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Articles Posted in Investment Fraud

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Bonitas Research recently published a new report on AgEagle Aerial Systems, Inc. (UAVS) revealing that the company is not all it claims to be, and actively worked to defraud US investors. In its release, Bonitas stated:   “We believe that AgEagle Aerial Systems Inc.’s (“UAVS”, “AgEagle”, or the “Company”) was a pump & dump scheme orchestrated by Alpha Capital Anstalt (“Alpha Capital”), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” Based in Witchita, KS, AgEagle is a company that manufactures drones (unmanned aerial systems) and offers drone solutions for a range of different industries, including agriculture. Their website includes a description of their drone delivery work that the company has worked on since 2019. Although Amazon is not specifically mentioned, the web page includes a picture of a non-branded packing box flying under a drone.Bonitas Research recently published a new report on AgEagle Aerial Systems, Inc. (UAVS) revealing that the company is not all it claims to be, and actively worked to defraud US investors.

In its release, Bonitas stated:

“We believe that AgEagle Aerial Systems Inc.’s (“UAVS”, “AgEagle”, or the “Company”) was a pump & dump scheme orchestrated by Alpha Capital Anstalt (“Alpha Capital”), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” Continue reading ›

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Social media has become an integral part of modern culture. It’s the place where we can keep in touch with friends, relatives, and people you met long ago. You can meet people with shared interests, learn new things, swap stories, and ask for advice. Facebook, LinkedIn, and other similar sites have group functions for like-minded people to gather to share and discuss. Silver Law Group’s managing partner, Scott Silver, is a frequent news commentator speaking about current events relating to investing. Scott appeared in multiple news outlets including CNBC discussing the trading around Gamestop and the perceived relationship between wall street v main street. Just like “reality TV” and those gossip magazines at the grocery checkout, not everything on social media is what it seems. Psychology offers many answers as to why so many people believe everything they see and read without asking questions. For instance, “influencers” are those who post frequently about their life and lifestyle, and frequently receive paid sponsorships and other compensation in return. However, not all of these “influencers” are telling the truth about their lives, and taking pictures for social media that aren’t completely accurate. Researching financial related information can be just as inaccurate no matter where it’s found. That’s why it’s important to have a strong understanding about any securities purchases you’re considering, as well as reliable sources before making any decision. This includes anything from your stockbroker and/or financial advisor. If you’re just a casual investor who doesn’t have the experience of a more sophisticated investor, you’re taking a gamble with the risk of losing not only your investment capital, but more.   The Securities And Exchange Commission recently published an investor alert discussing stock information on social media. Keep this in mind when researching stocks, securities, or other financial information.Social media has become an integral part of modern culture. It’s the place where we can keep in touch with friends, relatives, and people you met long ago. You can meet people with shared interests, learn new things, swap stories, and ask for advice. Facebook, LinkedIn, and other similar sites have group functions for like-minded people to gather to share and discuss. Continue reading ›

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Bill Hightower (William Andrew “Bill” Hightower CRD#: 2152369) is a former registered broker and investment advisor whose last known employer was Legacy Asset Securities, Inc. (CRD#:47644) of Houston, TX. His previous employers include UBS Financial Services Inc. (CRD#:8174) and RBC Dain Rauscher Inc. (CRD#:31194), also of Houston, and A. G. Edwards & Sons, Inc. (CRD#:4), of St. Louis, MO. He has been in the industry since 1991. The Securities & Exchange Commission (SEC) found that Bill Hightower was, while employed for Legacy Asset Securities, also the CEO of Hightower Capital Group (HCG). HCG was his own private and unregistered company where he conducted business away from Legacy. The SEC investigation found that Hightower transferred sums of money from two clients into HCG under the guise of “investment.” On 3/14/2015, Hightower transferred $800,000 into the HCG accounts. Then on 1/14/2015, he transferred $900,000 from a second client’s account into HCG. Both transfers were used to pay previous “investors” in HCG, as well as for personal expenses.Bill Hightower (William Andrew “Bill” Hightower CRD#: 2152369) is a former registered broker and investment advisor whose last known employer was Legacy Asset Securities, Inc. (CRD#:47644) of Houston, TX. His previous employers include UBS Financial Services Inc. (CRD#:8174) and RBC Dain Rauscher Inc. (CRD#:31194), also of Houston, and A. G. Edwards & Sons, Inc. (CRD#:4), of St. Louis, MO. He has been in the industry since 1991. Continue reading ›

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Bit Digital, Inc. (BTBT) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors. If you have losses from investing in Bit Digital, Inc. (BTBT) during the class period between December 21, 2020 and January 8, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Allegations In The Class Action The complaint alleges that throughout the class period Bit Digital exaggerated the scope of its Bitcoin mining operations, and because of that their positive statements about the company and its prospects were misleading or lacked reasonable basis. The class action lawsuit claims that investors suffered damages after the true details became known to the market. A class has not yet been certified in the action against Bit Digital. If you would like to be a lead plaintiff/class representative, you need to move the court before March 22, 2021. Bit Digital, Inc. (BTBT) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors.

If you have losses from investing in Bit Digital, Inc. (BTBT) during the class period between December 21, 2020 and January 8, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Continue reading ›

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CleanSpark, Inc. (CLSK) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors. If you have losses from investing in CleanSpark, Inc. (CLSK) during the class period between December 31, 2020 and January 14, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Allegations In The Class Action The class action complaint alleges that CleanSpark made false and/or misleading statements throughout the class period and didn’t disclose to investors that the company overstated figures for contracts and customers, and that some of the company’s transactions involved undisclosed related party transactions. Because of that, it is alleged that the company’s statements about its operations and prospects were materially false.CleanSpark, Inc. (CLSK) is the subject of a class action lawsuit filed on behalf of shareholders. The class action lawsuit concerns alleged violations of federal securities laws and seeks to recover damages for investors.

If you have losses from investing in CleanSpark, Inc. (CLSK) during the class period between December 31, 2020 and January 14, 2021, contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com. Continue reading ›

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The Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy is urging investors to be on high alert to avoid falling victim to investment fraud. A December, 2020 press release from the SEC stated that they had experienced a “significant uptick in tips, complaints, and referrals involving investment scams” and warned that turbulent times, such as the COVID-19 pandemic, are prime opportunities for fraudsters to try to victimize investors. The press release included tips to help investors avoid the following fraudulent investment scams:The Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy is urging investors to be on high alert to avoid falling victim to investment fraud.

A December, 2020 press release from the SEC stated that they had experienced a “significant uptick in tips, complaints, and referrals involving investment scams” and warned that turbulent times, such as the COVID-19 pandemic, are prime opportunities for fraudsters to try to victimize investors. Continue reading ›

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Investors in Northstar Financial Services (Bermuda) are beginning to realize that their investments in the companies’ products are unlikely to deliver as promised by their financial advisers. Northstar is now in bankruptcy and investors are expected to lose a substantial percentage of their principal. Unfortunately, Northstar—which invested in insurance and investment products—has suspended monthly income payments, is unable to honor liquidation and surrender requests, and may never be in a financial position to return investors’ principal funds. Northstar utlitzed brokerage firms throughout the US to market and sell its products.  Among others, brokers at SunTrust Investment Services, Ocean Financial Services, LLC, and Bankoh Investment Services, Inc. were recommending Northstar Financial Services (Bermuda) investments. Investors have alleged that brokers were pitching Northstar Financial Services (Bermuda) investments as conservative investments that were similar to bank CDs.  Allegations include promises of guaranteed monthly income and no risk of loss of principal.Investors in Northstar Financial Services (Bermuda) are beginning to realize that their investments in the companies’ products are unlikely to deliver as promised by their financial advisers. Northstar is now in bankruptcy and investors are expected to lose a substantial percentage of their principal. Continue reading ›

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Silver Law Group is investigating possible claims related to investments in a variety of investment and insurance products offered by Northstar Financial Services (Bermuda) Ltd. Some of the investments offered by Northstar Financial Services (Bermuda) include, but are not limited to: Global Interest Accumulator Global Advantage Plus Series Global Advantage Select Global VIP Elite Global Index Product Northstar Financial Services investments were sold by various financial advisors, have experienced suspension of monthly income payments, prolonged illiquidity, and have lost nearly the entirety of their value due to the recent collapse of Northstar Financial Services. Background On Northstar Financial Services (Bermuda) Ltd. Northstar Financial Services was established in the late 1990s to offer fixed-rate and variable-rate investment and annuity products while based in Bermuda, offering supposed tax benefits in comparison to—for example—certain US-based investment products.Silver Law Group is investigating possible claims related to investments in a variety of investment and insurance products offered by Northstar Financial Services (Bermuda) Ltd. Some of the investments offered by Northstar Financial Services (Bermuda) include, but are not limited to:

  • Global Interest Accumulator
  • Global Advantage Plus Series
  • Global Advantage Select
  • Global VIP Elite
  • Global Index Product

Continue reading ›

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Scott Silver, Silver Law Group’s managing partner, was interviewed by the South Florida Business Journal about the lawsuits his firm has filed on behalf of investors in Coral Gables Asset Management, a Miami hedge fund owned by David Coggins that he is alleged to have misappropriated money from. David Coggins told investors and potential investors that he had a successful hedge fund. He backed up his claims with independent auditors reports that showed millions in assets under management and a record of consistently outperforming the market. Now Coggins’ statements are alleged to have been false and misleading, and it appears that he spent hundreds of thousands of investor dollars on BMW car payments, shopping, travel, and his divorce attorney.Scott Silver, Silver Law Group’s managing partner, was interviewed by the South Florida Business Journal about the lawsuits his firm has filed on behalf of investors in Coral Gables Asset Management, a Miami hedge fund owned by David Coggins that he is alleged to have misappropriated money from. Continue reading ›

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Miami-Based David Coggins Accused of Perpetrating Alleged Securities Fraud Silver Law Group is continuing to investigate and has now filed several lawsuits on behalf of victims of an alleged hedge fund fraud perpetrated by David Coggins, who investors claim operated a bogus hedge fund named Coral Gables Capital, LP and/or Coral Gables Asset Holdings, LP. Coggins managed these “funds” through his company Coral Gables Asset Management, LLC. Coggins has spent the last few years soliciting investments for his hedge fund, which investors now contend was a total fraud through which Coggins stole investors’ funds. Among other things, in Silver Law Group’s pending cases, investors have alleged: Coggins contacted prospective investors by sharing fake marketing materials and performance data which made Coggins’ fund, Coral Gables Capital and/or Coral Gables Asset Holdings, seem as if it was generating substantial returns over the past few years. Coggins even created fake audit reports and a compliance manual intended to dupe investors into believing they were dealing with a legitimate, established hedge fund with millions in assets under management.Miami-Based David Coggins Accused of Perpetrating Alleged Securities Fraud

Silver Law Group is continuing to investigate and has now filed several lawsuits on behalf of victims of an alleged hedge fund fraud perpetrated by David Coggins, who investors claim operated a bogus hedge fund named Coral Gables Capital, LP and/or Coral Gables Asset Holdings, LP. Coggins managed these “funds” through his company Coral Gables Asset Management, LLC. Continue reading ›

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