CUSIP Numbers : 613061AJ9 and 613061AK6 Bond Losses

Soreide Law Group has been contacted by investors who have purchased bonds through Cantone Research, Inc.,(CRI) formerly of Tinton Falls, New Jersey, now located in Eatontown, New Jersey.  The bond issuer was First Mortgage Revenue Bonds (Montgomery ALF, LLC Project) Series 2015A & 2015B. The issuer of the bonds was, The Medical Clinic Board of the City of Montgomery 1965 East. The description was an assisted living facility financed with the purchase of the bonds.
The CUSIP Numbers are:  613061 AJ9 and 613061 AK6
According to the information we have received, the bond values began to decline and a notification was sent out to the bond holders in September of 2016, allegedly stating that the problem would be rectified and this decline continued through 2017. In 2018, the bond customers received notice that the assisted living facility had closed and they were allegedly told not to sell their bonds.  The facility was sold at auction on February 15, 2018. The investors have not yet received any of their money back.
In November of 2015, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Cantone Research Inc. (CRI), of Tinton Falls, NJ, and its President, Anthony J. Cantone, charging fraud in connection with the sales and subsequent extensions of more than $8 million of certificates of participation (COP) in five promissory notes. The complaint alleged that four of the five relevant promissory notes defaulted, resulting in approximately $6 million in losses to investors. CRI and Cantone received fees, commissions and other payments of more than $1 million.  According to the FINRA complaint, the promissory notes were executed on behalf of one of several entities controlled by Christopher Brogdon, an individual who worked in the assisted living and nursing home industry. Under the terms of the COP sold by Cantone, Brogdon would use investors' funds to purchase and/or redevelop a nursing home, assisted living facility or other real-estate that he controlled. In return, investors were promised 10 percent interest in addition to the return of their principal. FINRA alleged that CRI and Cantone misrepresented and/or failed to disclose material facts to investors and prospective investors.
If you’ve suffered losses from the purchase of bonds with the CUSIP numbers: 613061 AJ9 and 613061 AK6 through Cantone Research, Inc. of New Jersey, or another broker/dealer, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.