Avenir Financial Group, Avenir CEO Michael Clements– Fraud in Equity Interest Sales

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

phil korosec (1252 Posts)

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.