Michael Boswell, Tripoint Global Equities LLC—Securities Fraud
Michael Boswell, Co-founder and President of Tripoint Global Equities LLC, Allegedly Operated a $81 Million “Hamilton” Ponzi Scheme Promising Profits from Broadway Ticket Sales
Michael Boswell, co-founder and President of Tripoint Global Equities LLC, allegedly ran a $81 million Ponzi scheme promising profits from reselling tickets from the Broadway hit “Hamilton”, according to Documents from the U.S. Securities and Exchange Commission (SEC) currently under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Michael Boswell’s alleged Ponzi scheme.
Investors who believe they may have lost money in activity related to Michael Boswell’s alleged Ponzi scheme are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
The president of a broker-dealer allegedly told a New York federal court recently that an investor failed to allege he committed an act of securities fraud in a suit involving an alleged $81 million Ponzi scheme that had promised big profits from the resale of tickets to the hit Broadway musical “Hamilton”, according to said SEC Documents.
Michael Boswell allegedly made arguments that an investor’s so-called “shotgun pleading” purportedly did not actually allege that he performed any wrongdoing, and said he should be liberated from the case that accuses TriPoint of passing off the investment as a “no-brainer”, SEC Documents note.
Boswell purportedly made the following statement: “Plaintiffs make no factual allegations with respect to any purported wrongdoing by Mr. Boswell under any of the counts of the amended complaint.”
The Peiffer Wolf securities lawyers are currently investigating whether investors who invested through TriPoint may have claims against that brokerage firm’s alleged Ponzi scheme.
Scheme’s Promoters Allegedly Made Misrepresentations to at Least 125 Investors that their Funds would be Pooled to Purchase Big Numbers of Tickets to Hit Events like “Hamilton” or Adele Concerts
Promoters of the scheme allegedly made misrepresentations to at least 125 investors that their funds would be pooled to purchase big numbers of tickets to huge events like “Hamilton” or Adele concerts, which would then be resold to bring in big returns, said SEC Documents report.
Promoters then allegedly made false assertions to investors that he had an agreement with the producer of “Hamilton” to purchase 35,000 tickets to the musical to be resold for a profit, SEC Documents note.
But of the aforementioned $81 million which was raised, only $9 million was spent in connection with the ticket reselling business, while $48 million was used to pay existing investors, according to the Complaint.
Other investors also claim to have purportedly lost about $4.5 million between them after a Tripoint investment banker gave them a so-called “hard sell” on the ticket resale investment, according to recent Reports from New York.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of Ponzi schemes and are currently investigating whether investors who invested through TriPoint may have claims against that brokerage firm’s alleged Ponzi 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 the alleged “Hamiltion” Ponzi 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 or via e-mail at firstname.lastname@example.org or email@example.com.