Monthly Archives: November 2018

DAVID FAGENSON LOSS RECOVERY

Call 303-300-5022 to learn about potential loss recovery for investors of David Fagenson.  Mr. Fagenson was previously with Newbridge, Merrill Lynch and UBS Financial.  Initial consultations are free and most representations are done on a contingency basis.

FINRA, the regulator that oversees securities brokers, alleged that Fagenson engaged in churning and unsuitable trading in the accounts of three senior customers during the period of January 2012 and September 2016.

We believe that the problem could be more widespread.  Churning is rarely restricted to just aInvest photo 2 small percentage of a broker’s clients.  An average broker usually has over 100 investors in that broker’s book of business.

Also, Fagenson has a long history of actions that question his veracity and ability to hand the savings of others.  In addition to a felony charge in 2010, Fagenson has been the subject of eight investor lawsuits/complaints, three regulatory actions, a termination of brokerage employment for cause, and one bankruptcy.

The history of Fagenson raises questions of how he was supervised and whether he should have ever been hired by the aforementioned brokerages.  UBS has acknowledged his issues and that he Fegenson required heightened supervision.  However, even that was not enough in light of the many red flags that existed.

Jeffrey Pederson is a private attorney handling FINRA arbitration cases for investors to obtain loss recovery.

 

 

 

Blockchain Fund Loss Recovery

Investors suffering Blockchain fund losses should call 303-300-5022 about potential loss recovery.  Initial consultations are free and representations largely handled on a contingency basis.

During the week of November 19, 2018 Bitcoin lost one-third of its value and was down 80% of its value from its peak at the end of 2017.   This reflects the larger downturn in Crypto and Blockchain investments.

Blockchain investments were inherently speculativeinvestingstockphoto 1.  When such investments were sold by an investment professional, that professional had a duty to only sell to investors looking to speculate, and not investors needing the funds for things such as retirement or educational expenses.

We are looking to speak to investors suffering losses in a variety of Blockchain ETFs and related companies.  This includes losses in Amplify Transformational Data Sharing ETF (BLOK), Reality Shares Nasdaq NexGen Economy (BLCN), First Trust Indxx Innovative Transaction & Process ETF (KOIN), Rex BKCM ETF (BKC), and Reality Shares Nasdaq NexGen Economy China (BCNA).  Additionally, losses in Overstock (OSTK) are also being investigated.

Douglas Simanski Fraud

Investors of Douglas Simanski should call 303-300-5022 for a free and confidential consultation with a private attorney.

FBIFederal regulators allege that Douglas Simanski raised more than $3.9 million from approximately 27 of his brokerage customers and investment advisory clients by telling them that he would invest their money in either a “tax-free” fixed rate investment, a rental car company, or one of two coal mining companies in which Simanski claimed to have an ownership interest.

The investors were largely in the Altoona, PA area.  Most of the investors were elderly.

The Securities and Exchange Commission (SEC) filed a civil action in the United States District Court for Western Pennsylvania on November 2, 2018.  The complaint describes the fraudulent scheme of Simanski and seeks civil penalties and disgorgement.

As stated in the SEC  complaint, “Simanski convinced some of his most trusting and vulnerable clients, many of them retired or elderly, to invest their money while knowing the investments were not legitimate, that he would make virtually no securities investments on their behalf, and would instead use their money for personal expenses or to repay other investors.”

Simanski placed investor funds in brokerage and bank accounts that Simanski opened in his wife’s name.  He would then use the life savings of his investors for his own personal needs.

The record of Simanski shows that his employers ultimately discovered the wrongdoing after investors brought the matter to the attention of regulators.