1st Global Capital and 1st West Capital Investor Update: Securities Lawyers Investigating, Preparing to Take Action on Behalf of Investors
PHILADELPHIA, Aug. 30, 2018 /PRNewswire/ -- 1st Global Capital, LLC and 1st West Capital, LLC are being investigated by the Goldman Scarlato & Penny PC investor rights lawyers for potential securities laws violations, in the wake of those two entities' bankruptcy filings and following the securities fraud allegations filed today by the Securities and Exchange Commission.
1st Global Capital and 1st West Capital advertised themselves to investors as merchant lenders that advanced short-term cash to small businesses across the country. They raised money chiefly from individual investors through the sale of promissory notes. They filed for bankruptcy on July 27, 2018, and disclosed liabilities of between $100-500 million as well as 1,000-5,000 creditors.
Today, the SEC charged 1st Global Capital and 1st West Capital with fraudulently raising more than $287 million through the sale of unregistered securities to investors by a network of investment professionals. Separately, the two entities disclosed in their bankruptcy proceedings that the U.S. Attorney's office has launched its own investigation.
WHAT INVESTORS IN 1ST GLOBAL CAPITAL AND 1ST WEST CAPITAL SHOULD DO
If you invested in promissory notes issued by 1st Global Capital or 1st West Capital at the recommendation of an investment professional, you should contact the investor rights lawyers at Goldman Scarlato & Penny PC, Alan Rosca or Paul Scarlato for a free, no-obligation evaluation of your legal options.
The firm has launched a website with information, updates, and legal documents, for investors in 1st Global Capital and 1st West Capital: www.1stGlobalCapitalInvestors.com.
Claims arising out of securities violations are typically subject to strict statutes of limitations and other deadlines, and claims not timely filed may be forever lost. Investors should contact an experienced attorney to understand their legal options and learn how much time they have left before their claims expire.
INVESTOR RIGHTS LAWYERS PREPARING TO TAKE ACTION
The Goldman Scarlato & Penny investor rights attorneys have been investigating 1st Global Capital and 1st West Capital and are preparing to take action on behalf of investors who purchased notes in the two businesses at the recommendation of their investment professionals. They take most cases of this type on a contingency fee basis, advance the case costs, and only get paid for their time and case expenses if and when they recover money for their clients. They have handled securities cases ranging from class actions to arbitrations on behalf of thousands of investors throughout the country and around the world. For more information about the firm visit www.lawgsp.com.
Investors in 1st Global Capital and 1st West Capital are encouraged to contact the Goldman Scarlato & Penny securities lawyers Alan Rosca or Paul Scarlato for a free, no obligation evaluation of their recovery options, at [email protected] or toll free at 888-998-0530.
Contact:
Goldman, Scarlato & Penny, P.C.
Paul Scarlato
8 Tower Bridge, Suite 1025
161 Washington Street
Conshohocken, PA 19428
484-342-0700
SOURCE Goldman Scarlato & Penny, P.C.
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