Joseph Menachem Hain, known as Joey Hain, (CRD#: 4959092) is the subject of customer complaints for material misrepresentations concerning investments made in private placements. Customers have requested damages close to $700,000 for alleged misconduct.
If you believe that you have suffered losses as a result of Mr. Hain’s negligence or intentional wrongdoing, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action.
Hain allegedly made material misrepresentations concerning an investment in a private placement without disclosing the risks and benefits of the investments. Private placements–the sale of securities by an issuing company to a limited number of private investors–have become the investment of choice for many “bad” brokers.
A private placement transaction is exempt from the registration and regulations of the Securities and Exchange Commission (“SEC”) under rules detailed in Regulation D found under Title 17 of the Code of Federal Regulations, part 230, Sections 501 through 508. Some well-known scams involving private placements include the following: (1) Stanford International Bank offered phony certificates of deposits with estimated losses of close to $3 billion; (2) Medical Capital Holdings, Inc. defaulted on notes on medical receivables with losses of $1.2 billion; and (3) Provident Royalties, LLC offered fraudulent energy securities with estimated losses of nearly $500 million.
Private placements are often unsuitable for customers because of their high-risk, complex, and unregulated nature.
If your stockbroker, financial advisor, or investment professional engages in making material misrepresentations and private placement fraud, the company that he or she works for might be liable to you for resulting damages. Furthermore, brokerage firms, such as Noble Capital Markets, Inc., are required to supervise their brokers and financial advisors under FINRA Rule 3110. According to FINRA BrokerCheck, Noble Capital Markets, Inc. has failed multiple times to reasonably supervise its brokers, resulting in fines paid over $140,000. Failure to supervise, which results in losses to a customer, may result in the brokerage firm being held liable and responsible for customers’ damages.
Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email firstname.lastname@example.org for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
Levin Law is a premier national securities, commodities, futures, and class action law firm.. Brian Levin, Levin Law’s founding attorney, has helped recover over $100,000,000 through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.