UPDATE! Investigation of FRANCIS V. LORENZO and HUNTER WISE SECURITIES LLC
Francis V. Lorenzo and Hunter Wise Securities LLC
Have you lost money with financial advisor Francis V. Lorenzo? We are investigating allegations made by the Securities and Exchange Commission (SEC) against Francis Lorenzo, a financial advisor from New York City. The SEC alleges that Lorenzo violated securities rules and regulations when he solicited investors to invest in debentures of Waste2Energy, LLC (a startup waste management company, also known as Waste 2 Energy) using outdated information, thereby misleading investors. He was initially have found to have violated the law and ordered to pay a $15,000 fine, but Lorenzo appealed the decision. A hearing regarding this conduct is set for March 30, 2015.
The SEC also made allegations against Gregg C. Lorenzo, who has already been barred from the securities industry by FINRA and numerous states. In a recent filing, the SEC disclosed that Gregg Lorenzo has paid $130,000 in disgorgement of commissions, $20,000 in interest, and a $375,000 penalty. Charles Vista LLC, the underwriter of Waste 2 Energy, was ordered to pay a fine of over $4.3 million, but it has not yet paid anything.
Francis V. Lorenzo was a financial advisor and registered representative of Hunter Wise Securities LLC from December 2010 to April 2014, and with American Capital Partners from February 2010 to November 2010. He is already facing a lawsuit in the Southern District of New York from a customer who alleges losses in Waste2Energy. Francis Lorenzo was previously suspended for 10 days from FINRA for failing to pay arbitration fees.
Brokerage firms like Hunter Wise Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our attorneys have represented over one thousand investors who have been defrauded by their financial advisor or stockbroker. While we have offices in Denver and the Seattle area, we have represented investors throughout the country. If you have lost money with Francis V. Lorenzo, Waste2Energy, Hunter Wise Securities, or American Capital Partners and want to hear about ALL legal options, please visit http://www.israelsneuman.com and go to our CONTACT page or call us at 720-599-3505.