Silver Law Group Investigates CONCERT Wealth Management, Summit Advisor Solutions, Private Advisory Group and other RIAs who Sold Aequitas Securities Amidst SEC Allegations of it Running a “Ponzi-like” Scheme

Silver Law Group is investigating numerous registered investment advisors (“RIAs”) connected to Oregon-based Aequitas Management, LLC’s (“Aequitas”) “Ponzi-like” scheme and $350 million of investor losses.

On March 10, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against Aequitas and its various subsidiaries, which Silver Law Group recently released here (insert hyperlink). The complaint’s most damning allegations include Aequitas defrauded over 1,500 investors nationwide between Jan. 2014 and Jan. 2016 of more than $350 million as a last-ditch effort to raise funds to save it from complete financial collapse. This “Ponzi-like” scheme defrauded investors while the most senior executives used the investments to fund their lucrative salaries and extravagant company perks, according to the complaint.

Amidst further research, Silver Law Group has discovered that numerous RIAs have been connected with the fraudulent Aequitas, including:

A news report by RIABiz highlights eye-raising relationships between some of these firms and the Aequitas network. CLA Wealth Advisors’ CEO, Tony Hallada, made multiple cameos in Aequitas promotional videos. Additionally, CLA Wealth Advisors owns 49 percent of Innovator Management, with the majority ownership belonging to Aequitas and its CEO Robert Jesenik.

According to the same report above, the most vocal person amidst this entire calamity has been Private Advisory Group financial advisor Chris Bean. Private Advisory Group’s $128 million in unsecured notes represents about 40 percent of all outstanding Aequitas notes, and Bean seems to be trying to get ahead of the onslaught of litigation that is sure to commence amidst the negligent recommendations of these risky unsecured notes.

Much is amiss regarding Aequitas and the RIAs that recommended investing in it or any of its entities, and 1,500 investors have been left to deal with the wreckage. Silver Law Group has represented many investors nationwide who have collectively lost millions of dollars due to financial advisors recommendations to invest without conducting the proper diligence on the products purchased.

If you invested in Aequitas Management LLC; Aequitas Commercial Finance, LLC; Aequitas Holdings, LLC; Aequitas Capital Management, Inc.; Aequitas Investment Management, LLC; with any of the RIAs listed above or not mentioned, you may be entitled to recover some or all of your investment losses. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.