Fraudulent and Misleading Legal Opinion Letters – South Florida Fraud and Misrepresentation Litigation and Arbitration Attorney

Recently, the Securities and Exchange Commission charged a South Florida attorney with aiding and abetting, through the issuance of fraudulent opinion letters, a previously-charged $322 million fraud allegedly perpetrated by a now bankrupt Florida-based cash advance company, 1 Global Capital LLC, its former CEO, and its former CFO on 3,600 retail investors. The SEC also previously charged an unregistered broker for his allegedly unlawful sale of 1 Global securities.

According to the SEC’s complaint, filed in federal district court in Miami, Jan D. Atlas, while a partner at a Fort Lauderdale-based law firm that was acting as outside counsel to 1 Global, drafted two opinion letters in which he knowingly falsified or omitted important facts and offered the opinion that 1 Global’s notes likely were not securities. The complaint alleges that 1 Global used the opinion letters to falsely represent to a network of external sales agents that its notes were not securities and that its offering did not have to be registered with the SEC. 1 Global then allegedly induced thousands of retail investors to invest hundreds of millions of dollars in its notes. According to the complaint, Atlas received a percentage of the commissions generated on the sale of 1 Global’s notes, which totaled more than $600,000.

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At the Boca Raton Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.