Pursuant to a civil action brought by an aggrieved investor against OM Investment Management (“OMIM”), an investment adviser, and its managing member Gignesh Movalia (“Movalia”) in Miami-Dade County, Florida, the Court appointed a Corporate Monitor to “discover, marshal and preserve funds and assets derived from investors.” In turn, the Corporate Monitor has retained Silver Law Group to pursue claims against a large national broker-dealer and clearing firm that allegedly provided the platform for Movalia and his company OMIM to perpetrate a Ponzi scheme.
Silver Law Group recently filed a FINRA arbitration against a large national broker-dealer and clearing firm (collectively the “Respondents”) seeking over $1 million dollars in damages. The arbitration claim alleges that the Respondents permitted Movalia, who has been criminally convicted of securities and investment fraud, and OMIM to cloak their activities with an air of legitimacy by aligning themselves with and using the name and reputation of the Respondents to attract investors. The arbitration claims that Respondents failed to act on red flags concerning the misconduct of Movalia and OMIM and that the Respondents also failed to alert individual clients of Respondents of what they had uncovered as a result of a customer complaint. Specifically, after receiving the customer complaint, the Respondents investigated the situation and decided to cancel their relationship with Movalia and OMIM. However, at no time did Respondents alert its customers of the concerns which permitted the fraud to go unabated until the appointment of the Corporate Monitor.
Silver Law Group has been retained by receivers and corporate monitors to assist in the recovery of losses due to investment fraud or Ponzi schemes. Silver Law Group continues to represent the interests of investors who have been the victims of investment fraud or Ponzi schemes. If you have questions about your legal rights pertaining to your investments or believe you have been a victim of fraud, please contact the attorneys of the Silver Law Group for a free consultation toll free at (855) 755-4799 or ssilver@silverlaw.com.