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 email@example.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.
- FINRA Accepts Settlement Offer From Cabot Lodge Securities After Alleged Violations of Supervisory and Suitability Rules
- Independent Financial Group Censured and Fined After Rule Violations on Suitability and Supervision Involving Non-Traded REITs
- FINRA Filed An Enforcement Action Against Former IFS Securities Broker Steven Schisler For Allegedly Selling Away
- Cetera Advisors Financial Advisor Patricia Gleason Has Pending Customer Complaint, Alleging Unsuitable Investment Recommendations
- Complaint Pending Against Crown Capital Securities Broker/Advisor John Nguyen for Allegedly Making Unsuitable Recommendations
- Wells Fargo Broker/Advisor Jason Jaynes Has Two Customer Complaints Alleging Unsuitable Investment Recommendations
- Customer Complaint Pending Against Former Sagepoint Financial And Union Capital Company Broker Daniel Dillard Alleging Unsuitable Recommendations
- Investment Loss Recovery Options For Investors In The 1INMM Capital, LLC Ponzi Scheme Perpetrated By Actor Zachary Horwitz a/k/a Zachary Avery
- J.W. Cole Financial, Inc. Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Cambridge Investment Research, Inc., Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund