July 2017-Dallas and Plano, Texas
Two Texas firms and three individuals employed by the firms were named in an enforcement proceeding filed by the U.S. Securities and Exchange Commission over the sale of 7% promissory notes issued by Verto Capital Management LLC.
Named as respondents in the Order Instituting the proceedings, are:
- Retirement Surety LLC-a Plano-based company, which according to its website is a ‘practicing Christian organization” who provide investment advice for retirement planning. This company has never been registered as a broker dealer.
- Crescendo Financial LLC-a Plano-based company that brokered the sale of the Verto Notes that also touts itself as being a “practicing Christian organization”.
- Thomas Rose-a 61 year old resident of Plano, TX, who was a partner of Retirement Surety and Crescendo Financial. Rose does not hold any securities licenses and has never been registered as or associated with a registered securities dealer.
- David Leeman-a 67 year old resident of Dallas, TX, who is also a partner of Retirement Surety and Crescendo Financial. He purports to be a licensed insurance agent in TX, but has never been registered as or associated with a registered securities dealer.
- David Featherstone-a 70 year old resident of Dallas, TX. He also purports to be a licensed insurance agent in TX, but has never been registered as or associated with a registered securities dealer.
Other relevant individuals in the order are:
- WIlliam Schantz III, 62 of Moorestown, New Jersey.
- Randal Wallis, 63 of Pottsboro, TX.
- Ronald Howard Wills, 71, of McKinney, TX.
According to the SEC the respondents sold $12.5 million of the Verto Notes to 82 individual investors and collected commissions of over $650,000 on the sales notwithstanding the fact that none of the respondents was registered as a securities broker. Respondents solicited sales on radio shows broadcast on two Christian networks and by use of the Retirement Surety website where the Verto Notes were touted as being a “Short Term Investment with Superior Returns and Minimal Risk”.
Investors who were referred to respondents by a registered stockbroker may be able to recover damages from the brokerage firm employing that broker. Call for details.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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