Stoltmann Law Offices is investigating Gary Arford, who was accused by the Securities and Exchange Commission (SEC) of making misrepresentations in connection with a private fund that he managed, and making misrepresentations about investments in hotels in the Seattle are. Allegedly, between December 2010 and October 2013, Arford managed a private fund in the Seattle, Washington area. He claimed to invest in real estate ventures. He allegedly defrauded investors in his fund by recommending they invest $4 million in an undeveloped Seattle hotel by misrepresenting the hotel’s debt and encumbrances on the property, by taking possession of the undeveloped land to use for collateral on personal loans, by hiding information regarding the use of the fund’s assets and status of the hotel’s development and misappropriating the fund’s assets.
Arford was registered with the following firms: CUNA Brokerage Services, Allmerica Investments, IDS Life Insurance Company, American Express, Raymond James, Commonwealth Financial Network, Geneos Wealth Management and Independent Financial Group in Lynnwood, Washington from November 2013 until March 2014. He has 10 customer disputes against him, four of which are currently pending.