Virginia Investment Advisor and Brokers Facing SEC Fraud Charges

by Wall Street Fraud on May 2, 2011

Investment fraud attorneyThe U.S. Securities and Exchange Commission (SEC) recently announced that it has filed charges against AIC, Inc., a holding company for three registered broker-dealers and an investment advisor, as well as its President and CEO, Nicholas D. Skaltsounis.

The complaint also names several stockbrokers and an investment advisor that worked for AIC and its subsidiaries.

According to the complaint, registered financial advisor Nicholas D. Skaltsounis directly, and through his registered representatives, fraudulently sold promissory notes and stock to at least 74 investors across the country.

Specifically, Skaltsounis and his representatives misrepresented and omitted material information to investors relating to, among other things, the safety and risk associated with the investments, the rates of return on the investments, and how AIC would use the proceeds of the investments.

Many of those who bought the fraudulent investments were elderly and unsophisticated investors, according to the SEC. In addition, Skaltsounis, 66, and at least one other defendant, are seniors themselves, according to the complaint.

This case highlights that verifying that a stockbroker or investment advisor has the proper licenses is not always enough to prevent fraud. According to the SEC, the individuals named in this action were licensed. Therefore, it is imperative for investors to find out as much information as possible regarding any potential investment opportunity.

At Wall Street Fraud, we are dedicated to offering assistance to those who have been hurt by improper corporate or investment practices.

If you have been the victim of stock brokerage fraud, securities fraud, mutual fund fraud, stockbroker fraud, annuities fraud, or any other type of investment fraud, please contact us today for a free case evaluation. Our talented and aggressive legal and professional staff is eager to help you recover your losses.


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