Claims of Wrongdoing Continue Against Advanced Equities Financial Corporation and First Allied Securities

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Suits alleging fraud continue against Advanced Equities Financial Corporation, First Allied Securities including, for allegedly paying kickbacks to brokers who sold proprietary products that were egregiously marked up and overpriced in order to generate fraudulent profits.

The Mirch Law Firm announced today that it had filed 2 Securities Fraud Whistle Blower Law Suits naming Advanced Equities Financial Corporation, First Allied Securities, Adam Antoniades, Keith G. Daubenspeck, Dwight O. Badger, and Joel Marks. The first case was filed with the Financial Industry Regulatory Authority ("FINRA) on behalf of Keith Gregg, the former President and CEO for First Allied Securities. Gregg v. Advanced Equities Financial Corp., et. al, case number 08-04999. Dave Carle, another previously high ranking employee has also filed suit with FINRA (Carle v. Advanced Equities Financial Corp., et. al. case number 08-04999). The complaints allege securities fraud including, but not limited to, paying kickbacks to brokers who sold proprietary products that were egregiously marked up and overpriced in order to generate fraudulent profits.

The San Diego law firm filed the law suits in order to recover millions of dollars invested in public and private funds. The Complaints allege that immediate administrative review is necessary to protect investors from being defrauded and future losses. Cited in the suits are several brokers, including but not limited to Radio Pitchman and Ray "Buckets of Money" Lucia, alleged to have knowingly received kickbacks from the President of Advanced Equities, Adam Antoniades

The Mirch Law Firm has been contacted by other potential victims after learning of similar actions being filed, pending lawsuits, and awards recently paid out and related to Advanced Equities and First Allied Securities (e.g., Timothy Sullivan ($750,000.00 FINRA ARB. NO. 07-01972; Denise Kappel, FINRA Arb. No. 06-01261, John Eugster FINRA ARB. NO. 09-00437). Mr. Eugster's Claim for $8,000,000 alleges that when he and his former Partner, Olympian Mark Spitz, were employed at Wachovia Securities they were fraudulently induced to join Advanced Equities and were subjected to fraudulent wrongdoing, as well as unethical, and illegal boiler room tactics.

These complaints against Advanced Equities and First Allied Securities confirm allegations against Advanced Equities previously reported in an September 2008, Forbes article entitled "Garbage In" http://www.forbes.com/business/forbes/2008/0901/048b.html. The Forbes article depicted the two founders of Advanced Equities (Keith Daubenspeck and Dwight Badger) wearing orange jump suits taking out the trash. Further information can be obtained from The Mirch Law Firm at 619-501-6220 or http://www.mirchlaw.com.

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MARIE MIRCH

Kevin Mirch
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