Ponzi schemes collapse eventually. The funds the fraudster stole often can’t be recovered and the business or fund goes bankrupt,...
If you lost money in a Ponzi scheme, you have every right to be angry. The Ponzi scheme operator has probably lost most of the money the fraud generated and you may have lost your life’s savings.
If a trusted financial professional recommended the investment, you might be wondering whether you have legal recourse against them. Silver Law Group can help you sue your accountant or financial advisor for Ponzi scheme losses if they bear responsibility. Our Ponzi scheme attorneys, led by Scott Silver, have decades of experience successfully recovering funds for defrauded investors like yourself.
Many Ponzi schemes are successful because the promoter of the scheme hires a reputable accounting firm to evaluate its financials. Investors reasonably rely on these well-regarded firms to unearth irregularities that might indicate a Ponzi scheme or other fraud.
When the accounting firm does not properly exercise due diligence, negligently certifies financial statements, or fails to detect the scheme due to fraud or misconduct, you may be able to hold it liable for your losses. Typically, numerous bilked investors band together to bring a class action lawsuit against the accountant. Silver Law Group represents investors in class action lawsuits related to accounting firm involvement in Ponzi schemes.
You can pursue compensation against an accountant or accounting firm that verified the financials of a Ponzi scheme, but you can also seek compensation from the financial professionals who work for you and recommended the investment. These claims frequently need to go to arbitration rather than civil court.
An attorney with Silver Law Group will review your accountant’s engagement letter to determine whether arbitration is your only option to pursue compensation for Ponzi scheme losses. The wording of the letter may leave room for you to bring a case in court.
FINRA regulations may cover your licensed financial advisor, and if so, you will need to initiate arbitration to try to recoup your losses. If your financial advisor works under a Series 65 license or has no securities license, you could bring a lawsuit against them.
Whether you are pursuing your Ponzi scheme claim in arbitration or civil court, your attorney must prove your accountant or financial advisor was responsible for your losses through a violation of duty.
There are numerous ways your financial professional could have breached their duty to you. These include breaching their fiduciary duty, providing you with misleading information, negligently failing to investigate the investment opportunity, and other potential misconduct.
Silver Law Group attorneys have substantial experience with Ponzi schemes and investor fraud, and we know how to hold accountants and financial advisors accountable. Please call as soon as possible to discuss litigation options.
