Avenir Financial Group, Avenir CEO Michael Clements– Fraud in Equity Interest Sales
Avenir Financial Group and CEO Michael Clements Allegedly Committed Fraud in Equity Interest Sales to Seniors; Raised More than $730,000 in Equity
Avenir Financial Group and its CEO Michael Clements allegedly committed fraud while selling equity interest sales to seniors, according to statements from FINRA. Avenir Financial, based in New York, raised more than $730,000 in equity or promissory notes, mainly from elderly, FINRA notes.
In addition, registered rep Karim Ibrahim (aka Chris Allen) consented to an order stopping further alleged fraudulent sales of equity interests in the firm, and promissory notes notwithstanding a hearing on fraud charges relating to the same offerings, according to FINRA.
The Peiffer Wolf Carr & Kane securities lawyers are currently investigating Avenir Financial Group and its CEO Michael Clements and would like to talk to investors.
FINRA Levies Temporary Cease and Desist Order against Avenir Financial
FINRA has recently issued a temporary cease and desist order against Avenir Financial Group ordering them to halt fraudulent sales of equity interests and promissory notes in the firm to elderly clients, FINRA reports.
In a related underlying complaint, FINRA levies charges that Avenir, Clements and Ibrahim committed fraud in the sale of equity or promissory notes of the firm, and that Clements assisted the fraud.
FINRA specifically alleges that in November 2013, Avenir and Ibrahim defrauded a 92-year-old investor by not disclosing that Avenir was in shaky financial condition at the time they sold a 5% equity interest in the firm to him for $250,000, FINRA alleges
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane investment recovery attorneys often represent investors who lose money as a result of investment misconduct, and are currently investigating Avenir Financial Group and its CEO Michael Clements and their alleged financial fraud. 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.
Any Investors who believe they lost money as a result of alleged fraud committed by Avenir Financial Group and its CEO Michael Clements may contact the investment rights attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.