Financial Advisors Sued For Selling 1st Global Capital Investments

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Brothers Anthony and Michael Pellegrino and their firm Goldstone Financial Group have been hit with a class action securities fraud lawsuit relating to their sale of 1st Global Capital investments. According to the plaintiff, Goldstone promoted 1st Global on TV in Chicago and at events they hosted at restaurants, which convinced him to invest the funds from his IRA into a 1st Global Memorandum of Indebtedness, a note that purportedly had a maturity of 9 months. Goldstone allegedly touted these MOIs as a safe investment for retirees.

A brochure the plaintiff claims to have gotten from Goldstone says that a merchant cash advance has a personal guarantor, lienable assets to use as collateral, and that merchants supply 3 years of bank statements. At the top it says 9-12 months and 6-10% interest.

You can view the lawsuit here

The case ID is: 1:18-cv-06643 in the Northern District of Illinois

Last modified: October 2, 2018

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