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 1^st 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 1^st Global Capital, LLC and/or 1^st West Capital, LLC (collectively referred to as “1^st Global Notes”).

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

It is alleged that that Mr. Wieniewitz touted the safety of 1^st Global Notes and aggressively recommended that the Plaintiffs, all conservative investors, to invest in 1^st Global Notes.  Wieniewitz represented that the 1^st 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 1^st Global Notes, Mr. Wieniewitz invited investors to attend exclusive, all expenses paid dinners at Ruth’s Chris, where he likened 1^st 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, 1^st Global Notes were safe with no risk of default.  Wieniewitz neither disclosed that the 1^st Global Notes were not registered nor that 1^st 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 1^st Global Capital or 1^st 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.