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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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  • Massachusetts-Based Investment Adviser To Pay Over $7.2 Million 0 comments
    Jan 21, 2013 5:41 PM

    It was announced on the SEC's website that on January 7, 2013, the United States District Court for the District of Massachusetts entered a final judgment by default against investment adviser Gary J. Martel, a resident of Chelsea, Massachusetts, in a case originally filed by the Securities and Exchange Commission in June, 2012. The SEC charged Martel, conducting business under the names Martel Financial Group and MFG Funding, with selling fictitious investment products and using the funds raised for purposes other than making the investments he promised. The final judgment entered by the Court ordered Martel to pay over $7.2 million in disgorgement of ill-gotten gains, prejudgment interest, and civil penalties.

    According to the SEC's complaint, over the course of several years, Martel raised money from investors in Massachusetts, Vermont, New Hampshire, New York and Florida by promising to invest their money in certain "pass through" bonds with favorable interest rates, as well as by promising to make pooled investments in mortgage-related securities or Facebook's initial public offering. The SEC's complaint alleged that Martel's bonds and investment pools were fictitious, and instead of investing his clients' funds on their behalf, Martel used the funds for other purposes, including to make payments to earlier investors. The complaint charged Martel with violating the antifraud provisions of the federal securities laws.

    On December 12, 2012, Martel pled guilty to criminal charges brought by the United States Attorney for the District of Massachusetts.

    Martel was also with Royal Alliance Associates, Inc. from March 2007 through December 2009. If you purchased fictitious notes from Gary Martel you may have a claim against Royal Alliance.

    If you feel you may have a claim against Gary J. Martel call 888-760-6552.

    Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial adviser's recommendations, call for a free consultation on how to potentially recover your losses. Visit our website at: www.securitieslawyer.com.

    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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