CLEVELAND, March 28, 2016 /PRNewswire/ -- The Peiffer Rosca Wolf law firm is investigating sales of American Growth Funding II LLC ("AGF II") investments. On February 3, 2016, the Securities and Exchange Commission charged American Growth Funding II and its owner, Ralph Johnson, with committing securities fraud. Portfolio Advisors Alliance, its owner Howard Allen, and its president Kerri Wasserman were also charged.
American Growth Funding II LLC and Ralph Johnson are accused by the SEC of falsely representing in offering materials that AGF II's financial statements were audited and would continue to be audited. According to the SEC, no audit of AGF II's financials occurred until 2014. The SEC also alleged the AGF II offering documents falsely stated that the company was governed by a Board of Managers comprised of Johnson and two other individuals when, in fact, the two individuals never agreed to serve in any managerial capacity.
Additionally, the SEC accused Johnson of having AGF II send monthly account statements to investors that mislead them regarding the true value of their investments and omitted to disclose to investors that their accounts were worth far less than their stated account balances because most of AGF II's loans were non-performing.
What investors can do
If you are an American Growth Funding II LLC investor and wish to obtain additional information about the lawsuit or would like to discuss this matter or your rights, please visit www.securitieslitigators.com to see our article about AGF II and complete the contact form, or contact Alan Rosca or James Booker toll free at 888-998-0520 or by email at firstname.lastname@example.org.
The Peiffer Rosca Wolf law firm often represents individual and institutional investors who have suffered financial losses as a result of investment fraud or misconduct, Ponzi schemes, unsuitable investment recommendations, or abusive practices in the financial industry.
Attorney Advertising. Prior results do not guarantee a similar outcome. Please visit our website, www.securitieslitigators.com, for important disclosures, office locations, and lawyer admissions. Peiffer Rosca Wolf Abdullah Carr & Kane, A Professional Law Corporation ("Peiffer Rosca Wolf").
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