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BOCA RATON, Fla., May 15, 2019 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.nasd-law.com, continues its investigation into the sales of notes by brokerage firms and financial advisors who recommended 1 Global Capital, LLC (“1 Global”) to their customers. On August 23, 2018, the Securities and Exchange Commission (“SEC”) filed its lawsuit against 1 Global in the Southern District of Florida. The SEC’s lawsuit alleges that 1 Global defrauded more than 3,400 investors, who were promised the proceeds of short-term cash advance loans, out of $287 million.
1 Global is associated with 1 West Capital, LLC. Both companies filed bankruptcy on July 27, 2018. On February 8, 2019, United States District Judge Bloom determined that the 1 Global notes sold by brokerage firms and financial advisors were securities and were subject to the Securities and Exchange Acts.
Brokerage firms and financial advisors who sold securities in 1 Global had a duty to their customers to perform their due diligence and recommend suitable investments to their clients. This would require brokerage firms and financial advisors to evaluate the risks and client objectives before recommending securities.
The sole purpose of this release is to continue to investigate the sales practices and financial misconduct of brokerage firms and financial advisors in connection with the sale of 1 Global to their customers. Investors who purchased these investments are encouraged to contact Lawrence L. Klayman, Esq. of Klayman & Toskes, P.A. at (888) 997-9956, or visit our website at www.nasd-law.com.
About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.