Articles Tagged with Africa

LPL terminated financial advisor Dain F. Stokes on August 28, 2019 for selling unregistered promissory notes to clients that purported to invest in a project in Africa allegedly sponsored by Taylor Swift. According to InvestmentNews, Stokes converted at least $576,000 from two clients, whom he solicited to invest in this phony charity project, which he sold as being created by Swift to help needy people in Africa. Stokes claimed to have a close relationship with Swift, telling clients that she personally hired him to manage the finances of the Africa project and to promote a new song release by her in June 2019. He also told clients that Bill Gates was involved in the project.

The State of New Hampshire Department of State Bureau of Securities Regulation filed a petition and order against Stokes after an investor (“Investor #1”) invested $201,000 in the Africa Project between August 1, 2018 and January 25, 2019. Stokes used promissory notes to facilitate these investments. According to the promissory notes, Investor #1 would receive the return of his entire principal plus 20% interest by making this investment. Payment on the first promissory note was initially due by November 8, 2018, however the due date was continually pushed back by Stokes. At one point, he even told his client that President Donald Trump allegedly froze his assets. Stokes was ordered to pay $201,000 plus interest in restitution to Investor #1 and a $20,000 fine for violating New Hampshire Blue Sky Laws, which prohibit the fraudulent sale of securities (RSA 421-B:5-501) and the sale of unregistered securities (RSA 421-B:3-301(a)). To date, a second investor who invested $375,000 has come forward.  The New Hampshire Department of State Bureau of Securities Regulation has since frozen Stokes’ assets and issued an injunction prohibiting him from speaking with those who invested in this scam.

New Hampshire authorities interviewed Stokes, who refused to provide any details about the African charity, claiming that all information, including the name, was privileged. He also refused to reveal whether the checks, which were made payable to him personally, were invested in his personal accounts.

Stoltmann Law Offices continues to investigate Royce O. Simpson, a former stockbroker with Oppenheimer & Co., who has two customer disputes against him. A Financial Industry Regulatory Authority (FINRA) investigation against him resulted in an eight-month suspension for Simpson and a fine of $15,000 to resolve allegations that he loaned money to a gold mining operation in Ghana, Africa. His firm, Oppenheimer, had denied him his request to participate in this outside business activity. The New Mexico Securities Division also instituted a case against him for alleged unsuitable recommendations in long-term U.S. agency bonds. The matter is still pending. A client brought a case against him while he was registered with UBS Financial Services, and alleged damages of $659,458 for overcharges on certain bond transactions.

Simpson was registered with Dover Group, First Ohio Securities, Shearson Lehman Hutton, Rotan Mosle Inc., Painewebber, HSBC Securities, Rodman & Renshaw, Everen Securities, JC Bradford & Co., UBS and Oppenheimer in Houston, Texas from November 2011 until February 2014. He has two customer disputes against him. If you would like to bring a claim against Royce O. Simpson, please call our securities law firm at 312-332-4200 to speak to an attorney. We take cases on a contingency fee basis.

Stoltmann Law Offices is investigating Royce O. Simpson. He entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Allegedly, Simpson failed to provide written notice to his member firm of his outside business activities regarding a gold mining operation in Ghana, Africa. FINRA fined him $15,000 and suspended him from associating with any firm for eight months.

Mr. Simpson was registered with: Dover Group, First Ohio Securities Company, Shearson Lehman Hutton Inc., Rotan Mosle Inc., Painewebber Inc., HSBC Securities, Rodman & Renshaw Inc., Everen Securities, J.C. Bradford, UBS Financial Services and Oppenheimer & Co. in Houston, Texas from November 2011 until February 2014. He has two customer disputes against him, and is not currently registered with any FINRA member firm.

If you wish to sue Royce O. Simpson, please call us at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation. We sue firms such as Oppenheimer & Co. for failing to properly supervise their employees.

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