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Our law firm investigating claims concerning loan transactions made through former Atlantic Trust Private Wealth Management (“Atlantic Trust”) Managing Partner, S. Mark Powell (“Powell”). Atlantic Trust is a unit of Invesco, Ltd. (NYSE: IVZ). Powell passed away earlier this month. Following his death, Invesco announced that it had become aware of “unusual transactions” conducted by Powell. Investors in Texas have reported that “they knew of dozens of others like them who invested large sums of money with Mr. Powell, who the investors say often sought loans for a variety of private ventures with promises of large guaranteed returns. One investor said Mr. Powell guaranteed a minimum annual return of 9%.” “Multiple millions” of dollars are allegedly at stake, involving numerous investors from Austin, Houston, Dallas and other areas of Texas.
While Invesco has stated that these unusual transactions occurred “personally outside of [Powell’s] work for Atlantic Trust,” under the Advisers Act, an investment adviser is subject to liability for failing to reasonably supervise persons subject to its supervision, with a view to preventing violations of the federal securities laws and their rules and regulations.
If you have information relating to this investigation, please contact KlaymanToskes, at 888-997-9956.