Press Release (ePRNews.com) - MCKINNEY, Texas - Jul 17, 2017 - Two Texas retirees hired the securities arbitration law firm Soreide Law Group to recover more than $300,000 in investment losses with VFG Securities broker Mark Andrew Trewitt “Trewitt”. The customers’ accounts were heavily concentrated in alternative investments, including: Aequitas IOF II Fund, Vertical Capital Recovery Fund, Cole Capital Income Trust, to name a few. The lawsuit alleges that Trewitt was reckless with the Claimants’ money ignoring all warnings and market signals with the energy market collapsing.
It is alleged that the Claimants fell victim to the negligence, misrepresentations, breach of fiduciary duty, of their registered representative, Trewitt. Trewitt has racked up four reported customer complaints on his U4 this will be his fifth reported complaint.
The single largest loss by the Claimants was the Aequitas Income Opportunity Fund II which offered short term notes bearing 8 to 11 percent interest that the SEC has designated was acting like a ponzi like scheme by repaying old investors with new investor money. The other two lawsuits filed, also filed by Soreide Law Group against VFG and Mark Trewitt, also involves clients that invested into Aequitas Income Opportunity Fund along with other high risk alternative investments including but not limited to: Vertical U.S. Recovery Fund II, Nobel Royalty Access Fund, Icon Fund 14, Hard Rock 2011 A, King Clearview II and other illiquid and commission laden private placements that are not paying dividends and no known market exists to sell their investments.
The Claimants through their attorney Lars Soreide, Esq., have accused VFG Securities and broker Mark Trewitt, of negligence, breach of fiduciary duty, and negligent supervision. The Claimants are seeking damages of up to $500,000 for their alleged violations. The suit also alleges that VFG Securities failed to supervise their financial advisor Trewitt. VFG Securities and Trewitt have yet to file Answer to the allegations.
Soreide Law Group is interested in speaking with any former Trewitt customers that lost more than $100,000 in alternative investments or any customer with any broker that purchased any Aequitas Income Opportunity Fund investment. Aequitas has now filed bankruptcy and it is unclear what if anything investors will receive after Aequitas’ bankruptcy filing. Soreide Law represents investors nationwide through the Financial Industry Regulatory Authority (“FINRA”).
The suit is being arbitrated through FINRA, and VFG Securities and Mark Trewitt have yet to file a response.
Lars Soreide, Esq., expects the case to be arbitrated by the summer of 2018. For more information visit https://www.SecuritiesLawyer.com or call 1 (888) 760-6552. Source :
Soreide Law Group PLLC