Securities Fraud Lawyer Blog
Carlos Isaac ordered to pay investor million dollar judgment.
On January 27, 2020 a Clark County Nevada District Court Judge issued a judgment in the amount of $1,054,309 against Carlos Isaac III, the manager of two Nevada limited liability companies; Mackiernan, LLC and C13 Holding, LLC. Mr. Isaac used those companies to raise money from investors to purportedly assist with reconstruction efforts in Texas after Hurricane Harvey.
Carlos Isaac is a former financial advisor who worked for AR Global and Boston Financial. It was there that he met the client that would loan him the money for his two LLC ventures. Mr. Isaac prepared promissory notes, which Plaintiff alleged were unregistered securities sold in violation of NRS 90.460. Plaintiff purchased the promissory notes which provided for the payment of 8.5- 9% monthly interest, with a return of principal three years from initial investment. The investments were made in 2016 and 2017, and as a result of the nonpayment of interest beginning in March, 2019, all three notes went into default. Plaintiff sent demand letters to Carlos Isaac demanding the return of his principal, but Mr. Isaac never responded. Instead, he closed up his business operations in Las Vegas, and is believed to have relocated to Texas.
On October 9, 2019 the Clark County District Court clerk entered default against Mr. Isaac and Mackiernan, LLC and C13 Holding, LLC for failure to answer the complaint or defend the lawsuit. Thereafter, Plaintiff submitted a detailed Affidavit to support his motion for default judgment against Carlos Isaac and the two LLCs.
On January 14, 2020, the Court held a hearing and heard testimony from the Plaintiff. After receiving evidence including an affidavit detailing the amounts owed under the notes, the court issued the following judgment:
“The Court finds that Plaintiff is entitled to a Judgment against Mackiernan LLC in the total amount of $442,684.36, comprised of principal of $400,000, interest of $21,604.16 and late fees of $21,080.20. Plaintiff is also entitled to his attorneys fees and costs under the Note terms.
The Court finds that Plaintiff is entitled to a Judgment against C13 Holding, LLC in the total amount of $611,625, comprised of principal of $500,000, interest of $82,500 and late fees of $29,125. Plaintiff is also entitled to his attorneys fees and costs under the Note terms.
Based upon Plaintiff’s first cause of action in the First Amended Complaint (Fraud, Misrepresentations and Omissions) the Court finds that Plaintiff is entitled to a Judgment against Carlos Isaac III in the total amount of $1,054,309.30.
Plaintiff is awarded $9,570 in attorney’s fees and $518 in costs against Mackiernan, LLC and C13 Holding, LLC.”
Since the entry of the Judgment Plaintiff has not received any payment from Carlo Isaac or Mackiernan LLC or C13 Holding, LLC.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 26 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 $50,000,000.
When investors contact our firm, they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
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.