Digi Outdoor Media Inc., a Seattle-area Digital Display Advertising Firm, Allegedly Ran a Scheme which Purportedly Raised Nearly $4.5 Million in Promissory Notes and then Stole over $2 Million from Retail Investor
Digi Outdoor Media Inc., a Seattle and Washington DC outdoor digital signage advertising company, and former chief executive officer, Donald MacCord Jr., and chief financial officer Shannon Doyle, allegedly stole over $2 million from retail investors, according to an SEC Complaint currently under review by attorneys Alan Rosca and James Booker.
Peiffer Rosca Wolf securities practice lawyers are investigating the securities sales practices of Digi Outdoor Media Inc.
Investors who believe they may have lost money in activity related to the securities sales practices of Digi Outdoor Media Inc. are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.
Digi Outdoor Media Inc.’s and MacCord Jr. and Doyle allegedly raised nearly $4.5 million in promissory notes by purportedly claiming they would use investor cash to construct and install digital signs for commercial advertising around Washington, D.C., according to the aforementioned SEC Complaint which was filed in U.S. District Court in Seattle.
Digi Outdoor Executives Allegedly Used Investor Money for their Own Personal Use
MacCord and Doyle, allegedly made secret diversions of millions of dollars of investor money for their own personal use, which purportedly included MacCord’s luxury cars, $20,000 per month rent on a Southern California mansion, nanny and housekeeping services, and private school tuition for his children, according to the aforementioned Complaint being reviewed by attorneys Alan Rosca and James Booker.
Doyle also allegedly diverted several hundred thousand dollars to his other unrelated businesses, the Complaint states.
MacCord and Doyle allegedly attempted to conceal their purported theft by creating fake invoices and phony loans to make justifications of the money they took, the Complaint notes.
The duo then allegedly encouraged investors to convert their promissory notes into common stock, purportedly made provisions and forged leases to Digi’s independent auditor, and filed false financial statements with the SEC in an attempt to take the company public rather than pay off their outstanding debt to their investors, the SEC Complaint state.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of investment-related fraud or misconduct and are currently investigating the securities sales practices of Digi Outdoor Media Inc. 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 the securities sales practices of Digi Outdoor Media Inc. 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/2BI1Wbu
via Securitieslitigatos.com
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