Eight Aubrey Lee Price victims will be paid about $1.3 million, 100% of the losses they suffered in Price’s now-notorious “PFG” fund. The defrauded investors were some of the many Lee Price victims represented by Chapman LLC. Read more about the case here, here and here.
A FINRA arbitration panel awarded 4 of Aubrey Lee Price’s victims about $845,000 as compensation for losses they suffered in the now-notorious PFG scheme, plus attorney fees and case expenses. The arbitrators have ordered FSC—an Atlanta-based broker-dealer firm which operates under the AIG Advisor Group umbrella—to pay the award. The defrauded investors were represented by Chapman LLC.
Chapman LLC secured an award of about $3.9 million for some of the investors allegedly fleeced by Resource Horizons Group LLC based in Marietta, GA, via Robert Gist, a broker who has been accused of misusing over $5 million of investor money. The award includes approximately $3.7 million for compensatory damages and fees plus $200,000 for punitive damages. Gist was also stripped of his license banning him from the industry.
Chapman LLC received an award of 100% out-of-pocket damages against Multi-Financial Securities, Corp. and its registered representative, Donna Sulzbach for selling unsuitable variable annuity investments to the claimant. The panel also awarded punitive damages, nearly doubling the award, for what it considered to be a “conscious disregard for the rights of claimant.”
Chapman LLC filed claims on behalf of investors, many of them elderly, who were victimized in the ETS Payphone Ponzi scheme. Investors purchased ETS Payphone investments through Marie Foil, a registered representative of Walnut Street Securities. In one case, Chapman LLC received an award for more than $1 million for 17 investors against Walnut Street Securities. Chapman LLC settled claims on behalf of 24 other investors who lost money in the scheme.