According to a recent release by the Financial Industry Regulatory Authority (FINRA), Philip and Kenley Brisard were barred from the industry. Both allegedly sold an unregistered security that consisted of interest-only strips from loans issued by the United States Small Business Administration (SBA) that were only for Qualified Institutional Buyers (QIBs) to individual retail investors using general solicitation emails. The emails materially misrepresented the product and the role of the Brisard’s in its development. FINRA found that the material misrepresentations and omissions in the statements the Brisard’s made to their clients could have caused them not to have made an informed decision about their investments, and this is against securities rules. Nor did the Brisard’s attempt to determine whether any of the investors to whom they sold were QIBs. Both were former firm members of Ridgeway & Conger in Jericho, New York.
If you were sold investments by Philip and/or Kenley Brisard, please call our law firm today at 312-332-4200 to speak to an attorney about your options of recovering your losses. The call is free with no obligation. We take cases on a contingency fee basis only, so we only recover money if you do. There is a statute of limitations with most of these cases, so please call soon. Their former firm, Ridgeway & Conger, may be liable for losses.