National investment fraud lawyers KlaymanToskes is investigating Michael Joseph Petrucelli (CRD# 6339745) after the previously registered broker and investment advisor received four customer complaints with allegations including selling unsuitable loans away from his firm, unsuitable EB-5 private placement investments, and fraud regarding false and misleading statements to clients.
According to his FINRA Brokercheck Report, customer complaints against Petrucelli total over $5 million in collective alleged damages. The first two complaints occurred while Petrucelli was registered with Tobin & Co. Securities LLC from 2014 to 2021. One client alleges $3.5 million in damages due to false and misleading statements regarding an unsuitable EB-5 private placement investment. The second alleges damages of $1.5 million due to selling an unsuitable loan away from Tobin & Co. The two remaining complaints occurred while Petrucelli was associated with US Freedom Capital Advisors LLC from 2015 to 2021, alleging fraud and common law torts regarding investments in an EB-5/medical facility. All four complaints are currently pending in FINRA arbitration.
If you have suffered investment losses at the advice of Michael Joseph Petrucelli at Tobin & Co. Securities LLC or with US Freedom Capital Advisors LLC, you are encouraged to contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. Every case is taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Petrucelli was previously registered with Tobin & Co. Securities LLC, whose founder has a history of customer complaints related to the EB-5 program. For more information about this firm, see our recent blog post: “Investment Losses With Justine Eidt Tobin?”
According to the SEC’s Testimony on the EB-5 Immigrant Investor Program, congress created the EB-5 program in 1990 to “stimulate the U.S. economy through capital investment by foreign nationals seeking a legal path to U.S. residency.” According to the program’s guidelines, “individuals who invest a minimum amount of either $500,000 or $1 million, depending on certain circumstances, may qualify for an EB-5 visa if their investment leads to the creation or preservation of 10 or more jobs for qualifying U.S. workers.” However, not all foreign investors who invest through EB-5 are guaranteed a visa or permanent residency in the United States.
The SEC’s Enforcement Division has “ brought a number of fraud claims arising out of these investments, as well as certain cases focused on unregistered broker-dealer activity related to EB-5 investments.” KlaymanToskes can help you determine if your EB-5 investment loss is due to fraud, broker misconduct, or unsuitable investment advice. Depending on your circumstances, you may be entitled to recover your losses through FINRA arbitration.
If you suffered losses due an EB-5 private placement, you may be able to recover your losses with the representation by an experienced securities attorney. Contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com