Investor Alert: SEC Charges Essex Capitol and Ralph Iannelli with Ponzi scheme fraud

/

Furgison Law Group is investigating claims against financial advisors related to Essex Capital Ponzi Scheme

Matthew Martin Howley

The securities fraud lawyers at Furgison Law Group are currently investigating claims against various financial advisors, other RIA firms that sold various Essex Capitol Corporation, promissory notes and investment products. The arbitration attorneys at Furgison Law Group are investigating claims of fraud, breach of fiduciary duty, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct. The claims relate to the alleged "Ponzi" scheme operated by Essex Capitol and Ralph Iannelli of Santa Barbara, California, as described in the recent SEC Complaint.

SEC filed charges against Essex Capitol and Ralph Iannelli for Ponzi scheme fraud

On June 5, 2018, the SEC filed a Complaint in U.S. District Court in the Central District of California (Case 2:18-cv-05008), charging Ralph T. Iannelli and Essex Capital Corporation (“Essex”) with fraud. The SEC has accused Mr. Iannelli and his equipment leasing company, Essex of bilking $80 million from investors through a Ponzi scheme that misrepresented the company's financial health and funneled millions in discretionary bonuses to the owner’s personal accounts.

Investors Have the Right to Recover Their Losses

When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any Essex related investments through a representative of a registered brokerage firm, registered investment advisor or an unlicensed salesperson and suffered losses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. Securities law then dictates that you can hold the firm legally liable to recover your damages.

Can I recover my investment losses?

If you lost money as a result of any Essex promissory notes or other investments purchased through a financial advisor or any other firms, please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.