The Financial Industry Regulatory Authority, FINRA, has charged John Carris Investments LLC of New York with defrauding and misleading its investors. Invictus Capital Inc, which owns Carris, sold stock in Fibrocell Science Inc (FCSC) while at the same time selling its own shares in the biotechnology company, FINRA said recently. FINRA alleges Carris mislead investors about the financial health of Invictus according to a recent article in the Wall Street Journal.
Carris' Chief Executive, George Carris allegedly failed to disclose the firm's payments covering his personal expenses. FINRA claims that over $300K listed as office expenses included George Carris' personal expenses, and the firm allegedly failed to pay hundreds of thousands of dollars in employee payroll taxes.
Carris has underwritten several Fibrocell securities offerings between 2009 and 2012. The most recent was a common stock offering in October 2012 as a co-placement agent with Barclays PLC (BCS) and MTS Securities LLC as lead agents. According to WSJ, Finra alleges the firm--and its head trader Jason Barter--manipulated the stock while acting as placement agent between May and September 2010.
Carris misled investors, between October 2010 and 2012, as it allegedly solicited new investments to pay dividends to early investors without disclosing the failing financial condition of Invictus. By March 2013, Invictus Capital defaulted on $2 million of Invictus notes sold to earlier John Carris Investments customers, Finra said.
Penalties may include a fine, an order to pay restitution, censure, suspension, or even bar from the securities industry.
If you were sold Fibrocell Science Inc (FCSC), by John Carris Investments LLC or Invictus Capital Inc, or Barclays PLC (BCS) or MTS Securities LLC, call for a free consultation on how to potentially recover your losses. To speak with an attorney at Soreide Law Group call 888-760-6552.
Soreide Law Group is investigating potential investor claims involving RAD Diversified REIT Inc., specifically focusing on whether brokers or financial advisors improperly recommended this non-traded real estate investment trust despite mounting red flags. RAD Diversified REIT raised investor funds to acquire and manage real estate assets nationwide, positioning itself as an accessible way for individuals […]
Investors apparently complained about securities broker Richard James Carlesco Jr. [CRD: 2135988, Liverpool, New York], given the disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Carlesco worked for IBN Financial Services Inc. from October 24, 2000, to the present, and later registered with Cambridge Investment Research Inc. and Cambridge Investment Research Advisors Inc. beginning April […]
Investors potentially experienced sales practice violations by securities broker Steven Wallace Schmitt [CRD: 4486457, Paramus, New Jersey], according to publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Schmitt worked for Raymond James Associates Inc. since November 9, 2022, and previously worked for Morgan Stanley from October 7, 2016, to November 29, 2022. […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com