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Financial advisor Henry Wieniewitz customer complaints

The Wolper Law Firm, P.A. Has Filed A $1.8 Million Lawsuit Against Trae Wieniewitz, Wieniewitz Financial, LLC And Wieniewitz Wealth Management, LLC For The Unlawful Sale Of 1st Global Promissory Notes

The Wolper Law Firm, P.A. announces that it has filed a lawsuit against Henry Wieniewitz a/k/a Trae Wieniewitz and his advisory firm, Wieniewitz Financial a/k/a Wieniewitz Wealth Management, in Knoxville, Tennessee.  The lawsuit, filed on behalf of a group of investors, seeks damages of nearly $1.8 million. The Wolper Law Firm is separately representing investors in different parts of the country against financial advisors who unlawfully recommended that their clients invest in unregistered promissory notes issued by 1st Global.

The Complaint seeks damages for violation of Chapter 48 of the Tennessee Securities Act, negligent misrepresentation, negligence and breach of fiduciary duty predicated on Defendants’ unlawful recommendation that Plaintiffs collectively invest $1,783,373 in unregistered (non-exempt) promissory notes issued by 1st Global Capital, LLC and/or 1st West Capital, LLC (collectively referred to as “1st Global Notes”).

1st Global is a direct merchant lender to small businesses.  In order to finance the loans, 1st Global raised money from outside investors through the issuance of promissory notes (i.e., the “1st Global Notes”).  1st Global utilized a network of registered and unregistered sales agents to market, promote and sell the 1st Global Notes.  Wieniewitz was one of those sales agents and, according to records filed in the bankruptcy proceeding for 1st Global, was paid sales commissions of more than $932,000.

It is alleged that that Mr. Wieniewitz touted the safety of 1st Global Notes and aggressively recommended that the Plaintiffs, all conservative investors, to invest in 1st Global Notes.  Wieniewitz represented that the 1st Global Notes were short-term, low-risk investment alternatives that were “guaranteed” to return 7%-9% and likely much higher.  Many of the investors were elderly and/or nearing the age of retirement.

To induce the purchase of 1st Global Notes, Mr. Wieniewitz invited investors to attend exclusive, all expenses paid dinners at Ruth’s Chris, where he likened 1st Global to business giants, Amazon and PayPal.  Wieniewitz often used a white board or other demonstratives to convince investors that the stock market was an unsafe place for retirement money and, by contrast, 1st Global Notes were safe with no risk of default.  Wieniewitz neither disclosed that the 1st Global Notes were not registered nor that 1st Global was being investigated for, among other things, securities fraud.  In this regard, Wieniewitz failed to conduct any reasonable measure of due diligence.

If you or someone you know were sold promissory notes issued by 1st Global Capital or 1st West Capital, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.

Did You Invest In 1st Global Capital Or 1st West Capital Through Henry Wieniewitz a/k/a Trae Wieniewitz Or Wieniewitz Wealth Management a/k/a Wieniewitz Financial In Knoxville, Tennessee

The Wolper Law Firm is currently investigating claims against Henry Wieniewitz a/k/a Trae Wieniewitz and his advisory firm, Wieniewitz Financial a/k/a Wieniewitz Wealth Management, in Knoxville, Tennessee.  The Wolper Law Firm has been contacted by investors of Trae Wieniewitz and his advisory firm, Wieniewitz Financial, who were sold unregistered promissory notes issued by 1st Global Capital, LLC and 1st West Capital, LLC.

On August 13, 2018, the Wolper Law Firm announced that it was investigating potential securities fraud violations perpetrated by 1st Global Capital and 1st West Capital, which filed for bankruptcy protection on July 27, 2018 in the Southern District of Florida.  It was revealed in bankruptcy court filings that the “Securities and Exchange Commission (SEC) opened an investigation into the companies’ activities related to alleged possible securities law violations, including the alleged offer and sale of unregistered securities, the alleged sale of securities by unregistered brokers, and the alleged commission of fraud in connection with the offer, purchase and sale of securities.” 

The United States Attorney has since opened a parallel investigation into the business practices of the companies.

1st Global Capital, LLC and 1st West Capital, LLC are based in Hallandale, Florida.  The companies operate in the financial services industry, offering direct merchant cash advances to small businesses across the United States.  Through independent sales organizations, underwriters and other funding agents, the companies offer a variety of short-term cash advances.

The companies raise capital to finance their business operations through private loans typically repayable in nine months.  The loans are memorialized by promissory notes.

It is alleged that unregistered brokers sold promissory notes issued by 1st Global Capital, LLC and 1st West Capital, LLC to retail investors.  The promissory notes were marketed as safe, short term, fixed income instruments that could generate above-average rates of return for investors.  Investors were neither aware that 1st Global Capital, LLC and 1st West Capital, LLC were in a precarious financial condition nor that the companies were being investigated by the SEC and US Attorneys’ office for securities fraud.

If you or someone you know was a customer of Trae Wieniewitz and his advisory firm, Wieniewitz Financial, or were sold promissory notes issued by 1st Global Capital or 1st West Capital, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]