Claims filed on behalf of twenty-five Promissory Note Investors ("PPN") regarding $770,000 of "secured notes" issued by FPA, Ltd., an Isle of Man Asset Holding Co.
Claims filed: January 12, 2012; Liquidation Proceedings commenced against FPA, Ltd. ("FPA") and Foundations Programme Plc ("FPP") in the Isle of Man Court by the Financial Supervision Commission ("FSC").
Case involves losses of $770,000 by twenty five investors in FPA Notes in joint, individual and IRA accounts formally maintained at Brewer Financial Services, LLC. Allegations concern conversion, fraud, breach of fiduciary duty and agency liability.
Dennis Spina v. Mark C. Hotton
Case Filed: December 1, 2011; United States Bankruptcy Court (E.D.N.Y.) Adversary Proceeding No. 8-11-09512-ast
Case involves allegations of conversion of $1,460,000 in connection with purported investments in Park Avenue Associates, Atlantic Senior Associates, North Country Warrants, Onstream Media Bonds, Coastal Partners Associates, Coastal Atlantic Equities, 154th St Corporation and Trinity while Debtor was acting as Plaintiff's Investment Advisor.
Dennis Spina v. Oppenheimer & Co. Inc.
Case Filed: September 20, 2011; FINRA # 11-03666
Case involves the lack of supervision and sale of private securities transactions ("selling away") resulting of losses of $1,460,000. Claimant was a client of Oppenheimer & Co. Inc. ("Oppenheimer") and Oppenheimer's Executive Director-Investments, Mark C. Hotton.
Bruce Miller, Debbie Miller, Arline and Barbara Iannone, Howard Hunter, Laura Russo, Michael and Margaret Klein, Michael D'Amato, Michael Turchiano, Narciso and Shelly Hernandez, Richard and Kathleen Marotto, Robert and Jeanette Korkuc, Robert and Karen Luntz, Thomas P. Naso, Jules Richard Block and Patricia Clark Block, Greg Greco, Edward and Marisa Greco v. Steven J. Brewer
Case Filed: August 12, 2011; United States Bankruptcy Court Northern District of Illinois Eastern Division Adversary Proceeding No. 11-19828
Case involves losses of $770,000 by twenty five investors in FPA Notes in joint, individual and IRA accounts formally maintained at Brewer Financial Services, LLC. Allegations concern conversion, fraud, and seek a determination of the non-dischargeability of debt.
Bruce Miller, Debbie Miller, Arline and Barbara Iannone, Howard Hunter, Laura Russo, Michael and Margaret Klein, Michael D'Amato, Michael Turchiano, Narciso and Shelly Hernandez, Richard and Kathleen Marotto, Robert and Jeanette Korkuc, Robert and Karen Luntz, Thomas P. Naso, Jules Richard Block and Patricia Clark Block, Greg Greco, Edward and Marisa Greco v. Adam Erickson
Case Filed: August 12, 2011; United States Bankruptcy Court Northern District of Illinois Eastern Division Adversary Proceeding Bankruptcy Case No. 11-B-19347
Case involves losses of $770,000 by twenty five investors in FPA Notes in joint, individual and IRA accounts formally maintained at Brewer Financial Services, LLC. Allegations concern conversion, fraud, and seek a determination of the non-dischargeability of debt.
Michael Pitch, Gregory Pitch and Nicholas Pitch III v. American Capital Partners, LLC and RBC Capital Markets, LLC
Case Filed: June 8, 2011; FINRA # 11-01760
Case involves allegations of forgeries on Letter of Authorities ("LOA's") on wire transfer documentation, lack of supervision of Mark C. Hotton ("Hotton"), the registered representative and Branch Manager assigned to Claimants' Custodial and Individual accounts maintained at American Capital Partners, LLC ("American Capital") and breach of industry standards by RBC Capital Markets LLC, the clearing firm of American Capital. Claimants seek losses of $365,000 from alleged fraudulent wire transfers.
Louis Pitch, Donna Pitch, Michael Pitch, Gregory Pitch and Nicholas Pitch III v. Mark Hotton
Case Filed: May 6, 2011; United States Bankruptcy Court (E.D.N.Y.) Adversary Proceeding No. 8-11-0950 -ast
Case involves claims of conversion, fraud, forgery, false pretenses, false representations and unjust enrichment resulting in damages of $5,363,000 and seeks a determination of non-dischargeability concerning this debt.
Klien Family Partnership, L.P. v. AJW Qualified Partners II, LLC et. al.
Case Filed: November 18, 2010; New York State Supreme Court Index # 021522/10
Case involves the sale of a private investment through a public entity ("PIPE") deal concerning alleged misrepresentations in connection with a $1,000,000 investment through a hedge fund in exchange for a convertible debenture.
John and Deborah Denefrio v. Francisco W. Vaccarella and Investors Capital Corp.
Case Filed: October 11, 2010; FINRA # 10-04721 (New York)
Case involves alleged misrepresentations in connection with a 1035 exchange of two Variable Annuities and seeks recessionary damages of $1,197,737.
Steven and Sherri Schnall v Proshares Trust
Case Filed: April 9, 2010; Index # 10 Civ 3042 United States District Court (S.D.N.Y.)
Case involves the sale of shares in a UltraShort Real Estate ProShares Fund, an exchange traded fund ("ETF") issued in connection with a public offering. The allegations concern alleged misrepresentations in the registration statement in violation of Section 11 of the 1933 Act and breach of contract.
Louis Lazar v. Charles Schwab & Co. Inc.
Case Filed: March 12, 2010; FINRA # 10-01220 (Pennsylvania)
Case involves alleged losses of $82,406 in the Charles Schwab High Yield Fund. Allegations concern the marketing this fund as extremely liquid low risk investment while majority of the Fund was invested in highly risky and illiquid asset backed and mortgage backed securities. While Schwab was recommending to its clients that they maintain their positions in the Schwab High Yield Fund, Schwab allegedly failed to disclose that it was liquidating its position in the Schwab High Yield Fund.
Daniel Violette v. Charles Schwab & Co. Inc.
Case Filed: December 22, 2009; FINRA # 09-07132 (Colorado)
Case involves alleged losses of $159,000 in the Charles Schwab High Yield Fund. Allegations concern the marketing this fund as extremely liquid low risk investment while majority of the Fund was invested in highly risky and illiquid asset backed and mortgage backed securities. While Schwab was recommending to its clients that they maintain their positions in the Schwab High Yield Fund, Schwab allegedly failed to disclose that it was liquidating its position in the Schwab High Yield Fund.
Louis and Donna Pitch v. Mark C. Hotton and Oppenheimer & Co. Inc.
Case Filed: December 18, 2009; FINRA # 09-07047
Case involves claims of conversion, fraud, forgery, selling away, lack of supervision, operation of ponzi scheme, churning, agency, apparent authority and negligence against Oppenheimer & Co. Inc. ("Oppenheimer") and Oppenheimer's former Executive Director- Investments, Mark Hotton ("Hotton"). Allegations concern selling away damages of $4,950,000 and additional damages of $283,000 due to churning. Claims include the transfer of investors' savings into various entities under the direct or indirect control of Hotton including: Trinity Management Consulting Corp., Coastal Partners Storage, Atlantic Senior Associates, Town and Country Storage, 154th St. Corp., Coastal Atlantic Equities and Coastal Partners Associates.
In re: Initial Public Offering Securities Litigation
Index No. 21MC 92 (SAS)
Securities Class Action against 309 issuers and 55 Investment Bank underwriter defendants alleging Federal violations of Section 11 of the Securities Act of 1933 and 10b-5 of the Securities and Exchange Act of 1934 regarding conflicts of interest between securities analysts and investment banking, manipulation, laddering and inappropriate tie-in arrangements in connection with the underwriting and purchase and sale of initial public offerings in 309 different companies from January 1998 through December 2000.
