Law Firms Levin Papantonio, Fishman Haygood and Schneider Wallace Announce Investigation of Securities Claims Against Inofin, Inc.

3 National Law Firms Combine Forces to Investigate Alleged Violations of Federal Securities Laws, Including Diverting Millions of Dollars in Investor Funds for Personal Benefit

 

PENSACOLA, Fla., April 29, 2011 -- Levin Papantonio of Florida, one of the nation’s preeminent securities law firms, announced today that it has joined forces with Fishman Haygood of Louisiana and Schneider Wallace, which has offices in California and Arizona, to jointly pursue claims for investors who have suffered losses from the recent $110 million Inofin fraud alleged by the SEC (http://www.stockbrokerattorney.com/Inofin-fraud-lawsuit).  The trio has launched an investigation of subprime auto loan lender Inofin, Inc., of Rockland, Massachusetts, three of its principal officers, and two sales agents, as Inofin victims may be eligible for financial compensation.

 

“We believe that companies must be held accountable when they misrepresent themselves to investors for personal gain," says attorney Peter Mougey, an investor advocate, President of the National Securities Bar Association PIABA and head of the Securities Department at Levin, Papantonio. "We have joined together three top law firms in the nation to help victims of the Inofin fraud, who deserve to be compensated for their losses."

 

On April 14, 2011, the SEC filed a federal lawsuit against Inofin and executives Michael Cuomo, Kevin Mann and Melissa George for misleading investors in over 25 states.  The SEC alleges the subprime auto lender illegally raised at least $110 million by selling unregistered promissory notes to investors. 

 

According to the SEC, Inofin investors were led to believe their investment in the notes would yield a 9% - 15% return rate. Instead, the SEC alleges that Inofin executives used investor money to open four used car dealerships and build multiple real estate developments for personal benefit. 

 

Garret Wotkyns of Schneider Wallace, who focuses on complex financial services cases, said that he hoped the firms would be able to help Inofin investors by combining the strengths and collective experience of these three law firms when handling Inofin cases. The three firms have a combined history of representing many investors in similar claims.

 

The SEC also charged sales agents David Affeldt and Kevin Keough with allegedly offering to sell unregistered company securities, from which they received more than $500,000 in illegal referral fees between 2004 and 2009. Keough’s wife, Nancy, was also named in the SEC complaint as a relief defendant.

 

“Brokers who peddle products like these need to be held accountable for what they sell,” says Joseph Peiffer, a securities arbitration and commercial litigation attorney with Fishman Haygood.

 

About Levin Papantonio

The Levin Papantonio law firm is recognized as one of the preeminent law firms in the US. In the past twenty-five years, the attorneys have obtained more than seventy-five jury verdicts in the amount of one million dollars or more, including twelve jury verdicts in excess of ten million dollars, and two in excess of $450 million.

 

About Fishman Haygood

Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P. was founded in the mid-1990s by leading business and litigation lawyers from three of the most prestigious law firms in Louisiana. Fishman Haygood has handled hundreds of investor claims and obtained one of the largest verdicts against a brokerage firm ever rendered by an arbitration panel.

 

About Schneider Wallace

Schneider Wallace Cottrell BraytonKonecky LLP represents workers, investors and consumers in class action litigation matters around the country.  For more almost two decades, the firm’s attorneys have handled matters involving workplace benefits, alleged financial losses and consumer rights.