San Diego/Orange County Investment Firms Busted for Fraud

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SDG&E retiree wins punitive damage award against La Jolla and Orange County Investment Advisers, Securities Broker Dealer and Investment Fraud Managers for fraud

A three member arbitration panel of the Financial Industry Regulatory Authority (“FINRA”) has ruled that North Global Securities, Inc., North Wealth Management Company, Asset Management Strategies, LLC and its principal Kevin Antony Williams (“Respondents”) are jointly and severally liable for a sum exceeding $640,000 for defrauding a SDG&E retiree of her life savings. (A full copy of the Award may be viewed at millerandmilove.com and at FINRA.org cited as Campbell v. Williams et al, FINRA Dispute Resolution Arbitration Case No. 09-05650,). Miller & Milove attorneys Bradd Milove, Brian Miller and Paul Jonna represented the victimized Claimant. Claimant Martha Campbell, a career customer services representative of SDG&E and longtime resident of Chula Vista, California was defrauded of nearly all of her retirement funds accumulated throughout a 34 year career with the local utility company. The Respondents maintained offices in La Jolla, Orange County, Riverside, California and elsewhere while conducting securities sales, purported registered investment advisory and management services and accepting investor funds for real estate projects and Investment Funds controlled by the Respondents.

The Arbitration Panel found that all of the investments made by Respondents with Ms. Campbell’s retirement funds were unsuitable in view of the Claimant’s age, lack of financial knowledge and financial needs. With regard to the Respondents’ fraudulent “Land Entitlement and Opportunities Fund, LLC”, a real estate investment fund that funneled over a million dollars to a convicted felon, David Romo of Sycamore Ventures, the Panel found that “fraud, gross misconduct, breach of fiduciary duty, and/or gross negligence were committed by Respondents by way of:

a)    Taking undue advantage of an older, retired, financially unsophisticated, and financially-limited client for Respondents’ own financial interest;
b)    Placing Respondents’ own needs and interests above Claimant’s needs and interests, thereby violating Respondents’ fiduciary duty to Claimant; and
c)    Misusing Claimant’s IRA savings through, among other things, deceit and misleading and reckless behavior.”

All Respondents were held jointly and severally liable for: 1) compensatory damages in the sum of $397,034.00; 2) punitive damages in the sum of $75,000; and 3) attorneys’ fees and costs in the sum of $ 169,017.92.

Miller & Milove continues to investigate the participation of other individuals and entities involved with this fraudulent scheme.

About Miller & Milove

Miller & Milove is a leading business and securities law firm located in San Diego, California, comprised of experienced finance and business law attorneys focusing on securities, real estate, investment and insurance related disputes. Miller & Milove possesses a reputation built on more than 24 years of experience representing clients in complex high states business litigation, arbitration and mediation proceedings. For additional information regarding the Campbell case or Miller & Milove please contact Brian Miller at 619-696-5200 or visit our website at http://www.thesecuritiesfraudlawyers.com.

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Bradd Milove/Brian Miller
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