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So far Richard Frankowski has created 573 blog entries.

FBI Raids PhoenixMart HQ In Securities Fraud Investigation

The FBI raided the PhoenixMart headquarters last week in northeast Phoenix. Agents swarmed the building at 7:00 AM on Thursday to investigate possible securities and investor fraud at the company. Agents were not allowed to speak on the raid. However, a spokesperson for the FBI said that the bureau could confirm the raid was ongoing but could not add any more details at the time. PhoenixMart is funded by EB-5 investments, those allowed from foreign entities. The $500,000 buy-in generates conditional visas allowing U.S. residency by the investors and extended family. According to a former PhoenixMart executive said some investors who had purchased homes in Paradise Valley and Scottsdale are now facing deportation for violating visa conditions. The multi-million-square-foot mixed-use project was supposed to have been a major economic boom for the Pinal County community. More than 500 acres were committed to the project, along with significant public improvements. If you or someone you know has lost money as a result of [...]

By |November 23rd, 2015|Fraud, Press Releases & News|
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New York Financial Adviser Sentences In Massive Ponzi Scheme

Scott Valente, a 58-year-old stock broker from upstate New York, was sentenced in federal court today to twenty years imprisonment for defrauding over a hundred investors out of over $10 million. He was also ordered to pay $8.2 million in restitution. He had originally spent that money on vacation homes, jewelry for his wife, and liquor. Four of Valente's victims spoke in court during the sentencing and told the judge how Valente used his family and personal connections to earn their trust and then steal from them. Valente also spoke, calling his actions "greedy, thoughtless, and selfish." He then asked for his victims' forgiveness. Although ordered to pay over $8 million in restitution, the U.S. Attorney's Office believes it is unlikely that the victims will get all the money they lost back. The attorney's office is working to liquidate Valente's assets so his victims can get back what they can. Valente pleaded guilty in May to securities fraud and other [...]

By |November 20th, 2015|Fraud, Press Releases & News|
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AR Capital Halts Creation Of New Nontraded REITs

AR Capital, the massive real estate investment trust sponsor established by Nicholas Schorsch, will cease creating and selling new alternative investment products. “As a result of regulatory and market uncertainty affecting capital raising for both new and existing offerings in the direct investment industry,” AR Capital will stop taking new investor funds for the programs by the end of this year, according to a company statement. These programs include Business Development Corporation of America II, ARC Healthcare Trust III, New York City REIT II, ARC Hospitality Trust and ARC Global Trust II. William Kahane, co-owner of AR Capital, noted the Department of Labor's proposed fiduciary standard and new client account statement pricing standards for nontraded REITs and other alternative investments as reasons for AR Capital's decision to withdraw from the market it used to control. This decision comes mere days after the commonwealth of Massachusetts charged Realty Capital Securities ("RCS") with fraudulently gathering proxy votes to support real estate deals sponsored [...]

By |November 17th, 2015|Press Releases & News|
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Cetera Stops Selling AR Capital REITs

Cetera Financial Group, which is a network of retail brokerages owned by RCS Capital Corporation, has stopped selling ARC-branded real estate investment trusts and other alternative investments. All ten of Cetera's broker-dealers ceased the sale of all AR Capital products until a review of the products is completed. AR Capital products are distributed by Realty Capital Securities, which is a wholesaling broker-dealer also owned by RCS Capital Corporation. Cetera's cessation of sales came the day after Massachusetts charged RCS with fraudulently rounding up proxy votes to support real estate deals sponsored by AR Capital, which is owned by Nick Schorsch and William Kahane. In an administrative complaint, Massachusetts Secretary of the Commonwealth William Galvin claimed agents of RCS impersonated shareholders and cast fake votes for investment programs sponsored by AR Capital. Executives at other independent broker-dealers claim that major clearing firms and other broker-dealers could possibly suspend sales of AR Capital products later this week following the fraud charges against RCS. Joseph [...]

By |November 16th, 2015|Press Releases & News|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.