Disclaimer

**** DISCLAIMER

Any Charges Reported on this blog are Merely Accusations and the Defendants are Presumed Innocent Unless and Until Proven Guilty, through the courts.

August 22, 2015

Financial Aadvising Company Sued for Alleged Securities Fraud and Elder Abuse (CA. USA)


Robbie HargettAug. 14, 2015

Several California residents are suing financial advising company Total Wealth Management over an alleged scheme to obtain funds from its clients under false pretenses.
Albert Calderon, Laurence Gleason, Inga Gleason and Susan Antonucci, among others in the class, filed a class action complaint May 16, 2014, in the Superior Court of California County of San Diego against Total Wealth Management and other defendants in the class, alleging securities fraud, unfair competition, breach of fiduciary duty, constructive trust, conversion and elder abuse.
The complaint alleges that Total Wealth Management and its affiliated companies artificially inflated portfolio values and investors' risk of loss in order to pay themselves higher performance fees.
Plaintiffs seeking to invest in their retirement first heard about TWM's alleged scheme on a San Diego radio program the company conducted.
TWM was also being investigated by the U.S. Securities and Exchange Commission over charges of fraud, which the company did not disclose to investors in the class, according to the complaint.
The complaint states that the plaintiffs would not have invested with TWM had they known the above facts. As a result, the plaintiffs suffered direct financial loss.

The plaintiffs seek damages according to proof and punitive damages on the fraud claims.
SOURCE:     Legal Newsline
______________________________________
Click for Updates, More Cases and Resources
Search LABELS for More Resources

No comments:

DISCLAIMER

Any Charges Reported on this blog are Merely Accusations and the Defendants are Presumed Innocent Unless and Until Proven Guilty.

Search This Blog