BOCA RATON, Fla., Oct. 08, 2015 (GLOBE NEWSWIRE) -- According to recent Securities and Exchange Commission’s (“SEC”) allegations, from approximately 2009 through at least July 2014, Mr. Jacob and Innovative Business Solutions, LLC (“IBS”), which Mr. Jacob owns and controls, engaged in a fraudulent scheme involving material misrepresentations and omissions as well as other deceptive devices and practices. Mr. Jacob operated an unregistered investment advisory firm and retained investment advisory clients collecting advisory fees to which he was not entitled.
According to the SEC’s allegations, for at least five years, Mr. Jacob and IBS routinely made false statements and omissions to current clients, prospective clients, and others, whereby he:
- Concealed his 2003 disbarment as an attorney by the State of Maryland for misappropriating client funds and other misconduct;
- Misstated to clients the risks and profitability of their investments, including in investment newsletters that Mr. Jacob drafted and distributed himself; and
- Falsely informed clients that he was not required to register as an investment adviser and failed to disclose that, in fact, he and IBS were required to be registered as investment advisers with several states.
Mr. Jacob’s and IBS’s false statements and deception was a breach of their duties as investment advisers to the clients. Their scheme resulted in Mr. Jacob and IBS collecting over $500,000 in investment advisory fees from their clients. Mr. Jacob asserted his Fifth Amendment privilege against self-incrimination in testimony taken by the SEC during the Division of Enforcement’s investigation of this matter. IBS was operated by Mr. Jacob in Maryland, Montana, Arizona and now Florida. Mr. Jacob has never been registered as an investment adviser with the SEC or any state. Additionally, IBS has never been registered with the SEC or any state in any capacity as well.
If you are a client or former client of Mr. Jacob or Innovative Business Solutions, LLC and feel you have been the victim of improper professional behavior or have been misled with an investment of yours, you might have the grounds upon which to assert a claim to recover your losses through FINRA arbitration or the courts. Silver Law Group is a nationally-recognized securities law firm with offices in New York City and South Florida representing investors worldwide with their claims for losses due to financial misconduct and consumer fraud. The firm has successfully recovered multi-million dollar awards for its clients through securities arbitration and the courts. To contact Scott L. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at SSilver@Silverlaw.com.
Source:Silver Law Group