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Written by 12:32 pm Blog, Securities Fraud Articles

Potential Recovery of Brian A. Bjork Investment Losses

Have you suffered losses due to your investment with Brian A. Bjork, Select Asset Management and/or his late business partner David Salinas (or his entities)? If you have, The White Law Group may be able to assist you in recovering some of your losses through a Financial Industry Regulatory Authority (FINRA) dispute resolution claim.

In August, the Securities and Exchange Commission (SEC) alleged in documents filed in a Texas district court that “From at least 2004 through the present, Defendant Bjork offered securities in two fraudulent securities schemes, raising approximately $52 million combined…” In addition to Brian A. Bjork, other defendants named were J. David Group of Companies, Inc., J. David Financial Group, Select Asset Management, LLC, Select Capital Management, LLC, Select Asset Fund I, LLC, Select Asset Prime Index Fund, LLC, and the Estate of Joel David Salinas.

According to the SEC, the first of two schemes “defrauded more than 100 investors of approximately $39 million…” It appears, “…Bjork offered investors corporate bonds through Defendants J. David Group and J. David Financial.” It appears Bjork “offered the bonds alongside his business associate,” Mr. Joel David Salinas, who was the president of the J. David Group until his apparent suicide last July. The SEC alleges that they “promised investors safe, fixed income by investing in highly rated corporate and other bonds with annual yields up to 9%,” but that the bonds they offered “…did not exist or that neither J. David Group nor J. David Financial ever acquired as promised.”

The second of the alleged schemes, says the SEC, involved Select Asset Management and Select Asset Capital. The SEC claims that Bjork “offered securities issued by two private funds, Defendants Fund I and Fund II, raising approximately $13 million from at least 52 investors since August 2007” through the two entities. According to the filing, “Bjork controlled Defendant Select Asset, serving as its CEO, and also controlled Defendant Select Capital, serving as one of its three “Principals” named in Fund I and Fund II private-placement memorandums (“PPMs”), which Bjork disseminated to investors.”

At the time of its court filing, the SEC believed that “Defendants participated in fraudulent schemes involving the offer and sale of securities and have violated, and, unless enjoined, will likely continue to violate, anti-fraud provisions of the federal securities laws…”

According to his FINRA CRD, publicly available on FINRA.org, Brian A. Bjork (CRD# 2576087) has not been registered with a member firm since 07/2011. However, his CRD indicates that Mr. Bjork was registered with Securities America, Inc. from 02/1996 – 12/2003, Golden Beneficial Securities Corporation from 12/2003 – 04/2011, and then briefly with World Equity Group, Inc. from 03/2011 – 07/2011.

When a registered broker conducts business outside of the firm he is registered with, that activity may be considered “selling away.” If a registered broker “sells away” from his firm, the firm may still be liable for negligent supervision of their broker agent and may be responsible for investment losses in a FINRA dispute resolution claim.

If you invested with Brian A. Bjork, Select Asset Management and/or his late business partner David Salinas (or his entities) and would like to speak to a securities attorney about your potential to recover the investment losses through FINRA arbitration please call our Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.

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