The Frankowski Firm is investing potential claims for investors suffering from Infinity Q Losses. Infinity Q Diversified Alpha Fund Institutional Class (NASDAQ:IQDNX) and Infinity Q Diversified Alpha Fund Investor Class (NASDAQ:IQDAX). It specifically relates to whether brokerage firm sales practices and due diligence conducted in connection with the recommendations to purchase or hold Infinity Q funds harmed investors.
According to a letter of acceptance, waiver and consent issued by FINRA, from June 3, 2015 to July 31, 2017, Triad Advisors failed to establish and maintain a reasonable supervisory system to achieve compliance with suitability requirements related to switching and short-term trading of Class A share mutual funds and failed to supervise this type of trading. Class A mutual fund shares typically include substantial upfront sales charges, known as “front-end loads.” They generally are suitable only as long-term investments and not short-term trading because an investor usually must hold the A share for a long period of time to account for the front-end load. Mutual fund “switching” occurs when a customer sells mutual fund shares and reinvests the proceeds in another mutual fund, often incurring additional charges and commissions. Frequent short-term purchases and sales of A shares and switching in a customer’s account may be unsuitable because of the frequency of the transactions, the transaction costs incurred, or the [...]
First Standard Financial Advisory, LLC, based in Red Bank, New Jersey, has been sanctioned and barred from doing business in the State of New Jersey based on the New Jersey Bureau of Securities’ findings that First Standard engaged in unauthorized, excessive, and unsuitable trading resulting in almost $8.5 million of commissions, sales charges, and fees. The firm has also agreed to pay restitution to customers who were charged excessive and/or unauthorized fees. According to the Consent Order, First Standard has a history of hiring and retaining agents with histories of regulatory run-ins and customer complaints. The Bureau of Securites found that over half (58%) of First Standard’s agents had disclosures on their regulatory record between 2016 and 2019. The disclosures include customer complaints, arbitration claims, regulatory investigations and actions, liens and judgments, internal investigations by prior firms, and terminations for cause by previous firms. There were thirty-one pending customer complaints against former and current First Standard agents filed between 2018 [...]
An indictment was unsealed in federal court on February 4, 2021, charging GPB Capital Holdings, LLC (“GPB”) with securities fraud, wire fraud, and conspiracy. Those charged include David Gentile, the founder, owner, and CEO of GPB; Jeffrey Lash, former managing partner of GPB; and Jeffry Schneider, the owner and CEO of Ascendant Capital LLC (“Ascendant”). According to the U.S. Attorney General for the Eastern District of New York and the Assistant Director of the FBI, Gentile, Lash, and Schneider engaged in a scheme to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to investors. They allegedly misled investors about the health and performance of their investments and made payments from undisclosed and improper sources. The alleged misleading of investors took place for over three years between August 2015 and December 2018. During that time, the CEOs of GPB and Ascendant worked together to convince investors in Holdings I, Holdings II, and Automotive Portfolio that [...]
