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WARNING! Impending Investigation–GLOBAL ARENA CAPTIAL CORP. AND BONDS

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10
Jul

WARNING! Impending Investigation–GLOBAL ARENA CAPTIAL CORP. AND BONDS

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Global Arena Capital Corp. and Bonds

 

We are currently investigating allegations made against Global Arena Capital Corp., a New York City-based securities brokerage firm.  The Alaska Division of Banking and Securities filed a complaint against Global Arena Capital, and six of its current or former principals, including former president Barbara Desiderio, Jonah Engler, Hector Perez (aka Bruce Johnson), Jonathan Sheklow, Peter Snetzko, and Joshua Turney.  The Alaska Division of Banking and Securities alleged that two agents of Global Arena Capital solicited a 78-year-old investor from Alaska to invest in a few corporate and municipal bonds.  It was alleged that Desiderio, Engler, Perez, Sheklow, Snetzko, and Turney researched and selected investments, and then directed junior agents to sell those investment to potential clients.

 

In March 2014, the Alaska resident was alleged to have been solicited to invest $27,000 in Nii Capital Corp. 10% bonds.  While the resident was allegedly told they were safe, the bonds were rated Caa2 and CCC-, which is graded just one step above default.  The senior resident was also allegedly solicited to invest in Saratoga Resources 12.5% bonds and Puerto Rico Sales Tax Revenue bonds, but he declined to invest in those.  The senior resident is alleged to have lost over $16,000 of the $27,000 invested, when the bonds were sold in August 2014 – only five months after purchase and before the bonds were purported to pay the first interest payment to him.

 

Global Arena Capital and the principals were fined $25,000 each by the Alaska Division of Banking and Securities.

 

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, and we have previously represented investors in Alaska.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.

 

If you lost money in Nii Capital Corp. bonds, Saratoga Resources bonds, or Puerto Rico Sales Tax Revenue bonds based on recommendations from Global Arena Capital or another firm, please Contact Us at 720-599-3505 for a free evaluation of your case.

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