Soreide Law Group has filed a FINRA arbitration on behalf of their clients against: PARK AVENUE SECURITIES, LLC, ("PARK AVENUE") and LIZABETH GOTUACO TY ("BETH TY") CRD# 4737319, of Sugar Land, Texas.
On or about July 2015, the Securities and Exchange Commission ("SEC") charged the Houston-area businessman, Frederick (Frank) Alan Voight, and Daystar Funding with running a Ponzi scheme. According to the SEC, beginning on October, 8th, 2014, Frank Voight carried out a series of related note offerings through DayStar with investors nationwide by promising investors that their money would be used to fund InterCore's acquiring of a "lucrative business opportunity" involving its Driver Alertness Detection System. Voight was charged by the SEC with defrauding more than 300 investors nationwide in a series of fraudulent promissory note offerings issued by two partnerships he owns, F.A. Voight & Associates LP and DayStar Funding LP and with operating a $114 million Ponzi scheme that promised annual interest payments to investors of as much as 42%. Approximately $22 million of Voight's allegedly ill-gotten gains remain unaccounted for to date.
The lawsuit, filed by attorney Lars Soreide, Esq., of Soreide Law Group, is focused on Beth Ty and Park Avenue Securities. BETH TY, who was formerly with Park Avenue Securities, relinquished her FINRA registration the same month that the SEC charged Frederick Alan Voight and Daystar Funding with running a Ponzi scheme.
The Sugar Land, Texas residents (Claimants), represented by Lars Soreide, Esq., have no prior investment experience and were focused on repaying their student loan debt from medical school and building a college savings fund for their two children. The law suit alleges that BETH TY sold the physician Claimants three life insurance policies then recommended an investment with Fred Voight that guaranteed a rate of return that was protected and would not be subject to market volatility.
PARK AVENUE broker BETH TY brought Frederick Voight to the Claimant's office where he explained his investment program that BETH TY also recommended. The law suit alleges that TY had put several of her other clients into the investment program, several of those clients have already reached out to Soreide Law Group for representation through their website SecuritiesLawyer.com.
It is alleged that PARK AVENUE broker BETH TY allegedly touted the investment and claimed she personally checked it out herself. Based on the assurances of PARK AVENUE broker, BETH TY the Claimants turned over all of their savings that were ear marked for their children's college fund of approximately $400,000.00.
According to the SEC complaint Voight knew that the opportunity did not exist and all of the $13.8 million of investor proceeds from the Driver Alertness Detection System is now gone. The Claimants invested $250,000 into the Driver Alertness program as late as January 2015 making them last in line and "net losers" where they took nothing out and have lost 100% of their investments. The Claimants similarly lost another $150,000 in two other programs, also recommended by PARK AVENUE broker BETH TY, managed by Voight that are also a total loss and allegedly part of his scheme to defraud investors and enrich himself.
The law suit alleges that while with PARK AVENUE SECURITIES, BETH TY was able to facilitate and recommend doing business with Voight who ultimately defrauded the Claimants out of their life savings. BETH TY did not adequately investigate the DayStar Funding and their programs prior to recommending it to her customers. The law suit alleges that PARK AVENUE and BETH TY'S actions have caused Claimant out of pocket damages of approximately $400,000.00.
The lawsuit for the Claimants charges the Respondents with; negligence, breach of fiduciary duty and negligent supervision.
If you were a client of PARK AVENUE SECURITIES, LLC, and LIZABETH GOTUACO TY (BETH TY) and have experienced devastating losses due to the Ponzi scheme orchestrated by Frederick Alan Voight, call the Soreide Law Group, for a no-cost consultation with an attorney already involved in an arbitration against the Respondents at: 888-760-6552. We represent all of our clients on a contingency fee and advance all costs. We are also actively investigating other stock brokers and brokerage firms that may have steered business to Frederick (Frank) Alan Voight and his alleged fraud.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.