Securities Fraud Lawyer Blog
The SEC won its summary judgment motion (SEC v Aschere ) against Aschere Energy on its claim that Aschere sold unregistered securities to the public. Investors who purchased Aschere securities, especially in the “Wied Field” program should review their legal rights immediately.
On July 8, 2016 a federal judge in the Northern District of Texas affirmed his original Order (issued in March, 2016 ) on the SEC’s motion for summary judgment against Aschere Energy, Arcturus Corp, promoter Leon Ali Parvizian and brokers Robert J. Balunas and Alfredo Gonzalez. The SEC had charged Aschere and the individuals with running an unregistered cold calling boiler room to sell shares of unregistered securities to the public.
In his ruling, Jude Kinkeade made findings that the Defendants acted as unregistered brokers when they sold unregistered securities in the Aschere Energy oil and gas programs. The Judge also found that Parvizian had committed securities fraud by failing to disclose the lack of ownership in a program that Aschere was selling to the public
In order to lawfully sell investments to the public, one must either be registered or exempt from registration. Likewise, securities must either be registered, or exempt from registration before public sales can occur.
The SEC originally sued Aschere and the other defendants in 2013, alleging that Leon Ali Parvizian and sales agents Balunas and Gonzalez improperly solicited over twenty million dollars from over 350 investors using high pressure sales tactics.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.