Class Action

Silver Law Group Reminds Shareholders with Investments Losses in Cancer Genetics, Inc. of Class Action Lawsuit and Upcoming Deadline – CGIX

June 4, 2018 | Silver Law Group

Silver Law Group announces that a class action lawsuit has been filed against Cancer Genetics, Inc. (“Cancer Genetics” or the “Company”) (CGIX) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 18-cv-06353, is on behalf of a class consisting of investors who purchased or otherwise acquired Cancer Genetics securities between March 23, 2017 through April 2, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Cancer Genetics securities between March 23, 2017, and April 2, 2018, both dates inclusive, you have until June 4, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. To discuss this action, contact Scott L. Silver at ssilver@silverlaw.com or (800) 975-4345 toll-free. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

Cancer Genetics is a diagnostics company focused on the development and commercialization of proprietary genomic tests and services to improve the diagnosis, prognosis, and response to treatment (theranosis) of cancer. Cancer Genetics went public in 2013 raising approximately $6,000,000. The lead underwriters were Aegis Capital Group and Feltl & Company, Inc.

Scott Silver Participates in the University of Miami School of Law Class Action Forum

February 13, 2018 | Silver Law Group

On December 8, 2017, the University of Miami School of Law held its annual class action forum. Of particular interest was hot topics in class action and mass torts plus a keynote speech from the attorney representing many NFL players in litigation relating to concussions.

Scott Silver is a 1996 graduate of Miami Law School and an active member of the Law School alumni program. In 2016, Silver Law Group was instrumental in helping the University of Miami Investor Rights Clinic receive a $107,000 Cy Pres Award from one of our class actions relating to the U.S. Pension Trust Corp. fraud which resulted in a substantial recovery for our clients.

The Investor Rights Clinic is an important program which teaches students about securities arbitration while helping investors, who may not be able to find counsel, pursue FINRA arbitration claims for securities and investment fraud. Scott Silver is a frequent lecturer at investor rights clinics around the country including University of Miami and Albany Law School in New York.

Plot Thickens in Aequitas Saga; Investors File Suit Against Tonkon Torp, Deloitte

April 9, 2016 | Silver Law Group

Aequitas Capital Management investors filed a class action lawsuit on April 4, 2016 against Portland law firms Tonkon Torp and Sidley Austin and the accounting firms Deloitte & Touche and EisnerAmper, claiming the firms enabled the massive Ponzi scheme.

The April complaint (the “Complaint”) has been brought on the heels of a complaint the Securities and Exchange Commission (“SEC”) filed against Oregon-based Aequitas and its principals in March. Silver Law Group is currently investigating claims against Aequitas and Registered Investment Advisor (“RIAs”) firms with respect to possible violations of federal securities.

The Complaint alleges that the aforementioned firms are responsible to pay for the investors losses because they aided in the unlawful sales of Aequitas securities after Aequitas made numerous “extensive and pervasive” misrepresentations.

Paul A. Posillico Permanently Barred from Securities Industry

December 10, 2015 | Silver Law Group

Paul A. Posillico Permanently Barred from Securities Industry on silverlaw.com

Numerous allegations and failure to respond to FINRA requests drive decision

After 10 years in the securities industry, Paul Posillico has been permanently barred from practicing as a financial broker or investment advisor. During his ten years of buying and selling securities on behalf of customers and providing advice about securities to clients, Posillico had more than 9 allegations of broker misconduct made against him.

According to FINRA’s BrokerCheck report on Posillico, the broker was barred from the securities industry for “failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

FINRA Bars Broker Michael Talin From Securities Industry

December 7, 2015 | Silver Law Group

FINRA Bars Broker Michael Talin From Securities Industry on silverlaw.com

Allegations include elder financial fraud, misappropriation of funds and unsuitable recommendations

Michael Talin, a former broker associated with Woodbury Financial Services, has been barred from the securities industry by FINRA after failing to cooperate with agency investigators. An investigation was launched after customers alleged that he misappropriated and converted more than $300,000 in customer funds.

According to the BrokerCheck report, Woodbury Financial discharged Talin after he failed to disclose three tax liens and civil complaints against him to the firm. He had previously been registered with Woodbury’s Seal Beach branch in California since 1998 and had worked in the Los Alamitos location since the year 2000.

FINRA Takes Action Against Cantone Research

November 24, 2015 | Silver Law Group

FINRA Takes Action Against Cantone Research on silverlaw.com

Allegations include misrepresentation in sales of $8 million of promissory notes

On Friday, November 20, 2015, FINRA filed a complaint against Cantone Research and its president Anthony J. Cantone. The action against Cantone is for fraud in relation to the execution of promissory notes on behalf of Christopher Brogdon, who is currently being charged by the SEC for fraud, multiple SEC violations, commingling and misappropriation of funds.

According to FINRA, Cantone sold more than $8 million of COP in five promissory notes and all but one of the notes have already defaulted with losses estimated at $6 million—while Cantone and his firm, Cantone Research, collected more than $1 million in payments for fees and commissions.

FINRA Files Complaint Against Advisor Valentino Infante

November 23, 2015 | Silver Law Group

FINRA Files Complaint Against Advisor Valentino Infante on silverlaw.com

Broker failed to disclose outside business practices and refused to provide testimony after a FINRA request

In July of 2015, FINRA’s Department of Enforcement filed a complaint against Florida-based financial advisor Valentino Infante and barred him from associating with any FINRA member firm. According to the allegations, they found that the broker refused to cooperate with request for testimony in connection with this investigation, and that he provided misleading and false information to a FINRA member firm such as failing to disclose his outside business practices to his employer, Wells Fargo, as well as engaging in selling away in violation of firm policies. Brokers have a responsibility to disclose certain information about their activities to a licensed firm they work with and to cooperate with any FINRA investigations, if necessary.

According to the complaint, Infante solicited one client to provide funding for a limited liability company known as IMonsters Machinery. The purpose of this company was to buy and resell tractors. Infante was the sole proprietor of this business, but he did not make this clear to the investor and he did not share this with his employing firm, Wells Fargo.

FINRA Bars David Levy From Practicing as a Financial Advisor

November 13, 2015 | Silver Law Group

FINRA Bars David Levy From Practicing as a Financial Advisor on silverlaw.com

Disciplinary history involves alleged churning and misrepresentation

David Levy was barred by FINRA from acting as a broker in any capacity on June 26. This bar was a direct result of his alleged failure to respond to a FINRA request for information, according to FINRA, but it follows a career marred by allegations of unauthorized trading and breaches of fiduciary duty.

In July 2014, Levy was named in a FINRA complaint alleging that he was involved in churning, or the excessive buying and selling of securities with the intent to generate commission for the broker without benefiting the investor, according to FINRA’s Broker Check.

Indiana-based Broker Thomas Joseph Buck Permanently Barred by FINRA

October 26, 2015 | Silver Law Group

Indiana-based Broker Thomas Joseph Buck Permanently Barred by FINRA on silverlaw.com

Allegations include misrepresentation and other misconduct

Thomas Joseph Buck’s 33-year career in the securities industry, beginning with Merrill Lynch, Pierce, Fenner & Smith, Inc (Merrill Lynch) in December 1981 is now over. According to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement document filed on July 24, 2015, Buck allegedly engaged in misrepresentations and other misconduct while handling client accounts.

According to the filing, beginning in at least 2009, Buck engaged in unethical and improper business practices that increased his status as a top-producing broker. It is alleged that Buck placed customer assets in commission-based accounts that resulted in higher commission-earnings on his part, even though Buck knew customers would have paid less to maintain fee-based accounts. In addition, Buck allegedly not only misled customers in the relative costs associated with these accounts, he exercised discretion in customer accounts without written or oral authorization and made unauthorized trades in certain customer accounts.

Broker Bradley Drude Suspended and Fined due to Undisclosed Conflict of Interest

October 17, 2015 | Silver Law Group

Drude’s failure to disclose details surrounding fraud of elder investor drives FINRA action

In response to allegations surrounding his relationship with an elderly investor, Louisiana-based broker Bradley Drude agreed to an Offer of Settlement to FINRA in which he was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for six months, according to the FINRA Disciplinary Action report.

It is alleged that Drude failed to disclose that an elderly client had named him as executor and beneficiary in her will and granted him general power of attorney. It is also alleged that he typed a new will for the client naming himself as such and drove the client to a notary’s office to have her sign it—all without the involvement or assistance of the client’s attorney. The estate was valued at approximately $3 million. When the client requested a change to the will, it is alleged that Drude prepared a codicil to the will, but did not drive the client to the notary to have it notarized, knowing it would be invalid without notarization.