Miles A. Bahl Allegedly Made Fraudulent Misrepresentations Soliciting $3 Million in Promissory Notes Issued by the Economic Development Finance Corporation
Miles A. Bahl allegedly made fraudulent misrepresentations in soliciting $3m of investments in promissory notes issued by the Economic Development Finance Corporation (EDFC), a company that later defaulted on the notes, according to a complaint from FINRA’s Department of Enforcement currently under review by attorneys Joe Peiffer and Jason Kane.
Miles A. Bahl, registered with FINRA through former member firm du Pasquier& Co., Inc. from October 31, 2005 through July 31,2014, allegedly solicited and sold over $3 million worth of EDFC promissory notes in a private offering to 17 customers between March 2006 and July 2007, according to FINRA. In or around August 2007, EDFC defaulted under said notes, and, with one exception, EDFC failed to pay the principal due, FINRA notes.
The Peiffer Wolf Carr & Kane investment recovery lawyers Jason Kane and Joe Peiffer are investigating on behalf of investors in Bahl’s EDFC program, and are preparing to take action.
Bahl’s EDFC Notes Allegedly Held No Real Collateral
In reality, there was no collateral for the EDFC Notes because the HRTCs (historic rehabilitation tax credits) had not even been issued at the time the proceeds were supposedly pledged by EDFC, and EDFC had no property right or interest in the purported HTRC proceeds, according to a complaint from FINRA’s Department of Enforcement under review at present by attorneys Joe Peiffer and Jason Kane.
As per the aforementioned alleged acts of material misrepresentation regarding the EDFC Notes to investors, FINRA further alleges, Bahl reportedly violated the Exchange Act and NASD Conduct Rules.
Investment Recovery Lawyers Investigating
The Peiffer Wolf Carr & Kane investment recovery lawyers often represent investors who lose money as a result of investment misconduct. 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 investment misconduct or in Bahl’s EDFC program are welcomed to contact the investment rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.