The Securities and Exchange Commission alleged New York-based Premier Links, Inc., its former president, and two cold callers formed a fraudulent boiler room scheme targeting retirees and elderly to invest in speculative or high risk companies with limited or no real chance of making a profit.
The SEC alleges that Dwayne Malloy, Chris Damon, and Theirry Ruffin victimized vulnerable older investors using investors’ money for their own personal gain. Premier Links Inc. cold called investors using high-pressure sales tactics to convince seniors to invest in companies which would soon have initial public offerings (IPOs). They never disclosed to the investors that only a small fraction of the money would be transmitted to the promoted companies, and Premier Links diverted investor funds to other entities controlled by the sales representatives or other associates for their own use and benefit.
Premier Links, Malloy, Damon, and Ruffin were never registered with FINRA or as stockbrokers and fraudulently obtained over $8 million from more than 300 victims across the USA by building a relationship of purported trust and confidence with them. The SEC alleges that the defendants rarely even invested the money in the companies they were pitching.
According to the SEC, “Premier Links was a boiler room operated by unscrupulous schemers who made their living by cold-calling seniors and inducing them to buy worthless stock as they stole their money outright.” Penny stock fraud is still dominant on Wall Street and skilled cold callers utilize sales scripts to lure in unsuspecting investors.
We are currently involved in multiple FINRA arbitration claims against brokerage firms for mismanagement of elderly investors’ accounts and/or improper conflicts of interest between the financial advisor and the customer. We routinely work closely with estate planning attorneys to help resolve disputes between family members regarding the management of an elderly family member’s financial affairs and we are frequently consulted regarding the improper sale of securities or mismanagement of the portfolio by a fiduciary, trustee or other trusted advisor.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Our attorneys have significant experience representing investors in securities arbitration claims. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.