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Soreide Law Group, PLLC, is a securities litigation firm that is committed to helping victims recover financial losses due to fraudulent or negligent conduct on behalf of stock brokers or financial advisors. We are able to represent investors nationwide in the handling of their securities... More
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  • Lars Soreide, Of Soreide Law Group, Wins $158,000 Award For Clients From Harvest Capital, LLC, For The Sale Of Fictitious Notes From Their Former Registered Representative, Gregg Rennie 0 comments
    Oct 2, 2012 1:49 PM

    FINRA Case Number 11-01278, awards $158,250.00 to the defrauded Claimants for the alleged supervisory failures of Harvest Capital, LLC, of Gregg Rennie and his branch office. Rennie is now serving a prison sentence for selling fictitious notes to investors.

    Since early 2007, Gregg Rennie, the popular radio host and financial advisor, defrauded numerous clients approximately $3,200,000.00. Rennie told clients that their money would be invested in "federal housing certificates" that paid up to 12% per year, tax free, and that were offered by real estate investment companies, Ambit Funding, and Boston Capital, LLC.

    Rennie's scam included providing his clients documentation for their investments, in some instances "certificates" as well as periodic account statements purporting to show substantial returns. Unfortunately, there were no such "federal housing certificates", and Rennie had no relationship with Boston Capital,LLC. Rennie occasionally provided some of the clients with small payments that purportedly reflected a return on their investment, but made no legitimate investments on any client's behalf. Instead, Rennie diverted his client's funds for his personal use and admitted to "co-workers" at the various firms he was registered, with that he "borrowed" funds while the fraud was ongoing.

    With the assistance of the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the Massachusetts District Attorney, Rennie plead guilty to 13 counts of securities fraud and 1 count of wire fraud. Rennie did not steal from the fabulously wealthy. Rennie stole no less than $3.2 million from a number of victims, including the elderly, childhood friends, a church congregation and individuals who listened to Rennie's radio show, "Money Matters."

    The Claimants are Massachusetts residents and are very happy with the result of the FINRA arbitration against Harvest Capital, LLC, which was the firm that Rennie was registered with at the time of the sale of the notes to the Claimants. The Claimants, although Massachusetts residents, hired the Florida-based firm, Soreide Law Group, PLLC, headed by Massachusetts native, Lars Soreide. The Claimants located the firm though the firm's website: www.securitieslawyer.com. Soreide Law Group handles FINRA arbitrations and mediations for investors nationwide and can be reached at (888) 760-6552.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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