Matthew Harriton, along with Joseph Meli, 875 Holdings, LLC, 127 Holdings, LLC, Advance Entertainment, LLC, and Advance Entertainment II, LLC Allegedly Raised $81 Million from at Least 125 Investors in 13 States as Part of an Investment in the Resale of Tickets for Events such as the Broadway Musical Hamilton
Matthew Harriton, along with Joseph Meli, 875 Holdings, LLC, 127 Holdings, LLC, Advance Entertainment, LLC, and Advance Entertainment II, LLC allegedly raised approximately $81 million from at least 125 investors in 13 states for purported investment in the resale of tickets for hit events such as the Broadway musical Hamilton, according to an SEC Complaint currently under review by attorneys Alan Rosca and James Booker.
The Peiffer Rosca Wolf securities practice lawyers are investigating to determine whether some of the Harriton / Meli investors were recruited to invest in that alleged scheme by a number of financial industry members, and if so whether they have claims against those financial businesses for any losses they have suffered.
Investors who believe they may have lost money in activity related to Matthew Harriton’s alleged Hamilton investment scheme are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.
Harriton’s alleged ongoing fraudulent scheme diverted at least $51 million of the incoming investor funds to allegedly orchestrate a Ponzi scheme and to purportedly make a profit for their own benefit, the aforementioned Complaint notes.
Meli and Harriton, from at least 2015 to present day, allegedly made representations to investors and prospective investors that they would pool investor funds in order to buy big blocks of tickets for major concerts and musicals, the Complaint reports.
Meli and Harriton also allegedly made further representations that the Broadway tickets would then be resold at a profit which would generate high returns for the investors, and investors got written contracts which promised full repayment of principal plus a 10% annualized profit, to be paid in less than one year from investment, the Complaint states.
Furthermore, investors were also allegedly promised half of any profits from the ticket re-sales that were still unsold after investors purportedly received their return of principal and a 10% return, the Complaint notes.
In reality only a small portion of investor funds was allegedly used to make payments to entities with any purported connection to the ticket reselling business, the Complaint reports.
A minimum of at least $48 million of incoming funds from supposed investors was allegedly used to repay and provide purported investment returns to other investors, the Complaint states.
Joseph Meli, Matthew Harriton, 875 Holdings, LLC, 127 Holdings, LLC, Advance Entertainment, LLC, and Advance Entertainment II, LLC, Ordered by the SEC to Pay Civil Monetary Penalties
Matthew Harriton, from in or about January 2015 through October 2016, allegedly transferred apparent investor funds of up to $1.2 million for his purported personal use, according to the aforementioned SEC Complaint currently under review by attorneys Alan Rosca and James Booker.
Apparent investor funds were also allegedly transferred to 875 Holdings, 127 Holdings, Advance Entertainment, and Advance Entertainment II, the Complaint states.
What is more, investor funds were also allegedly transferred to certain entities controlled by Meli or Harriton which had allegedly been used to make payments for what apparently appeared to be personal expenses, including jewelry purchases, private school tuition payments, and payments to casinos, the Complaint reports.
The SEC is seeking emergency preliminary relief, including a temporary restraining order against further violations of the federal securities laws and an emergency asset freeze to preserve assets necessary to satisfy any eventual judgment against the aforementioned Defendants, the Complaint notes.
Based on the alleged aforementioned behavior, Joseph Meli, Matthew Harriton, 875 Holdings, LLC, 127 Holdings, LLC, Advance Entertainment, LLC, and Advance Entertainment II, LLC, were ordered by the SEC to Pay Civil Monetary Penalites, the Complaint reports.
The Commission has also made requests for an immediate accounting, expedited discovery, a repatriation order, an order prohibiting the Defendants from continuing to accept or deposit additional investor funds, and an order prohibiting the alteration or destruction of relevant documents, the Complaint states.
Matthew Harriton, age 52, lives in New York, New York, and he and Meli are the alleged direct or indirect owners of Advance Entertainment II, and Harriton, with Meli, manages 875 Holdings, the Complaint notes. Harriton also allegedly owns an 80% interest in 875 Holdings and purportedly directly owns a 20% interest in Advance Entertainment II, the Complaint notes.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Matthew Harriton’s alleged Hamilton investment scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Matthew Harriton’s alleged Hamilton investment scheme may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.
from Investment Fraud Lawyers | Investor Loss Recovery http://ift.tt/2q7nSI9
via Securitieslitigatos.com
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