Madison Wisconsin Securities Attorneys
Have you suffered investment losses with your broker or financial advisor? If so, the Madison Wisconsin securities attorneys at The White Law Group may be able to help you. The firm is dedicated to helping investors across the country in arbitration claims against their brokerage firms or financial professionals.
The White Law Group, LLC, a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm, has offices in Chicago, Illinois and Seattle, Washington.
With offices in Chicago, Illinois, the White Law Group handles securities fraud cases throughout the state of Wisconsin, including reviewing securities fraud cases in Madison, Racine, Milwaukee, Kenosha, Lake Geneva, Green Bay, Altoona, and Osh Kosh. (All cases in the Midwest portion of the United States are administered out of FINRA’s Chicago, Illinois Dispute Resolution office.)
Wisconsin law defines securities as stocks, bonds, promissory notes and other evidences of indebtedness; shares in mutual funds; stock options; limited partnership interests; interests in oil and gas, mining, or real estate ventures or leases; certificates of deposit; some commodity contracts; and “investment contracts” — a catch-all term for certain kinds of unusual investment arrangements in which the investor is to rely on the effort of others for some essential managerial activities.
Broker-dealers are firms which market investments to the public. Broker-dealers and their sales agents who contact persons in Wisconsin seeking to sell them securities must be licensed by the Department of Financial Institutions.
These firms are also regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities Exchange Commission (SEC).
Wisconsin Department of Financial Institutions
The Wisconsin Department of Financial Institutions has specifically asked that investors be on the lookout for the following securities frauds/ investment schemes:
Ponzi Schemes use the money of later investors to pay off earlier investors. Early investors receive what appear to be high dividends or interest on their investments. Reports of these high returns are then used to entice new investors. In reality, there is no underlying business. The early investors are simply being paid off with funds received from the later investors. When the scheme collapses, as it always does, current investors lose their money and the promoters walk away rich.
Affinity Schemes use a common connection between you and the salesperson to establish trust. This is simply a ploy to get you to drop your defenses so that you can be separated from your money. Because you are members of the same group, he or she wants you to believe that you would never be defrauded. The fact that the salesperson is of your race, religion, ethnic or other similar type group does not make the investment legitimate.
Real Estate or Oil and Gas Schemes come in many forms. Most are designed to convince you to invest in some kind of property or mineral rights at a location that neither you nor other investors have ever seen. Statistical reports and glowing projections are produced to entice you to invest in the hope of becoming an oil baron or a real estate magnate. In fraudulent promotions, even if the property or oil well does exist—which is often not the case—the proposed income-producing activity either does not exist, or does not operate as represented.
The Wisconsin Department of Financial Institutions has wide regulatory powers and can sanction, bar, or criminally investigate individuals or companies involved in securities fraud. Additionally, investors may also have a private right of action against these firms or individuals.
FINRA Arbitration and Mediation to Recover Investment Losses
State regulators, such as those in Wisconsin, are often limited in how much they can help in recovery of investment losses. FINRA Dispute Resolution is an arbitration venue for investors across the country with claims against their brokerage firm or financial professional. ?It provides investors with an opportunity to attempt to recoup their investment losses without filing such claims in court.
Prior to making recommendations to an individual investor, brokerage firms are required by the Financial Industry Regulatory Authority (FINRA) to disclose all the risks of an investment. Recommendations should only be made if the investment is suitable for an individual investor given their age, investment objections, investment experience and risk tolerance.
Brokerage firms that do not perform adequate due diligence on an investment and/or make unsuitable recommendations can be held accountable for investment losses through FINRA arbitration
Madison, Wisconsin Securities Attorneys
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 40 years of securities law experience, including experience working at FINRA and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses.
The firm reviews securities fraud cases throughout Wisconsin, including reviewing securities fraud cases in Milwaukee, Altoona, Madison, Racine, Kenosha, Sheboygan, Osh Kosh, Green Bay, and Janesville.
If you have questions about investments the Madison Wisconsin securities attorneys at The White Law Group may be able to help. For a free consultation, call the firm’s Chicago office at 888-637-5510.
For more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.
Tags: broker fraud, brokerage firm, Financial Advisor, FINRA, Green Bay, investment losses, investor protection, Kenosha, Lake Geneva, Madison, Milwaukee, NASD, Osh Kosh, Racine, SEC, securities arbitration, Securities Attorney, securities law, securities law firm, Securities Lawyer, stockbroker, Wisconsin Last modified: September 19, 2023
I came across your information during a Google search. Securities fraud is just about the last area of law an attorney should dabble in, so I’m forwarding this information to you. I’ve been a shareholder of GNVC since mid 2009 and have lost a significant amount of money. I became very suspicious of GNVC’s conduct following a secondary offering to Roth Capital. Here’s a quick timeline:
1. Around 2006, GNVC initiated a PACT (Pancreatic Advanced Cancer Trial) using its adenovector and TNFerade vaccine technologies in an effort to treat pancreatic cancer.
2. April 2009, GNVC discontinued production of TNFerade with Cobra Biomanufacturing, PLC despite persistent PR regarding the efficacy of PACT and TNFerade.
3. January 7, 2010, Roth Capitol initiated analyst coverage of GNVC with a price target of $4.00. The stock was selling at $1.71.
4. Within days (January 27, 2010), GNVC entered into a secondary offering with Roth Capitol for the sale of 14,000,000 shares of its common stock at $2.00 per share in addition to warrants to purchase 4,200,000 shares of its common stock with an exercise price of $2.75 p/s. The gross proceeds of the offering were $28.0 million. GNVC was selling at appx. $3.00 per share, ostensibly as a response in part to Roth’s price target of $4.00.
5. On March 30th, 2010, GNVC announced cessation of PACT after hours. Efficacy proved to be statistically insignificant. Shares plunged 79%.
6. On May 23, 2010, Senior Vice President Mark Thornton unexpectedly resigned.
7. On June 16, 2010, GNVC hired Wells Fargo, Co. to facilitate the sale of all, or part of the company. GNVC and its technology received no offers.
8. On April 5, 2011, GNVC completed a 1 for 10 reverse split following postings on internet message boards from “selected investors” who were ostensibly contacted by the company and convinced to vote for the R/S.
Here’s what I believe occurred:
GNVC knew PACT failed months before publicly announcing it; shortly before quietly shutting down TNFerade production.
Knowing that the failure of PACT would financially devastate the company once the news became public, GNVC entered into a secondary offering with Roth Capitol who initiated coverage of GNVC at $4.00 per share. This artificially inflated the PPS and further added to the impression that PACT and TNFerade were viable. GNVC then sold Roth Capitol steeply discounted shares at $2 when its stock price on the open market was $3 after being pumped by Roth’s $4.00 target price and favorable PR.
GNVC was engaged in a scheme to manipulate its stock’s price. It withheld negative information from investors regarding the PACT study to ensure the share price remained inflated until the Roth money was in GNVC coffers. GNVC sold Roth Capital discounted shares so as to raise enough money to keep the company afloat after it dropped the PACT bomb on the public. Without the Roth deal, GNVC would have bankrupted and corporate salaries lost.
GNVC contacted “select” investors who received 11th hour phone calls from management to convince them to vote for a 1-10 reverse-split. The information shared with these investors was not made available to all investors. The split was necessary to keep the company listed on NASDAQ and further the perception of credibility. The split significantly reduced investors positions in the company.
One and 1/2 years later, GNVC still refuses to release the PACT study. I suspect documents show the company knew its science had failed well before announcing it – likely around the time TNFerade production was stopped.
At face value, these appear to be the actions of a company desperate to stay alive. A company that has not brought a single product to market in 20 years. A company that knew it had no science, no vaccine, no product on the horizon to keep it in business once PACT failed. Wells Fargo’s inability to sell the company’s science supports this.
In summary, I suspect possible breaches of fiduciary duty and other violations of law by the Board of Directors of Genvec for not acting in shareholders’ best interests. The cover-up and delayed release of the failure of PACT and GNVC’s flagship product, TNFerade; Roth’s price target of $4.00; and GNVC’s failure to acknowledge and discount inaccurate press releases, misled investors to buy shares at fraudulently inflated prices.
Motivation. Ability. Opportunity. The elements are there.
Thanks!