Haselkorn & Thibaut, P. A., is investigating potential sales practice and supervision issues related to Darren Oglesby a financial advisor with Money Concepts Capital Corp. (1995-present). The attorneys of Haselkorn & Thibaut, P.A. have been investigating potential sales practice and supervision issues relating to Darren Oglesby as well as other current and former financial advisors with Money Concepts Capital Corp. The experienced team at Haselkorn & Thibaut, P.A. represents investors nationwide in pursuing private Financial Industry Regulatory Authority (FINRA) customer disputes and helping clients recover their investment losses.
Darren Oglesby Money Concepts Capital Investigation
According to FINRA Brokercheck, Darren Oglesby is currently registered with FINRA (CRD #2480135) and currently employed by Money Concepts Capital Corp. In addition, it appears that he has a total of 4 separate disclosures appearing on his FINRA Brokercheck report. One criminal disclosure from 1992 that appears to involve a misdemeanor worthless check. Three customer dispute disclosures, two closed with no action, and one remains pending. The allegations in the remaining pending matter includes unsuitable products, breach of contract and breach of fiduciary duty. Those are the only disclosures reported as of April 2020. The allegations of the pending customer dispute may potentially involve supervision issues for Money Concepts Capital Corp.
In October 2017, Financial Advisor Magazine (FA-mag.com) article entitled Firm Does What FINRA Won’t: Rates 30 Worst Brokerage Firms, where the Securities Litigation & Consulting Group (SLCG) had done what regulators have repeatedly declined to do – published the worst-ranked brokerage firms in the securities industry, noting in doing so that FINRA Brokercheck data from 2007-2016 reflects that only 2.6% of brokers at firms of more than 200 brokers have customer complaints. This is arguably an industry average type benchmark. According to FINRA Brokercheck (as noted above), Darren Oglesby currently has three customer dispute disclosures (and that is ignoring the worthless check criminal disclosure).
Haselkorn & Thibaut, P.A. has also recently filed another FINRA claim involving a different financial advisor at Money Concepts Capital Corp. That claim is based (at least in part) on supervision issues related to the firm based on the manner in which in conducted its due diligence and sales practices related to the sale of GPB Capital securities to a retail investor client.
GPB Capital is facing multiple accusations of being a Ponzi-like scheme, with pending investigations by the U.S. Securities and Exchange Commission (SEC) and FINRA. Late last year, GPB’s Chief Compliance Officer was indicted. In November 2019 GPB Capital informed investors that no financial audit would occur anytime in the near future.
Any serious due diligence by Money Concepts Capital Corp. would have revealed that the GPB Capital securities were dubious offerings at best. In complaints filed with The Financial Industry Regulatory Authority (FINRA) our clients have alleged that GPB Capital’s issues were readily ascertainable by broker-dealer firms conducting a reasonable and proper level of due diligence, as various aspects of the proposed offerings raised questions related to GPB Capital’s senior management, the underlying business, and/or intra-fund lending practices.
GPB Capital Holding’s funds include:
- GPB Automotive Fund
- GPB Automotive Income
- GPB Holdings II and III
- GPB Waste Management
Direct Participation Products include products such as non-traded business development companies (BDCs), non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments. These alternative investments rarely produce profits for investors and are often misrepresented or simply unsuitable for many retail investors because of their illiquidity, high fees and cost structure. Financial advisors selling these products are often paid higher than the average commission in order to incentivize them to hype these otherwise inferior quality investments, thus creating an artificial market for these investments.
Financial advisors and the firms they work for that supervise the approval and sale of such products (such as Money Concepts Capital Corp.) have a responsibility to treat investors fairly which includes making only suitable investment recommendations after conducting due diligence. Due diligence includes an independent investigation by the firm into the investment’s properties including its benefits, risks, tax consequences, issuer, history, and other relevant factors. Appropriate due diligence would identify an alternative investment’s high costs, illiquidity, and conflicts of interest.
What to do if you have knowledge regarding Darren Oglesby?
Haselkorn & Thibaut, P.A. is investigating these issues and if you are a current or former client of Darren Oglesby or Money Concepts Capital Corp. with knowledge regarding any of the issues related to any sales practice or supervision issues involved in the handling of your investment accounts, please contact our offices.
Haselkorn & Thibaut, P.A. is an investment fraud law firm that specializes in representing investor clients in investment fraud matters and FINRA arbitration cases nationwide. The two name partners have over 45 years of combined legal experience representing investors (both individual and institutional investors) seeking to aggressively pursue their claims and maximizing client recoveries of investment losses for victims of negligence or investment fraud. For investors faced with investment losses, a FINRA Dispute Resolution customer dispute may be the way to go if you want to recover your losses in a private, confidential, and efficient alternative (compared to state or federal court litigation). One of the best decisions you can make in this process is to consider having experienced securities arbitration attorneys by your side, to help you maximize your potential recovery of investment losses. The securities arbitration attorneys at Haselkorn & Thibaut, P.A. can help you from start to finish in this process. This FINRA Dispute process is a private arbitration process between you and your brokerage firm. There are typically no depositions, and the process is intended to be a faster, more efficient and less expensive alternative to court litigation.
The sole purpose of this notice is to investigate the manner in which Darren Oglesby or Money Concepts Capital Corp. handled investment recommendations and transactions with investors as well as the supervision of same. If you have any knowledge or experience with these matters, please contact Haselkorn & Thibaut, P. A. at www.investfraudlawyers.com or call 1-800-856-3352.