defraud by misrepresenting transactions either with the seller’s asking price to the buyer, or the buyer’s price to the seller, the release said. The difference in the price paid would be kept for Jefferies, the release said.

The release also said that he is suspected of misrepresenting bonds to buyers in Jefferies inventory by offering them for sale by third parties he made up, the release said. If he did this he was then able to charge the buyer an extra commission, the release said.

Jesse Litvak is suspected of doing this with residential mortgage-based securities, and allegedly defrauded six Securities Public-Private Investment Program funds and multiple private funds for $2 million, the release said. Litvak was also was charged with 11 counts of securities fraud, one count of Troubled Asset Relief Program fraud, and four counts of making false statements to the federal government, the release said.

If you feel you have been involved in this or any other rip-off to the investors by broker/dealers, call Lars Soreide of Soreide Law Group, PLLC, for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: http://www.securitieslawyer.com.

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The Securities and Exchange Commission (SEC) today, January 29th., 2013, on it’s website announced that it has charged a former managing director of Jefferies & Co., Inc. (Jefferies), a New York-based broker-dealer, with making misrepresentations and engaging in misleading conduct while he sold mortgage-backed securities (MBS) in the wake of the financial crisis.

The SEC alleges that Jesse Litvak, a senior trader on Jefferies’ MBS Desk who worked at Jefferies’ office in Stamford, Connecticut, where he bought and sold MBS from and to his customers. From 2009 to 2011, Litvak allegedly lied to, or otherwise misled, those customers about the prices that Jefferies had purchased the MBS before selling it to another customer and the amount of his firm’s compensation for arranging the trades. Litvak also misled his customer into believing that he was arranging a MBS trade between customers, when Litvak really was selling the MBS out of Jefferies’ inventory. Litvak also misled customers about how much money they were paying in compensation to Jefferies. These customers included investment funds established by the United States government in the wake of the financial crisis to help support the market for MBS as well as other investment funds, including hedge funds.

It was also noted in the article on the SEC website that according to the SEC’s complaint filed in U.S. District Court for the District of Connecticut, Litvak engaged in misconduct on over 25 trades. When Litvak offered his customers MBS, he lied to them about how much Jefferies had paid (or was paying) for the securities. On some occasions, Litvak also pretended to be actively negotiating with an outside party to buy a security that he would then re-sell to his customer. But none of these negotiations were taking place; instead, Litvak fabricated the existence of the seller and every detail about active negotiations with it. In fact, as Litvak knew, Jefferies had purchased these bonds days before and already held them in its inventory.

The SEC’s complaint charges Litvak with violating the antifraud provisions of the federal securities laws. The complaint seeks a final judgment permanently enjoining Litvak from future violations of the federal securities laws, ordering him to disgorge his ill-gotten gains plus prejudgment interest, and order him to pay civil penalties.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The Securities and Exchange Commission, also known as the ‘SEC,’ has filed 734 enforcement actions the fiscal year that ended Sept. 30, 2012. That is one less than last year’s record of 735.

The SEC’s report should remind investors that investment fraud is still a threat to investors. The SEC filed 147 enforcement actions in 2012 against investment advisors and investment companies, one more than 2011’s record number. The SEC filed 134 enforcement actions related to broker-dealers, a 19% increase over 2011.

On the positive side for investors, the SEC was able to secure more payments for the victims of the fraud. The SEC was able to secure over $3 billion in penalties and disgorgement in 2012 for wronged investors. This is an increase of 11 % over the 2011.

In 2011 and 2012, the SEC obtained orders for $5.9 billion in penalties and disgorgement for the investors who became victims of fraud.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The following article appeared in the “Tewksbury Advocate:”

“Tewksbury scam victims win $155,250 settlement
By Steve Adams

GateHouse News Service

Tewksbury —

A Tewksbury couple who lost $255,000 to a Quincy financial adviser’s investment scam have won a $155,250 settlement.

An arbitrator ruled last week that Harvest Financial LLC must repay a Tewksbury couple because it was negligent in supervising the activities of Gregg Rennie, who was convicted of securities fraud in 2010.

Rennie worked at the company’s Providence office from May 2007 until July 2008.

“The firm has a responsibility to supervise their registered personnel,” said attorney Lars Soreide of Fort Lauderdale, Fla.

Rennie was hired in a managerial role to recruit more representatives, Soreide added.

“That put more of a burden on Harvest Capital to do more due diligence into his background,” he said.

The lawsuit, filed in 2011, argued that Harvest Financial was negligent in failing to supervise Rennie’s dealings with clients.

Soreide’s clients, Dominic and Annette Mancini of Tewksbury, had to postpone their retirement for 10 years after losing their nest egg, he said. The couple invested with Rennie after hearing his financial advice show on local radio stations.

Rennie sold bogus federal “housing certificates” guaranteeing double-digit returns to clients and used the money to pay for personal expenses and to prop up a failing condo project in Quincy. His other victims included an 80-year-old man who lost the bulk of his life’s savings, and a congregation saving up to build a new church.

In 2010, he pled guilty to 14 counts of securities fraud and wire fraud in U.S. District Court. A judge sentenced Rennie, 46, to seven years in prison and ordered him to repay $3.8 million to his victims.

“My clients were part of that restitution order and they haven’t received one penny, and I don’t imagine anyone has,” Soreide said.

Attorneys for Wethersfield, Conn.-based Harvest Capital argued that the company was not aware of Rennie’s transactions and that Rennie concealed his illegal activities from his broker-dealer.

“Harvest Capital is as much a victim of Mr. Rennie as the claimants themselves,” wrote attorney W. Bradford Bernadt.

Rennie was not an employee, but a registered representative, according to the company’s court filings.

On Sept. 26, an arbitrator for the Financial Industry Regulatory Authority ordered Harvest to pay the Mancini’s $158,250 in restitution, or approximately half the amount they requested.

Rennie, 46, is scheduled to be released from a federal prison in Fort Dix, N.J. in 2016.”
End of article.

The Claimants, although Massachusetts residents, hired Florida-based firm, Soreide Law Group, PLLC, headed by Massachusetts native, Lars Soreide. The Claimants located the firm though the firm’s website: http://www.securitieslawyer.com. Soreide Law Group handles FINRA arbitrations and mediations for investors nationwide and can be reached at (888) 760-6552.

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Jason T. Knapp, Corinth, New York, was arrested in connection with a nationwide Ponzi scheme, which allegedly involves hundreds of thousands of dollars. Knapp was a registered representative of Dawson James Securities of Boca Raton, FL, and had raised investment capital with a company call SteepleChase Group, making claims that returns on investments would be over 18%. He was terminated in June, 2012, because he allegedly falsified internal documents and documents that were provided to customers.

Knapp is charged with second-degree larceny for allegedly stealing from a New York investor. There are also several victims from Boca Raton, FL.
There are currently investigations in Florida, Arizona, Rochester, New York City
and Maryland.

If you feel you may have a claim against former broker Jason Knapp call 888-760-6552.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. Visit our website at: http://www.securitieslawyer.com.

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Securities Attorney, Lars Soreide, of Soreide Law Group was recently quoted in an article from the Reno Gazette-Journal, written by Jaclyn O’Malley regarding former broker Gary Harrison Lane. The quote reads as follows:

“Florida securities attorney Lars Soreide said Tuesday he has represented a few clients who have recently settled with broker firms connected to Lane, that he accused of negligently superivising Lane’s activities and “selling away” investments. He said he could not give specifics because the civil cases were resolved under confidential agreements. Soreide said had the brokers properly supervised Lane, they would have uncovered the fraud.”

Soreide Law Group first brought attention to Gary Lane in the website blog entitled, “ATTENTION CLIENTS OF GARY LANE,” dated October 7, 2011. Since then, Lane was indited on federal charges. The above article from the website blog listing the award for Mr. Soreide’s clients, was dated September 5, 2011.

Gary Harrison Lane had worked for Banc of America Investment Services in Reno, Nevada, from July 1999 through October 2009 and for Merrill Lynch in Reno, Nevada, from October 2009 through March 2011, where he was terminated for the alleged improprieties. Lane allegedly targeted inexperienced investors, and the elderly. He is accused of a Ponzi scheme which had bilked his clients over $2 million.

Securities Attorney, Lars Soreide, successfully settled the claims in favor of his clients though a FINRA arbitration.

If you or a loved one experienced financial losses because of Gary Harrison Lane, call Soreide Law Group, and speak to an attorney regarding potential recovery of YOUR losses. Please call 888-760-6552 or visit us on the web at http://www.securitieslawyer.com.

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The Securities and Exchange Commission (SEC) announced that it obtained an emergency court order to halt an alleged Ponzi-like scheme operated by Small Business Capital Corp. and its principal Mark Feathers, who raised $42 million by selling securities issued by Investors Prime Fund LLC and SBC Portfolio Fund LLC – two mortgage investment funds they controlled.

The SEC alleges that over 400 investors were promised that profits from mortgage investments would yield annual returns of 7.5 percent or more. When in fact, Feathers operated a Ponzi-like scheme by paying returns to investors that came partly from fund profits and partly from other investors.

“Feathers raised millions from investors by promising high returns,” said John McCoy, Associate Regional Director of the SEC’s Los Angeles Office. “The returns turned out to be too good to be true and were funded in part with new investors’ money.”

In the SEC article they allege that from 2009 to early 2012, Feathers improperly transferred more than $6 million from the funds to Small Business Capital to pay its expenses, including substantial payments to Feathers.

Additionally, the SEC alleges that investors were not told that in February and March 2012, the defendants caused one fund to sell mortgages to the other fund at an inflated price, thus generating a “profit” for the selling fund so it could pay Small Business Capital management fees of more than $575,000. The SEC charged Feathers and Small Business Capital for Small Business Capital’s effecting transactions in the funds’ securities without being registered as a broker-dealer with the SEC.

If your broker recommended you invest in this product, call and speak to an attorney at Soreide Law Group for a free consultation on how to potentially recover your investment losses. Call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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The Securities and Exchange Commission (SEC) recently announced that it has obtained an emergency court order to freeze the assets of a South Florida man who has been charged with fraudulently offering investments in oil drilling projects in an article posted on the SEC’s website.

The SEC’s complaint, unsealed in federal court in West Palm Beach, Fla., alleges that Joseph Hilton made numerous misrepresentations to investors while selling limited partnership units in two oil drilling projects earlier this year through his firm Pacific Northwestern Energy LLC. Hilton falsely told potential investors that Pacific acquired its wells from Exxon Mobil Corp., and he overstated Pacific’s experience in the oil and gas industry and the historical accomplishments of its drillers. Hilton raised approximately $789,000 from investors. The SEC’s action froze the assets of Hilton, Pacific, and the two limited partnerships — Rock Castle Drilling Fund LP and Rock Castle Drilling Fund II LP. Hilton’s securities offerings were not registered with the SEC as required under the federal securities laws.

In the SEC’s complaint, there were allegations against Hilton, Pacific, and another company that was controlled by Hilton called New Horizon Publishing Inc. Through Pacific and New Horizon, Hilton sold $2.5 million worth of investments in oil drilling projects sponsored by United States Energy Corp. while deceiving investors about his identity, the anticipated returns on the investments, the amount of oil being produced by U.S. Energy’s wells, and the existence of natural gas wells.

The SEC’s complaint adds that Hilton changed his name from Joseph Yurkin late last year following a final judgment for fraud in a previous SEC enforcement action against him for securities offerings he made through another company he worked for — Homeland Communications Corp.

It was reported that the SEC is seeking disgorgement of ill-gotten gains plus prejudgment interest, financial penalties, and permanent injunctions against Hilton and his entities.

If you or a family member were sold oil and gas offerings by Joseph Hilton (aka Joseph Yurkin) or any of the above companies, and experienced financial losses, contact an attorney at Soreide Law Group for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.

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Securitites Lawyer, Lars Soreide, has announced an investigation into Praetorian Global Fund (Praetorian). There was an SEC complaint filed against the principals of the Praetorian Global Fund. The SEC complaint alleges that the principals and others used the hedge fund to obtain funds from it’s investors. According to the SEC complaint, investors were told that Praetorian and its entities owned millions of dollars worth of shares in privately-held companies such as Facebook, Twitter, Zynga, and Groupon that were expected to soon hold initial public offerings (IPOs).

The pre-IPO shares were held by these and other entities: Praetorian G Power VIII, LLC, Praetorian G Power IV, LLC, The Praetorian Fund, Ltd, Praetorian G Power XII, LLC, and Praetorian G Power VI, LLC,. The SEC complaint alleges that Praetorian NEVER owned the pre-IPO shares.

Allegedly, the money was said to have been escrowed with First American Service Transmittles (FAST), a Florida escrow agent, when in fact the money was NEVER placed with them, and transferred to the principals’ personal accounts.

If you invested in Praetorian, and sustained a significant loss of your investment, call Securities Lawyer, Lars Soreide, at 888-760-6552 for a free consultation, or visit Soreide Law Group’s website at: http://www.securitieslawyer.com.

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