National investment loss lawyers KlaymanToskes is investigating Nicholas Stovall (CRD# 5581487) of Gradient Advisors following the filing of a customer complaint alleging $350,000 in damages due to unsuitable recommendations to invest in a promissory note.
According to FINRA BrokerCheck, Nicholas Edward Stovall was previously registered as a broker/investment advisor with Gradient Securities and Gradient Advisors from 2009 to 2023 in Arden Hills, MN. Stovall was also previously registered with West America Securities Corp. in Las Vegas, NV and with Edward Jones in New Richmond, WI.
Investors that suffered losses with Nicholas Stovall and/or any other broker at Gradient Advisors and/or Gradient Securities, may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or firstname.lastname@example.org for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Nicholas Stovall has four public disclosures, including a pending customer complaint which alleges $350,000 in investor damages due to unsuitable investment recommendations in promissory notes.
Following the filing of the customer complaint, Stovall was permitted to resign from Gradient Advisors on July 21, 2023, due to violation of the firm’s policies and procedures. Gradient Advisor’s allegations state that Stovall engaged in “the solicitation of unapproved products” and further failed to “notify the firm of a regulatory inquiry”.
Gradient Securities’ allegations state that Stovall “failed to provide timely notification to the Firm regarding a subpoena and investigation that was initiated by the State of Kansas Securities Commissioner.”
According to a civil action filed by the Oklahoma Department of Securities on October 13, 2022, Steven Jonathan Parish and Richard Dale Dean, along with a network of sales agents, operated a $100 million Ponzi-like scheme through several fraudulent securities offerings to hundreds of individuals in 19 states.
The complaint named Premier Global Corporation of Derby, Kansas and Steve Jonathan Parish, along with DDI Advisory Group, LLC of Plano, Texas, and Richard Dale Dean. On October 14, 2022, a separate case was filed by the Oklahoma Department of Securities for an order freezing assets, and on October 31, 2022, the District Court of Oklahoma County filed an emergency application for order appointing a receiver to prevent the further dissipation of assets.
The Court appointed a receiver over the following entities and individuals:
On November 1, 2022, the Office of the Kansas Securities Commissioner filed a separate civil action in the Sedgwick County District Court, alleging that Premier Global, along with its affiliated bodies, engaged in a practice of buying invoices (accounts receivable) owed by construction contractors at a reduced price. Premier purportedly then generated profits by collecting the total amount owed from the invoices, a process known as “invoice factoring.”
To finance its operations, Premier reportedly began raising capital through the issuance of financial products labeled as “Transferee Agreements” and “Promissory Notes.” The complaint further discloses that since at least 2018, Premier allegedly used funds from new investors to pay returns to earlier investors.
The regulator’s investigation also revealed that Premier Global investor funds were allegedly commingled in 21 bank accounts across at least five different banks. The funds were allegedly misappropriated to pay commissions to salespeople, expenses unrelated to the invoice factory business, and for personal expenses of Steven Parish and his family members.
Brokerage firms and their financial advisors are required to conduct due diligence on investments prior to offering them to customers. KlaymanToskes believes brokerage firms that recommended Premier Global and its affiliated offerings were negligent in failing to investigate the significant red flags associated with the offering. Such failures leave brokerage firms liable in FINRA arbitration claims.
If you or a loved one have been a victim of the Premier Global Ponzi Scheme and suffered investment losses, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration 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.