(PRWEB) April 24, 2013
Zamansky & Associates LLC announces that it is investigating allegations over sales of private investments by Advanced Equities Inc. (“Advanced Equities”), the Chicago, Illinois-based brokerage firm. The investigation includes sales of private investments in various green technology companies including Fisker Automotive Holdings, Inc. (“Fisker Automotive”).
On April 23, 2013, CNNMoney reported that Fisker Automotive executives were due to testify today as the company teetered on the edge of bankruptcy and owed taxpayers nearly $200 million. Brokerage firm Advanced Equities raised $103 million in private sales for Fisker Automotive, according to a September 26, 2012 Form D filing with the SEC, available at http://www.sec.gov. The Form D also reflects that Advanced Equities earned approximately $5 million in commissions from these sales.
On September 18, 2012, the U.S. Securities and Exchange Commission (SEC”) instituted an Administrative and Cease and Desist Proceeding against Advanced Equities and two of its principals. The case is In the Matter of Advanced Equities, Inc., Dwight O. Badger and Keith G. Daubenspeck, File No. 3-15031.
The SEC alleges that Advanced Equities made misstatements to investors, and that there was a failure to supervise sales of private investments in non-public companies.
Zamansky & Associates LLC has launched an investigation on behalf of investors who purchased private investments from Advanced Equities. “Private investments in non-public companies are highly risky, and usually limited information provided to investors,” Zamansky states. Brokerage firms which sell these securities own their customers duties to make sure than the private investments are suitable for them, and that the investors receive disclosure of material risks,” he states.
What Investors Can Do
If you were an investor in any private investment sold by Advanced Equities, including Fisker Automotive, and would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414