Wednesday, February 22, 2017

Terminus Energy Inc., Emanuel Pantelakis, Danny B. Pratte and Joseph L. Pittera – Misleading Investors/Defrauding Investors

New Orleans stockbroker fraud attorney

Terminus Energy Inc. Allegedly Misled Investors Regarding Research, Development, and Profitability of Their Purported Fuel Cell Technology Business While Raising $7.9 Million from Investors

Terminus Energy Inc., a California-based Penny Stock Company, allegedly made misleading statements to investors regarding the research, development, and profitability of their purported fuel cell manufacturing business, according to recent SEC Documents currently under review by attorneys Alan Rosca and James Booker.

Several Peiffer Rosca Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in Terminus Energy Inc.’s alleged material misrepresentations.

Investors who believe they may have lost money over Terminus Energy Inc.’s alleged material misrepresentations are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Terminus Energy Inc., the company and its officers, in the course of raising approximately $7.9 million from investors in Terminus Energy Inc., allegedly claimed to have a viable prototype capable of being sold and earning revenue, said SEC Documents report.

The Peiffer Rosca Wolf securities lawyers are currently investigating Patrick Golden’s private securities transactions.

Terminus Allegedly Neither Held the Fuel Cell Technology or the Funding to Match their claims, and Terminus Officers Allegedly Converted Substantial Sums of Investor Cash for Their Own Personal Use

Terminus allegedly did not have the fuel cell technology or the funding to match their claims, and Terminus officers were instead converting huge sums of investor funds for their own use, according to an SEC Complaint presently being examined by attorneys Alan Rosca and James Booker.

Terminus also allegedly failed to disclose to investors that Terminus’s operations manager George Doumanis is a convicted felon who served time for securities fraud and was clandestinely acting as an officer of the company even though he was barred from participating in penny stock offerings, said SEC Documents note.

What is more, Emanuel Pantelakis also allegedly served on the Terminus board of directors even though he had been permanently barred by FINRA, the SEC reports.

Terminus’s CEO Danny B. Pratte and its former president, director, and legal counsel Joseph L. Pittera have also been charged in the SEC’s complaint, the SEC states.

Furthermore, Terminus also allegedly implemented unregistered brokers to make sales of its securities and paid them more than double the commissions than was disclosed to investors in offering documents, according to the SEC Documents.

Joseph Alborano has also been charged in the SEC’s Complaint with soliciting and selling investments for which he brought in more than $1 million in commissions, the SEC notes.

The U.S. Attorney’s Office for the Southern District of New York today also filed criminal charges against Pratte, Doumanis, and Pantelakis in a parallel action, the SEC reports.

Finally, the SEC’s Complaint seeks disgorgement of alleged ill-gotten gains plus interest and penalties as well as officer-and-director bars and penny stock bars, the SEC notes.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged material misrepresentations and are currently investigating Terminus Energy’s alleged investment fraud. 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 Terminus Energy’s alleged investment fraud 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.



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Saturday, February 4, 2017

Michael Dolan—Outside Business Activity

New York investor rights attorneyMichael Timothy Dolan Allegedly Took Part in the Sale of at Least $850,000 of membership interests in a hedge fund to six individuals without Notice to Dougherty & Co.; Five of the Six Said Individuals were Allegedly Dougherty & Co. Customers

Michael Dolan, between October 2012 and October 2013, allegedly participated in the sale, without proper prior notice to Dougherty & Co., of at least $850,000 of membership interests in a hedge fund, Pennington Capital Management (PC), according to a Complaint from FINRA’s Department of Enforcement currently under review by attorneys Alan Rosca and James Booker.

The aforementioned Complaint further details how said sales were allegedly made to six individuals, five of whom were Dougherty & Co. customers and that said transactions allegedly violate NASD and FINRA Rules.

Back in October of 2010 Pennington Capital started in Minneapolis with alleged claims of giving investors a diverse portfolio with exposure to publicly traded, small, and mid-capitalization equity investments, the Complaint notes.

Pennington Capital is operated and managed by a friend of Dolan’s, according to the Complaint.

Dolan, however, was allegedly not an assigned rep to PC Management’s brokerage account, and also allegedly took in commissions from the account for producing and providing research, the Complaint notes.

What is more, Pennington Capital’s manager also held a personal account at Dougherty & Co. which was designated for Dolan, and in May 2011, PC allegedly began to sell non-managing membership interests in the firm (PC) to accredited investors as a package of an exempt offering made under provisions of the Securities Act, the Complaint reports.

Furthermore, Dougherty & Co. did not approve the offering for sale by its registered representatives, the Complaint states.

Dolan, allegedly without providing notice to Dougherty, began allegedly soliciting his customers at Dougherty & Co. to invest in the offering, the Complaint reports.

The Peiffer Rosca Wolf securities lawyers are investigating Michael Dolan’s alleged unauthorized sale of securities.

Michael Dolan Allegedly Induced a Customer to Invest $300,000 in Pennington Capital Management without Properly Disclosing His Activity

Michael Dolan, around October 8, 2012, allegedly sent an e-mail to a firm customer, known only as GN, which attached investor information regarding PC, according to a Complaint from FINRA’s Department of Enforcement presently being examined by attorneys Alan Rosca and James Booker.

Said missive also allegedly held three letters mailed to current investors detailing the fund’s investment strategy and performance, the Complaint notes.

This allegedly led to GN investing $200,000 in the offering, and by October 20, Dolan allegedly sent another message soliciting him to increase his investment, the Complaint notes.

Just a few days afterward, GN then sunk in an additional $100,000 in the aforementioned offering, and Dolan also allegedly provided GN with payment directions for the next investment, the Complaint reports.

Hence, between October 2012 and October 2013, Dolan allegedly took part in the offering by making direct solicitations to GN to invest in the offering, and also allegedly provided GN with investor materials related to the offering, the Complaint states.

What is more, Dolan allegedly forwarded a PC subscription agreement to GN, and also made work to facilitate two investments in the offering by providing payment instructions to GN and therefore Dolan allegedly participated in the offering, Dougherty & Co. customer GN invested a total of$300,000 in PC, the Complaint notes.

Therefore, by reason of the aforementioned behavior, Michael Dolan allegedly violated NASD Rules and therefore also violated FINRA Rules, the Complaint notes.

Hence, FINRA’s Department of Enforcement has requested that the Panel make findings of fact and conclusions of law that Dolan allegedly committed the violations charged and that one or more of the sanctions provided be imposed, including monetary sanctions and that Dolan bear such costs of proceeding as are deemed fair and appropriate  with FINRA Rules, the Complaint states.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of unauthorized securities sales and are currently investigating Michael Dolan’s alleged unauthorized sale of securities. 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 Michael Dolan’s alleged unauthorized sale of securities 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.



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Friday, February 3, 2017

Scott Goldman—Unsuitable Investment Strategy

Ponzi scheme recovery attorneysScott F. Goldman Allegedly Made Unsuitable Recommendations to an Elderly Customer which Involved Leveraged Precious Metal Products

Scott Goldman, from 2009 to 2010, allegedly made unsuitable recommendations to an elderly customer involving leveraged precious metal products, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

The aforementioned AWC further alleges that Scott Goldman’s elderly customer allegedly recovered losses through arbitration, and that said recommendations were unduly concentrated in risky, leveraged products.

Scott Goldman’s alleged risky recommendations allegedly violated NASD Rules as well as FINRA Rules, the AWC notes.

Goldman, in late 2009 and in 2010, allegedly utilized six assorted investment strategies which he labeled the “Champions” model, the AWC reports.

Said models allegedly made investments in mutual funds either directly with a mutual fund family or indirectly through the subaccounts of a variable annuity which he would buy, the AWC states.

The various models allegedly hold differing investment objective and assorted levels of risk dependent on the allocation of the customer’s funds, the AWC notes.

Goldman allegedly received discretion from his customers to transfer funds back and forth between a money market fund and other mutual funds available within the mutual fund family, the AWC reports.

What is more, said funds were allegedly also transferred between a variable annuity money market subaccount and other subaccounts within the annuity, based on various market factors monitored by Goldman, the AWC states.

The Peiffer Rosca Wolf securities lawyers are currently investigating Scott Goldman’s alleged unsuitable recommendations to an elderly customer.

Scott Goldman Suspended and Fined $10,000 by FINRA; Goldman Allegedly Recommended His Risky Champion Precious Metals Model to Clients

Scott Goldman allegedly recommended his Champion Precious Metals Model to clients, a model which was allegedly the riskiest of his so-called Champions Models, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently being examined by attorneys Alan Rosca and James Booker.

The Champions Precious Metals Model has been identified as the riskiest model as it was purportedly concentrated in just one often volatile sector, that of precious metals, the AWC states.

Said Model also allegedly had a habit of using leveraged mutual funds and FINRA makes a special note of the risky nature of such products, the AWC reports.

The AWC goes into much further detail that in the summer of 2009 Goldman allegedly made the acquaintance of the aforementioned customer and her husband. The husband was purportedly terminally ill and the customer was 68 years-old, the AWC states.

Following her husband’s death in August of 2009, the customer then made the decision to open an account with Goldman and made consultations with him with regards to investment strategies for her own assets, and also assets which she inherited from her deceased husband, the AWC notes.

Goldman, by November 2009, allegedly made recommendations that said Customer invest in his high risk Champion Precious Metals Model and said recommendations were made in transactions through January 2010 which added up to approximately $135,000, the AWC states.

Said investment allegedly added up to 22% of the Customer’s liquid net worth at that time, and that said investments were executed through two different accounts, the AWC states.

Afterward, in a sequence of trades in March and May of 2010, Goldman allegedly made recommendations for an extra $188.219 from the Customer’s deceased husband’s bank certificates of deposit (that she inherited) be added to the existing IRA Account, with the Precious Metals Fund, the AWC reports.

This led to, as of May of 2010, approximately 53% of the Customer’s liquid net worth to be invested in Goldman’s Champion Precious Metals Models at the times that the portfolios were fully allocated to the precious metals funds, the AWC states.

The aforementioned behavior violates NASD Rules which state that recommendations must be “suitable for the Customer based on the -other security holdings and [her] financial situation and needs,” the AWC reports.

Hence, Goldman’s alleged actions violated NASD and FINRA Rules and hence he has consented to a fine of $10,000 and a 20-day calendar suspension, the AWC notes.

One should also note that, according to the AWC, Scott F. Goldman neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged acts of unsuitable trading in customer accounts and are currently investigating Scott Goldman’s alleged unsuitable recommendations in customer accounts. 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 Scott Goldman’s alleged unsuitable recommendations in customer accounts 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.



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Dennis Edmonds—Sale of International Asset Protection Trust without Proper Written Notice

investment fraud attorney ClevelandDennis Anthony Edmonds Allegedly Participated in the Sale of International Asset Protection Trusts without Giving J.P. Turner & Company, L.L.C. Prior Written Notice of his Participation and without Having Obtained Approval to Sell the Product

Dennis Edmonds, between 2004 and 2008, allegedly participated in the sale of international asset protection trusts without giving Packerland Brokerage Services, Inc. and J.P. Turner & Company, L.L.C. proper prior written notice of his participation, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

The AWC also notes that Dennis Anthony Edmonds also allegedly failed to have obtained approval to sell the aforementioned product.

In at least December 2004, Edmonds allegedly began recommending international asset protection trusts to his clients through a marketing firm named Foster & Dunhill, the AWC reports.

The so-called international asset protection trusts were established by individuals and the owner of the trust typically placed an insurance policy in the trust as its corpus, the AWC states.

The Peiffer Rosca Wolf securities lawyers are currently investigating Dennis Anthony Edmonds’ alleged participation in the sale of international asset protection trusts.

Dennis Anthony Edmonds Allegedly Participated in the Creation of Asset Protection Trusts for Five Individuals, Two while Associated with Packerland and Three with J.P. Turner

Edmonds, from January 2005 to January 2008, allegedly participated in the creation of asset protection trusts for five individuals, two while he was associated with Packerland and three while he was associated with J.P. Turner, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently being examined by attorneys Alan Rosca and James Booker.

Edmonds allegedly directed that the funds in the trusts be invested in securities in the medium of a foreign investment called Private International Wealth Management, the AWC reports.

The so-called international asset protection trusts were never approved as a product that could be sold by Packerland or J.P. Turner registered representatives and Edmonds alleged participation in the trusts and the investments made in them were not reviewed or supervised by either firm, the AWC states.

As a result of the aforementioned behavior, Edmonds allegedly violated NASD and FINRA Rules and therefore has been suspended for eleven months and barred by FINRA in any and all capacities, the AWC reports.

One should also note that, according to the AWC, Dennis Edmonds neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged unauthorized sales of securities and ate investigating Dennis Edmonds’ alleged participation in the sale of international asset protection trusts. 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 Dennis Edmonds’ alleged participation in the sale of international asset protection trusts 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.



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Joseph Meli and Matthew Harriton—Concert and Broadway Ticket Ponzi Scheme

Joseph Meli and Matthew Harriton Allegedly Ran a $81 Million New York City Ponzi Scheme Involving Investor Cash to Buy and Resell Tickets to Shows such as the Broadway Smash-hit Hamilton and Adele Concerts

Joseph Meli and Matthew Harriton allegedly ran a New York City Ponzi scheme involving investor cash to buy and re-sell tickets to shows such as the Broadway smash-hit Hamilton and to Adele Concerts, according to recent SEC Documents currently under review by attorneys Alan Rosca and James Booker.

Meli and Harriton allegedly raised over $81 million from at least 125 investors in 13 states, said SEC Documents report.

Joseph Meli and Matthew Harriton, who are currently facing fraud charges from the SEC, allegedly made misrepresentations to investors claiming that all of their cash would be merged to buy big blocks of tickets which would be resold at a profit to generate high returns for investors, said SEC Documents report.

The operation allegedly started to show telltale signs of a Ponzi scheme.

For example, the majority of investor funds were allegedly used for undisclosed purposes, mainly by allegedly using money from new investors to make Ponzi payments to prior investors, the SEC notes.

Investors also allegedly received written contracts which promised full repayment of principal plus a 10% annualized profit, to be paid in less than one year from investment, according to the SEC Complaint.

What is more, investors also were allegedly promised 50% of any profits from the ticket re-sales that were still around after investors received their return of principal and 10% return, the Complaint notes.

Joseph Meli and Matthew Harriton’s scheme allegedly took such serious steps as to make misrepresentations that a deal had been made with the producer of Hamilton to purchase 35,000 tickets to the musical, the SEC Documents state.

The SEC’s Complaint further alleges that investor money was purportedly paying portions of that cost with the return on investment which was promised within eight months.

The SEC, however, also alleges that no such agreement or purchase ever happened.

What is more, Joseph Meli and Matthew Harriton allegedly diverted almost $2 million for personal expenses such as jewelry, private school and camp tuition, and casino payments, the SEC states.

Paul G. Levenson, Director of the SEC’s Boston Regional Office, made the following statement:

 “As alleged in our complaint, Meli and Harriton raised millions from investors by promising big profits from reselling tickets to A-list events when in reality they were moving investor money in a circle and creating a mirage of profitability.”

The Peiffer Rosca Wolf securities lawyers are currently investigating Joseph Meli and Matthew Harriton’s alleged Ponzi scheme.

Joseph Meli and Matthew Harriton, Along with Their Four Purported Ticket Reselling Businesses Named Advance Entertainment, Advance Entertainment II, 875 Holdings, and 127 Holdings Facing, are Facing Disgorgement of Ill-gotten Monetary Gains Plus Interest and Penalties

Joseph Meli and Matthew Harriton, along with their four purported ticket reselling businesses named Advance Entertainment, Advance Entertainment II, 875 Holdings, and 127 Holdings Facing disgorgement of ill-gotten monetary gains plus interest and penalties, according to SEC Documents presently being examined by attorneys Alan Rosca and James Booker.

The Complaint is also seeking disgorgement of alleged “ill-gotten monetary gains plus interest and penalties.”

As opposed to representations by Meli and Harriton, only a small amount of investor funds were used to make payments to entities with any apparent connection to the ticket reselling business, the Complaint states.

What allegedly happened instead was at least $48 million of incoming funds from apparent investors was used to repay and provide purported investment returns to other investors, thereby creating the illusion of a profitable, ongoing investment, the Complaint notes.

This allegedly allowed Meli and Harriton to raise even more money from investors and to fraudulently use investor money for personal benefit.

What is more, Meli’s wife and another company are also allegedly being named as relief defendants in the Complaint for the reason of recovering investor funds which they are allegedly holding, the Complaint notes.

Meli and Harriton may also face criminal charges from the U.S. attorney for New York’s Southern District, the Complaint states.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of Ponzi schemes and are currently investigating Joseph Meli and Matthew Harriton’s alleged Ponzi 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 Joseph Meli and Matthew Harriton’s alleged Ponzi 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.



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Mark Holcombe—Private Securities Transactions without Prior Written Notice

Cleveland stockbroker fraud lawyerMark Robert Holcombe Allegedly Took Part in Two Separate Private Securities Transactions Involving Trident Brands, Inc. without Providing Prior Written Notice to Source Capital

Mark Holcombe allegedly took part in two separate private securities transactions involving Trident Brands, Inc. without providing prior written notice to Source Capital, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

The AWC further alleges that Mark Holcombe violated NASD and FINRA Rules which require that “prior to participating in any private securities transaction, an associated person shall provide written notice to [his Firm] describing in detail the proposed transaction and the person’s proposed role therein.”

Holcombe, around January 2015, allegedly participated in two separate private securities transactions involving Trident Brands, Inc.(TDNT), the AWC reports.

What is more, TDNT was a company in which Holcombe allegedly served as Chairman of the Board of Directors, the AWC reports.

The Peiffer Rosca Wolf securities lawyers are currently investigating Mark Holcombe’s alleged participation in private securities transactions without proper prior written notice.

Mark Robert Holcombe Allegedly Participated in TDNT’s Sale of Senior Secured Convertible Debentures without Providing Proper Notice to Source Capital

Mark Holcombe also allegedly participated in TDNT’s sale of senior secured convertible debentures to the same aforementioned third party for $2.3 million, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently being examined by attorneys Alan Rosca and James Booker.

Furthermoe, Holcombe allegedly sold two million shares of his own TDNT stock to a third party for $100,000, the AWC states.

Holcombe also allegedly failed to notify Source Capital regarding the aforementioned private securities transaction, the AWC notes.

Holcombe, based on said behavior, allegedly violated FINRA and NASD Rules and therefore is receiving a nine-month suspension and fine of $10,000, according to the aforementioned AWC.

Holcombe first became associated with a FINRA member in April 1998 and was registered as an Investment Banking Representative through member firm Source Capital Group, Inc. from April 2014 through December 22, 2015, the AWC reports.

One should also note that, according to the AWC, Mark Holcombe neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged acts of unapproved securities transactions and are currently investigating Mark Holcombe’s alleged sale of unapproved securities without proper prior written notice. 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 Mark Holcombe’s alleged sale of unapproved securities without proper prior written notice 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.



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Thursday, February 2, 2017

UDF Investors Lawyers File More Claims Against Broker-Dealer Firms That Sold UDF Products

California stockbroker fraud attorneyUnited Development Funding investors in UDF IV, UDF V, and other UDF-sponsored programs continue to hire the Investors’ rights attorneys at the Peiffer Rosca Wolf law firm to try and seek compensation for their UDF losses, from securities broker-dealer firms that sold such UDF products to investors.

UDF programs, including UDF IV and UDF V, were improperly recommended and sold to some investors by several broker-dealer firms, according to Peiffer Rosca Wolf attorney Alan Rosca, who is overseeing the prosecution of UDF cases against broker-dealer firms on behalf of UDF investors.

A large and growing number of such investors continues to file claims through the Peiffer Rosca Wolf law firm against broker-dealer firms that recommended and sold them UDF investments without having a reasonable basis to do so, according to the allegations in the pleadings.

Attorney Alan Rosca stated that “brokerage firms have a duty to ensure that investments they recommend to their customers are suitable for investors’ investment profile. They also have a duty to ensure that they have a reasonable basis before recommending any investment product to members of the investing public. We will continue to hold liable those investment firms that fail to fulfill these duties to their customers.”

The number of pending UDF claims filed by the Peiffer Rosca Wolf law firm continues to grow, with more cases pending and some of the earliest-filed cases already resolved.  Of course, each case is different and its resolution depends upon its own merits, and past successes are not indicative of future results.

Investors who believe they lost money invested in UDF may contact the attorneys at Peiffer Rosca Wolf, Alan Rosca, James Booker, or Greg Gipson, at 888-998-0520, or via email at arosca@prwlegal.com for a free, no-obligation evaluation of their recovery options. Contingency fee representation is available, with no down payment. The Peiffer Rosca Wolf law firm typically advances the case costs and only gets paid for the costs it advanced and its fees if and when it recovers money for the clients.



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