Soreide Law Group has already filed three FINRA arbitration claims against financial advisor, Matthew A. Bell and have been contacted by multiple investors looking to also pursue claims.
Matthew A. Bell, Craig L. Josephberg, and other financial advisors, were allegedly involved in a 'pump-and-dump' scheme involving shares of Cubed, Inc., The Staffing Group Ltd., CodeSmart, and StarStream Entertainment Inc. In a 'pump-and-dump' scheme, the broker/financial advisor pumps up the price to their clients of a stock to give the appearance that it is in demand after they have personally purchased it at the low price. This artificially increases it's value. When the price rises brokers then purchase the stock for their clients, then when the price is high after a demand is created, the brokers dump shares they own personally, and the stock which has an inflated value, drops considerably and the client in turn loses their investment.
Allegedly, Bell and Josephburg, from 2012, purchased shares in Cubed, Inc., The Staffing Group Ltd., CodeSmart, and StarStream Entertainment Inc. for their clients, even when they were 'dumping' their own shares in the companies. Matthew Bell was with Securities America, Inc. and WFG Investments, Inc. in San Antonio, Texas. Craig Josephberg was with Halcyon Cabot Partners and Meyers Associates, L.P. in New York, NY.
Currently, Bell and Josephberg have been indicted by the U.S. Attorneys Office in New York, and the U.S. Securities & Exchange Commission (SEC) has filed a civil action against Bell and Josephberg and others regarding this matter.
Soreide Law Group represents clients nationwide before FINRA. If you were clients of Matthew A. Bell, or other brokers/financial advisors involved in this 'pump and dump' scheme and have experienced losses, please call an attorney for a free consultation on how to potentially recover those losses: 888-760-6552.
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