New York, NY (PRWEB) June 20, 2013
Zamansky & Associates LLC announces that it is investigating financial advisor Mark Morrow and sales of notes and equity interests in Detroit Memorial Partners LLC (“DMP”). The investigation also concerns investments in DMP by Angelo Alleca and Summit Wealth Management Inc.
On May 30, 2013, the SEC announced in a Litigation Release that it filed a civil injunctive action in the Northern District of Georgia against Detroit Memorial Partners, LLC and its managing member, Mark Morrow, a resident of Cincinnati, Ohio. The case is 13-cv-01817-WSD. In the Complaint, the SEC alleged that Morrow caused DMP to issue approximately $19 million in fraudulent promissory notes and to sell $4.5 million in equity interests of DMP. The SEC alleged in the Complaint that DMP, which purported to be in the business of operating cemeteries, made material misrepresentations and omissions to investors who purchased the promissory notes and equity interests.
Significantly, the SEC further alleged in the Complaint that DMP and Morrow misrepresented that it owned various cemetery properties and that the notes would be secured by those properties in Michigan when, in fact, DMP did not own any cemetery properties and none of the notes were secured. Instead, the SEC alleged in the Complaint that DMP and Morrow ran a ponzi scheme and defrauded investors. The SEC has also alleged that investment advisors, Angelo Alleca and Summit Wealth Management Inc., were involved in the sales of DMP notes and equity interests.
What DMP Investors Can Do
If you would were an investor in DMP stock or notes, and wish to discuss your legal rights, you may, without obligation or cost to you, please contact stock fraud attorney Jake Zamansky. You can contact him by email at 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 securities fraud law firms specializing in securities class actions, securities arbitration and legal claims for stock broker fraud. 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
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New York, NY 10004
Jake Zamansky, 212-742-1414