TAG | Ogilvie Security Advisors Corp
Comments off · Posted by Securities Lawyer in FINRA
Soreide Law Group, PLLC, is currently investigating the sale of promissory notes to investors by their broker/dealers. Again, many conservative investors have said they were sold these notes as “low risk” when in fact, they were highly risky or fraudulent. These investments also paid significantly higher fees to the brokers, making them much more motivated to sell them to their clients.
One such broker, Stephen Michael Kosubinsky, sold fraudulent promissory notes to investors from 2003 until 2010. After the fraud was discovered, Kosubinsky committed suicide. His investors were mainly located on Long Island, NY, where he was with a financial planning firm, 21st. Century Planning, Inc., of Hauppauge, NY. He was the author of, ‘The Dirty Filthy Lies My Boker Taught Me’ and ’101 Truths About Money & Investing.’ This helped to make potential investors see him as someone with credibilty and knowledge of the industry, someone they felt they could trust.
The ‘guaranteed’ promissory notes sold by Kosubinsky never existed. He produced phony note certificates and account statements to the duped investors. Although, some of the investors have recovered their losses through arbitrations. Kosubinsky also worked with the following firms: Triad Advisors, Inc., Ogilvie Security Advisors Corporation, and NFP Securities, Inc.
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