Robert Russel Tweed, also known as Rusty Tweed, of San Marino, California, has been barred by the Securities and Exchange Commission (SEC) from practicing as a stockbroker and investment adviser representative due to misleading investors of the Athenian Fund. The allegations against Tweed are severe, with the SEC complaint charging him with obtaining over $1.7 million from 22 investors through false and misleading statements.
According to the complaint, Tweed created and controlled the Athenian Fund, raising substantial funds from investors. However, the money was not placed into the correct investments, with a significant portion being tied up in a third-party loan instead of being invested as promised. This misuse of funds has resulted in substantial losses for investors, with estimates exceeding $800,000.
Tweed’s History of Customer Disputes and Regulatory Actions
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Robert Russel Tweed has a troubling history of customer disputes and regulatory actions. His FINRA BrokerCheck report reveals 15 customer-initiated investment-related disputes, with allegations including:
- Poor performance
- Misrepresentation
- Unsuitable investments
- Breaching fiduciary duty
Customers have sought damages ranging from $75,000 to a staggering $1,750,000 in these disputes. Some of these cases have resulted in settlements reaching up to $325,000, based on accusations of selling unsuitable investments and breaching fiduciary duty.
In addition to customer disputes, Tweed has faced regulatory actions. FINRA brought a complaint against him for allegedly obtaining over $1.6 million from investors through a false and misleading private placement memorandum (PPM) used to offer and sell interests in the Athenian Fund. The complaint alleges that Tweed misrepresented and failed to disclose material information to investors, preventing them from properly vetting the fund and its associates.
The Impact on Investors and the Importance of Due Diligence
The actions of Robert Russel Tweed have had a significant impact on investors who trusted him with their money. Many have suffered substantial losses due to his alleged misrepresentations and misuse of funds. This case highlights the importance of thoroughly researching and vetting any investment opportunity and the individuals involved.
Investors should always be cautious of promises of high returns or guaranteed profits, as these can often be red flags for potential fraud. It is crucial to review the background and regulatory history of any financial professional before entrusting them with your investments. Resources such as FINRA’s BrokerCheck (https://brokercheck.finra.org/individual/summary/2578220) can provide valuable information on a broker’s history of customer disputes and regulatory actions.
Seeking Legal Assistance for Investment Losses
Investors who believe they have been harmed by investing with Robert Rusty Tweed or any broker who relied on false or misleading documents for solicitation of investments are encouraged to seek legal consultation. Haselkorn & Thibaut, a national investment fraud law firm with over 50 years of experience and a 98% success rate, is currently investigating Tweed and his associated companies.
If you have suffered losses due to the actions of Robert Russel Tweed or any other financial professional, contact Haselkorn & Thibaut for a free consultation. Their experienced attorneys can help you understand your rights and options for recovering your losses through FINRA arbitration. With offices in Florida, New York, North Carolina, Arizona, and Texas, they are well-equipped to assist investors nationwide.
Call Haselkorn & Thibaut toll-free at 1-888-885-7162 to discuss your case. Remember, they work on a contingency basis, meaning there are no fees unless they recover your losses.
Don’t let investment fraud go unchallenged. If you have been a victim of Robert Russel Tweed‘s alleged misconduct or any other fraudulent investment scheme, take action today to protect your rights and recover your losses.
