10.0David P Neuman
(720) 599-3505

WARNING! Impending Investigation–ARI FINANCIAL SERVICES and BRIDGEPORT OAKS FUND LLC

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19
May

WARNING! Impending Investigation–ARI FINANCIAL SERVICES and BRIDGEPORT OAKS FUND LLC

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ARI Financial Services and Bridgeport Oaks Fund LLC

Have you lost money in Bridgeport Oaks Fund LLC?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against William B. Candler and ARI Financial Services.  FINRA alleges that William Candler, as the President and former Chief Compliance Officer of ARI Financial Services, failed to establish an adequate supervisory system to ensure that the sales of a number of private placements (including Bridgeport Oaks Fund LLC) were properly supervised.

William Candler works for ARI Financial Services from March 2006 to the present.  ARI Financial Services is based out of Overland Park, Kansas.  ARI had up to five branch offices and up to 30 representatives working for it.  ARI’s business model was to utilize full time employees of private placement issuers as independent contractors of ARI, in order to properly license them as financial advisors and to sell and market the private placements.  ARI facilitated at least ten private placement issuances.  FINRA alleges that ARI and Candler failed to prevent dissemination of misleading and unbalanced marketing and sales materials regarding these private placements.

FINRA also alleges that William Candler and ARI Financial Services also failed to conduct adequate due diligence on at least one of those private placements, Bridgeport Oaks Fund LLC.  Bridgeport Oaks Fund turned out to be a Ponzi scheme, in which at least seven ARI customers lost at least a combined $560,000.  Bridgeport Oaks Fund was purported to be a TIC (or tenant in common investment) issued by Michael Franks, LLC, doing business as Lanis Securities.  In May 2011, the U.S. Attorney’s Office for the Northern District of Illinois charged Michael Morawski and Frank Constant with running a $16 million fraud.

Brokerage firms like ARI Financial Services 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 represent investors throughout the country.  If you have lost money with Bridgeport Oaks Fund LLC or ARI Financial Services and want to hear about ALL legal options, please visit https://www.israelsneuman.com and go to our CONTACT page or call us at 720-599-3505.

Click to view:  Candler FINRA Comp

Click to view:  Candler BrokerCheck 5.18.15 (1)

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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