Avenir Finacial Group—Fraud

Rochester stockbroker fraud attorneyAvenir Financial Group Allegedly Engaged in Acts of Fraud Including Self-offering of Securities and Fraudulent Sale of Equity Interest in the Firm

Avenir Financial Group, a NY-based firm, allegedly self-offered securities, according to Documents from FINRA currently under review by attorneys Joe Peiffer and James Booker.

Avenir also allegedly made fraudulent sales of promissory notes and equity interests in the firm, said FINRA Documents also detail.

Furthermore, Avenir also allegedly failed to provide written disclosures to customers pertaining to compensation from the sales and the use of proceeds related to the equity offerings while also allegedly inadequately supervising the manner in which Avenir raised capital, FINRA reports.

Avenir Financial Group Sanctioned $229,000 by FINRA; Former Avenir CEO and Chief Compliance Officer Todd Clements also Barred by FINRA for Two Years for Alleged Fraud

Avenir Financial Group has been sanctioned $229,000 by a FINRA hearing panel for alleged acts of securities fraud, according to FINRA Documents presently being examined by attorneys Joe Peiffer and James Booker.

In addition, former Chief Executive Officer and Chief Compliance Officer Michael Todd Clements has also been barred from the securities industry for alleged fraud Avenir registered representative and Karim Ahmed Ibrahim (aka Chris Allen) has been suspended for two years for fraud and ordered a $25,000 disgorgement by FINRA, said FINRA Documents also report.

The aforementioned panel also allegedly found that Avenir, Clements, and Ibrahim “willfully misrepresented or omitted material facts” related to the sales of Avenir equity interests while Avenir also allegedly willfully produced misrepresentations when selling debt and equity interests in the holding company of the firm’s branch office, FINRA also notes.

Securities Lawyers Investigating

The Peiffer Wolf securities lawyers often represent investors who lose money as a result of alleged securities fraud scams and are currently investigating Avenir Financial Group’s securities fraud scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Avenir Financial Group’s securities fraud scheme may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434.

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