Shepherd Smith Edwards & Kantas LLP Files Claims Involving Mark Marek, Willard Golightly, Matt Bell, WFG Investments INC., Securities America, INC. and Alamo Asset Advisors
According to the claims, Marek, Bell and Golightly improperly recommended their clients purchase illiquid private placements like California Proton Treatment Center LLC, Maryland Proton Treatment Holdings, Keating Capital Inc., Palmaz Scientific Inc., Madison Capital Energy Income Fund, Strategic Storage Trust Inc., Surebooks LLC. The brokers have been accused of repeatedly promising that these were low risk, appropriate investments when they were not. It has also been alleged that Marek, Bell and Golightly also engaged in speculative and wholly inappropriate trading in high risk penny stocks for these clients, including trades of Location Based Technologies, Inc. (LBAS), CodeSmart Holdings, Inc. (ITEN), Soul and Vibe Interactive Inc. (SOUL), and Towerstream Corporation (TWER).
Bell was indicted last week for his part in a pump-and-dump scheme centered on CodeSmart Holdings, Inc. Cubed, StarStream and Staffing Group. According to the indictment, Bell used his discretionary authority to sell his clients' restricted shares in CodeSmart, thereby increasing the stock price, while simultaneously selling his own personal holdings at the manipulated, higher price. This resulted in huge profits for Bell and his co-conspirators, while Bell’s and WFG’s clients were left holding shares in a worthless company.
Typically, when a broker engages in wholly inappropriate trading and fraud with one of their clients, there are many other clients who were mistreated, misled, or otherwise hurt without even realizing it. As such, people who currently or in the past have held brokerage accounts with Alamo Asset Advisors, JP Scott & Company, WFG, Securities America, Matt Bell, Willard Golightly or Mark Marek should carefully review their accounts to ensure that there were not problems. If you are or were a client of Alamo Asset Advisors, Bell, Golightly, Marek, JP Scott & Company, WFG, or Securities America, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for an evaluation of your account to determine if you might have a claim to attempt to recover some or all of your losses. All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.