A National Securities Arbitration & Investment Fraud Law Firm

$70 MILLION Recovery for Investment Fraud
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Public Justice

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Vipshop Holdings, a Chinese e-commerce company has sued Goldman Sachs and Morgan Stanley in New York accusing both companies of utilizing inside information to dump blocks of shares of two companies under Archegos Capital Management earlier this year after the firm defaulted on margin calls in March of 2021. Vipshop accuses both firms of knowing in advance that Archegos’ collapse was imminent, long before the information became public. In order to minimize their losses, the firms sold their shares prior to the news of the Archegos collapse. By doing so, the firms both avoided losses they would have suffered had they waited. Most of the shares sold by the firms were from two companies: Baidu Inc., a large Chinese tech company specializing in artificial intelligence (AI), Farfetch Ltd, an e-commerce company based in London that sells high-end luxury goods from boutiques around the world. Goldman Sachs and Morgan Stanley sold off these stocks between March 22, 2021, and March 29, 2021. Both firms knew that once the news became public that Archegos was unable to meet the margin call, they would be required to sell their stock in both Baidu Inc. and Farfetch Ltd. at a substantial loss. By selling large blocks of the two company’s stocks ahead of time, both firms avoided these losses, at the expense of other investors.

Vipshop Holdings, a Chinese e-commerce company has sued Goldman Sachs and Morgan Stanley in New York accusing both companies of utilizing inside information to dump blocks of shares of two companies under Archegos Capital Management earlier this year after the firm defaulted on margin calls in March of 2021. Continue reading ›

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The Securities and Exchange Commission (SEC) is investigating GWG Holdings $2 billion L Bond, according to GWG’s annual filing in November, 2021 for the previous year. GWG Holdings (GWGH) is a Texas-based financial services firm that offers alternative investments, life insurance, and other services. The company has missed important SEC filing deadlines, and has not yet filed financial statements for the first 3 quarters of 2021, causing Nasdaq to threaten to delist the company. The company had previously declined to comment when asked about an SEC investigation. Now they confirm that the commission is conducting an investigation and has subpoenaed information related to the company’s products, L Bonds, and accounting. GWG stated that it is currently not able to raise money, is losing money, and that the SEC’s investigation is delaying its business plans and could damage its reputation and result in fines and legal costs. A report from an external auditor said that GWG’s internal controls over its financial reporting showed insufficient accounting policies and led to restating financial statements. GWG says it is cooperating with the investigation and that the SEC also asked about their financial reporting consolidation with Beneficient Company Group LP.The Securities and Exchange Commission (SEC) is investigating GWG Holdings $2 billion L Bond, according to GWG’s annual filing in November, 2021 for the previous year.

GWG Holdings (GWGH) is a Texas-based financial services firm that offers alternative investments, life insurance, and other services. Continue reading ›

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Silver Law Group is headquartered in Coral Springs/Parkland, Florida and represents Ponzi scheme victims nationwide. Our securities and investment fraud attorney’s frequently meet with investors in our offices to discuss how we can help recover investment losses. Parkland Talk’s recently featured a story about a local resident who allegedly operated a Ponzi scheme in south Florida and the impact it has had on residents. The story is summarized below. Would you consider investing in something if it came from the soccer coach of your child or grandchild?  For 61-year-old Gil J. Peter, having preschool children and coaching soccer and flag football was an excellent marketing method for his alleged fraudulent Ponzi scheme. Peter’s “income” from his version of the Ponzi paid for his high-flying lifestyle at the expense of several parents. Some of the victims have children with serious illnesses and were looking for a way to increase their income to help pay medical expenses. Peter offered them a “one percent investment” in a medical clinic in New Jersey. However, it didn’t take long for the “investors” to discover that they lost money in a Ponzi scheme.Silver Law Group is headquartered in Coral Springs/Parkland, Florida and represents Ponzi scheme victims nationwide. Our securities and investment fraud attorney’s frequently meet with investors in our offices to discuss how we can help recover investment losses. Parkland Talk’s recently featured a story about a local resident who allegedly operated a Ponzi scheme in south Florida and the impact it has had on residents. The story is summarized below. Continue reading ›

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Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. FINRA’s Department of Enforcement filed a complaint against Parikh alleging unsuitable recommendations and excessive trading that led to over $33,000 in losses while generating considerable commissions, including $89,000 for himself. Although none of the accounts were discretionary accounts, Parikh traded as if they were. Therefore, he had de facto control over all his customer accounts. Parikh recommended active short-term trading to these customers with the use of a margin. He failed to consider the costs associated with this type of trading, nor the interest use cost associated with using the margin. This allowed him to trade more often but at a higher cost to the customers. Kishan Parikh also executed trades for two of his customers that had a total principal value of $4.2 million, and that he did not call the customers on the date of the trades.Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. Continue reading ›

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Clyde Jensen (Clyde Anthony Jensen CRD:#5658476) is a registered broker and investment advisor whose last known employer was TD Private Client Wealth LLC (CRD#:164484) of Tampa, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095) of Valrico, FL, Ameriprise Financial Services, Inc. (CRD#:6363) of Fort Meyers, FL, and Morgan Stanley (CRD#:149777) of Tampa, FL. He has been in the industry since 2009. While employed with Ameriprise, a client in her 90s notified Jensen that she wanted him to be the beneficiary of her trust. The trust consisted of nine securities, and at the time was worth $600,000. When Jensen notified his supervisor, the supervisor informed him that the firm’s rules prohibited him and/or his family members to become beneficiaries of a client’s estate. He did so anyway, meeting with the client and her attorney, successor trustee and primary beneficiary of the client’s trust to make Jensen the primary beneficiary and his children as the contingent beneficiaries. Jensen failed to notify Ameriprise, and falsely claimed on compliance documentation that he was not a beneficiary for anyone’s estate.Clyde Jensen (Clyde Anthony Jensen CRD:#5658476) is a registered broker and investment advisor whose last known employer was TD Private Client Wealth LLC (CRD#:164484) of Tampa, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095) of Valrico, FL, Ameriprise Financial Services, Inc. (CRD#:6363) of Fort Meyers, FL, and Morgan Stanley (CRD#:149777) of Tampa, FL. He has been in the industry since 2009. Continue reading ›

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Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Maxim Beliakov (CRD:# 5968432) is a former registered broker whose last employer was Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY, and Chelsea Financial Services (CRD#:47770), also of Staten Island. He has been in the industry since 2011.Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Continue reading ›

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If your financial advisor or broker sold you shares of Chegg, Inc. (CHGG), Silver Law Group may be able to help you recover your investment losses. If you have losses from investing in Chegg, Inc (CHGG), please contact Silver Law Group today for a no-cost consultation about options to recover your losses at (800) 975-4345 or at ssilver@silverlaw.com. Chegg, Inc. is an education technology company based in California that held its initial public offering (IPO) in 2013 and trades under the symbol CHGG. The company's stock has recently experienced a significant decline in its share price. After market close on November, 1, 2021, Chegg released disappointing earnings for the third quarter. The next day the stock closed down about 50% from the previous day. As of this writing, the stock trades at about $30 per share and has a market cap of $4.4 billion. Pearson Education, a textbook publishing company, recently filed suit against Chegg alleging the company is infringing on Pearson’s copyright. The lawsuit was brought months after the end of a partnership between the two companiesIf your financial advisor or broker sold you shares of Chegg, Inc. (CHGG), Silver Law Group may be able to help you recover your investment losses.

If you have losses from investing in Chegg, Inc (CHGG), please contact Silver Law Group today for a no-cost consultation about options to recover your losses at (800) 975-4345 or at ssilver@silverlaw.com. Continue reading ›

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