Securities Fraud Lawyer Blog
Marian Young of Saving2Retire barred from selling investments by California’s Department of Business Oversight
On March 24, 2016 the State of California’s Department of Business Oversight issued a bar order, denying Marian Young of Saving2Retire permission to act as an investment advisor or a broker dealer in California. The Order also denied Savings2Retire’s Investment Advisor application. The denial relates back to a November, 2015 statement of issues filed by the Commissioner that lays out Marian Young and Saving2Retire’s history of selling investments and providing investment advice in California. The November 2015 statement of issues was brought to deny Saving2Retire’s investment advisor application, and to bar Marian Young from acting as, or working for a broker dealer or investment advisor in California.
The denial and bar order sets forth Marian Young’s history with both the commission and the SEC, including the registration of her prior firm; Young Capital Growth Company, and the SEC and Commission’s correspondence with Young over deficiencies in her application for licensing. According to the statement of issues, Young refused to cooperate with the SEC when the agency asked for information, and also failed to answer questions posed by the Commission during its routine investigation into licensing. The statement also sets forth misrepresentations made by Young on the form ADV, including falsely claiming she was a certified financial planner. When pressed on these issues, Young removed all reference to such licensing.
As a result of the investigation the Commissioner concluded that Marian Young should not be licensed as an investment advisor in the state, and issued a bar order. Likewise, they denied Savings2Retire’s application to serve as an investment advisor to California clients.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years. Recoveries for clients top $40 million. The types of claims we have successfully handled include those involving unsuitable investments (suitability claims), excessive trading or “churning”, misrepresentations and omissions, unauthorized trading, over-concentration of illiquid or overly risky investments, pump and dump scams involving “penny stocks”, direct participation programs (private placements) involving real estate investment trusts (REITS), oil and gas exploration programs, leasing equipment deals and receivable financing, promissory notes whether sold through a broker dealer or as part of the outside business activities of a registered representative, ponzi scheme losses, failure on the part of the broker dealer to perform due diligence, state securities law (blue sky) violations and failure to supervise.
If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation