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: FinancialCounselBroker-Dealers Face Claw-Back Lawsuits for Selling DBSI TIC Investments
By James Eccleston
Following its 2008 bankruptcy filing, DBSI, Inc., the failed tenant-in-common (?TIC?) creator and distributor, is now considered to have been a massive Ponzi scheme defrauding investors out of nearly $600 million. The bankruptcy trustee appointed by the court, James Zazzali, is now targeting broker-dealers who sold DBSI to investors.
In lawsuit filed in November 2010, Zazzali is seeking to claw-back $49 million in commissions earned by 96 broker-dealers who sold DBSI TICs to their clients.
The full list of broker-dealers facing claw-back lawsuits for selling DBSI TIC investments to their clients is set forth below.
If you lost money in DBSI or in another TIC investment, you may be able to recover you losses through arbitration. Contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 to discuss your case.
FULL LIST OF BROKER-DEALERS FACING CLAW-BACK LAWSUITS RELATED TO DBSI, INC. TIC INVESTMENTS
|
Broker-Dealers Facing Claw-back Lawsuits |
Commissions generated from sales of DBSI TICs |
|
Berthel Fisher & Co. |
$5,581,000 |
|
QA3 Financial Corp. |
$5,455,000 |
|
DeWaay Financial Network Inc. |
$3,632,000 |
|
The Private Consulting Group (Closed March 2009) |
$3,580,000 |
|
Questar Capital Corp. |
$2,128,000 |
|
AFA Financial Group Inc. (Closed in April 2010) |
$2,000,000 |
|
Investors Capital |
$1,648,000 |
|
G.A. Repple & Co. |
$1,525,000 |
|
Equity Services Inc. |
$1,348,000 |
|
KMS Financial Services Inc. |
$1,341,000 |
|
Alternative Wealth Strategies Inc. |
$1,120,000 |
|
First Montauk Securities Corp. (Closed December 2008) |
$1,113,000 |
|
J.P. Turner Co. LLC |
$898,000 |
|
CapWest Securities Inc. |
$774,000 |
|
Direct Capital Securities Inc. (Closed February 2010) |
$734,000 |
|
LaSalle St. Securities |
$685,000 |
|
GunnAllen Financial Inc. (Shut down March 2010) |
$661,000 |
|
Fintegra LLC |
$597,000 |
|
Steven L. Falk & Associates |
$581,000 |
|
Askar Corp. |
$578,000 |
|
American Independent Securities Group |
$524,000 |
|
Capital Financial Services |
$481,000 |
|
National Securities Corp. |
$454,000 |
|
Calton & Associates |
$435,000 |
|
Intermountain Financial Services Inc. |
$411,000 |
|
Advisory Group Equity Services Ltd. |
$410,000 |
|
Brecek & Young Advisors Inc. (Merged into Securities America Corp. in 2009) |
$383,000 |
|
Milestone Financial Services Inc.(Closed in October 2008) |
$373,000 |
|
Capital Analysts Inc. |
$339,000 |
|
Beneficial Investor Services (firm's status as broker-dealer unclear) |
$322,000 |
|
Fox & Company Investments Inc. (Closed December 2008) |
$317,000 |
|
Private Asset Group Inc. (Closed in April 2010) |
$316,000 |
|
Alliance Affiliated Equity Corp. |
$304,000 |
|
Sigma Financial Corp. |
$279,000 |
|
OMNI Brokerage Inc. |
$271,000 |
|
K-One Investment Co. Inc. (Closed June 2009) |
$268,000 |
|
Empire Securities Corp. (Closed April 2010) |
$265,000 |
|
Burch and Company |
$260,000 |
|
Regent Capital Group Inc. |
$252,000 |
|
J.W. Cole Financial Inc. |
$244,000 |
|
Investment Security Corp. |
$236,000 |
|
Professional Asset Management Inc. |
$235,000 |
|
TransAm Securities Inc. |
$233,000 |
|
American Wealth Management Inc. |
$225,000 |
|
Axiom Capital |
$214,000 |
|
MCL Financial Group Inc. |
$210,000 |
|
Girard Securities Inc. |
$204,000 |
|
Pavek Investments |
$197,000 |
|
Philip Oleson (Registered rep affiliated with Independent Financial Group LLC) |
$195,000 |
|
Inlet Securities LLC |
$191,000 |
|
Cullum & Burks Securities Inc. (Shut down in May 2010) |
$189,000 |
|
Sammons Securities Co. LLC |
$186,000 |
|
Empire Financial Group Inc. (Closed November 2008) |
$185,000 |
|
Midpoint Financial Services Inc. (Closed December 2008) |
$168,000 |
|
Cambridge Investment Research Inc. |
$149,000 |
|
Regal Securities Inc. |
$135,000 |
|
Crews & Associates Inc. |
$130,000 |
|
Finance 500 Inc. |
$127,000 |
|
Ogilvie Security Advisors Corp. |
$123,000 |
|
NEXT Financial Group Inc. |
$121,000 |
|
Portfolio Advisors Alliance Inc. |
$120,000 |
|
American Portfolios Financial Services Inc. |
$116,000 |
|
Partnervest Securities Inc. |
$114,000 |
|
Partnervest Financial Group LLC (holding company for Partnervest Securities) |
$114,000 |
|
Great Northern Financial Securities Inc. (Closed in March 2006) |
$109,000 |
|
Harrison Douglas Inc. |
$108,000 |
|
The Street Inc. |
$105,000 |
|
Sterling Enterprises Group Inc. |
$88,000 |
|
Nations Financial Group Inc. |
$88,000 |
|
Intervest International Equities Corp. |
$79,000 |
|
Mid Atlantic Capital Corp. |
$75,000 |
|
Resource Horizons Group LLC |
$66,000 |
|
Basic Investors Inc. (Closed in October 2008) |
64,000 |
|
Costa Financial Securities Inc. (Shut down February 2008) |
$62,000 |
|
Sanders Morris Harris Inc. |
$61,000 |
|
MICG Investment Management LLC (Shut down May 2010) |
$59,000 |
|
Merrimac Corporate Securities Inc. |
$58,000 |
|
Dawson James Securities Inc. |
$57,000 |
|
RP Capital LLC |
$51,000 |
|
Brewer Financial Services LLC |
$48,000 |
|
NFP Securities Inc. |
$45,000 |
|
Centaurus Financial Inc. |
$44,000 |
|
Courtlandt Financial Group Inc., securities offered through Courtlandt Securities Corp. |
$39,000 |
|
Independent Financial Group LLC |
$36,000 |
|
Capital Management Securities Inc. |
$35,000 |
|
Morgan Peabody Inc. (Closed October 2008) |
$33,000 |
|
CFD Investments Inc. |
$33,000 |
|
Money Concepts Capital Corp. |
$29,000 |
|
Notman Financial Group (affiliated with Berthell Fisher) |
$20,000 |
|
Capital Quest Securities Inc. |
$20,000 |
|
Charter Pacific Securities LLC (Closed October 2008) |
$19,000 |
|
NewBridge Securities Corp. |
$17,000 |
|
Great American Advisors Inc. |
$16,000 |
|
Okoboji Financial Services (Closed May 2010) |
$15,000 |
|
Miller Johnson Steichen Kinnard Inc. (Closed in January 2008) |
$15,000 |
|
Northland Securities Inc. |
$14,000 |
|
Mcginn Smith & Co. Inc. (Closed in August 2010) |
$11,000 |
|
Total |
$48,623,000 |
Full post as published by FinancialCounsel on December 16, 2010 (boomark / email).
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