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Our law firm is investigating FINRA broker-dealers Longship Alternative Asset Management and Tradition Asiel Securities relating to the conduct of James E. Neilsen, CRD No. 4825841, and the supervision of his activities. Earlier this year, on January 9, 2014, the Banking Commissioner of the Connecticut Department of Banking, issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (collectively “Order”) against Neilsen. In the Order, as amended on February 18, 2014, Connecticut alleged that “from approximately November 2005 through approximately September 2011, in order to finance Ulysses’ [Partners] business expenses, Neilsen, individually and/or on behalf of Ulysses, offered and sold approximately $10 million of securities to at least ten Connecticut investors, the majority of whom were Neilsen’s CPA clients. Such securities took the form of promissory notes and investment agreements (“Ulysses Investments”), which securities were not registered in Connecticut under Section 36b-16 of the Act, nor were they exempt from registration under Section 36b 21 of the Act, nor were they the subject of a filed exemption claim or claim of covered security status. Although Neilsen, on behalf of Ulysses, has partially repaid some of the investors, there is still an outstanding balance owed to investors of approximately $7 million dollars.”
According to FINRA’s BrokerCheck, from November 2004 through July 2007, Neilsen was registered with Tradition Asiel Securities. From January 2010 to January 2011, Neilsen was registered with Longship Alternative Asset Management. Neilsen was registered with Sound Securities between August 2008 through December 2009, which is now a defunct broker dealer. Under FINRA Rules, these brokerage firms were obligated to properly supervise the activities of Neilsen during the time he was registered with the brokerage firms. Accordingly, these firms may be liable for failing to supervise Neilsen’s activities during the time he was registered with the firms.
Customers of Neilsen who purchased securities from him, in the form of promissory notes and/or investment agreements, are encouraged to contact our law firm to explore their legal rights and options. Our law firm can be reached, toll free, at 888-997-9956.