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 Alan Rosca 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 Alan Rosca 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 Rosca 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 Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1180 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.