rivate Placement Losses Because Of Money Concept’s Darren Oglesby?
Soreide Law Group is evaluating possible investor claims against Money Concepts Capital Corp securities broker Darren Oglesby (CRD#: 2480135, Monroe, Louisiana). Namely, the securities broker – who joined Money Concepts in 1995 – discloses complaints filed against him by three of his clients. These disputes suggest that Oglesby breached a fiduciary duty to his clients and sold them investments which generated losses. Read on to learn more about the allegations against Oglesby:
Money Concepts Client Claims Darren Oglesby Sold Unsuitable Private Placement Investments
A client of Money Concepts Capital Corp contested Darren Oglesby’s sales through filing FINRA Arbitration #: 19-02237 on August 8, 2019. First of all, the client indicated that Oglesby sold an unreasonable and inappropriate security offered through a private placement. Allegedly, Oglesby breached a fiduciary responsibility to the client, placing his interests his interests ahead of the client’s interests. Also, Oglesby purportedly breached an investment agreement governing the client’s affairs at Money Concepts Capital Corp. Apparently, the client’s private placement investment was unprofitable. For this reason, the client demanded $100,000 in damages in this ongoing matter.
Oglesby Allegedly Failed To Disclose Fees To His Clients
Evidently, two other Money Concepts Capital Corp clients contested Darren Oglesby’s sales practices. In the first dispute, the client asserted that Oglesby misrepresented information about an annuity. Specifically, the client claimed that Oglesby failed to properly convey the length of time that the client had to stay in the annuity before exchanging it without penalties. In the other dispute, the client asserted that Oglesby did not detail the fees of annuities that the customer purchased. These disputes closed without further action from clients.
Darren Oglesby Possibly Advised Clients To Purchase GPB Capital Funds
Sources suggest that investors could have received recommendations from Darren Oglesby to invest in GPB Capital Holdings Funds. This could have occurred while Oglesby worked for Money Concepts Capital Corp.
GPB Capital Holdings, which has accumulated $1.8 billion+ largely through the sale of private placements, is facing FBI, SEC and FINRA investigations concerning, among other things, the veracity of its disclosures to investors about fund performance and capital distributions. Apparently, its CCO, Michael Cohn, has been charged with obstructing an SEC investigation. Because of this, GPB, whose internal auditing committee is due to resign, revealed that it is unable to provide audited financial results by the end of the year. In fact, the company has continued to fail to meet deadlines regarding its financial reporting.
In addition, a number of investors brought legal actions against GPB Capital Holdings. The lawsuits allege, among other things, conflicts of interest, self-dealing and a Ponzi scheme. To run the scheme, the clients alleged that GPB created sophisticated holding companies and used error ridden accounting and auditing procedures. Apparently, a number of funds are named as defendants in the class action lawsuit along with David Gentile – GPB Capital Holding’s founder. Allegedly, investors were persuaded to invest in GPB because of being promised eight percent returns. However, GPB allegedly failed to generate the returns through proper business channels; the company used investor capital instead.
Did You Suffer Losses By Investing in GPB Capital Holdings Because Of Darren Oglesby?
Have you experienced losses by investing in GPB Capital Holdings or other investments because of Darren Oglesby? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.