Long Island Investment Advisor Mark Lisser recently pleaded guilty to securities fraud conspiracy for his role in promoting investments in shares of several companies prior to an initial public offering (“IPO”).
According to a news release from Department of Justice:
“Between October 2018 and January 2019, Lisser was a partner in Knightsbridge Private Partners LLC (Knightsbridge), which operated a series of websites and call centers used to solicit investments in purported pre-IPO shares of companies (the Pre-IPO Companies). Employees of Knightsbridge, including Lisser, solicited these investments by falsely telling investors and potential investors that Knightsbridge owned the shares it was selling, that Knightsbridge was on the capitalization table of the pre-IPO Companies, and that Knightsbridge and its employees did not earn any commissions or fees until after the shares were issued to the public and the investors made money. In reality, as Lisser knew, Knightsbridge did not directly own any pre-IPO shares in the Pre-IPO Companies, and was not on the capitalization table of any of the Pre-IPO Companies. Lisser also knew that he and other Knightsbridge employees earned money, including commissions, from the investments at the time they were made. As a result of this scheme, Lisser misappropriated more than $700,000 in investors’ funds to make payments to companies controlled by Knightsbridge employees, pay salaries and sales commissions, pay his personal credit card bill, and make payments on a mortgage.”
Fishman Haygood’s team of investment fraud lawyers represent investors who have suffered investment losses in claims against their brokers or financial advisors like Mark Lisser and the firms employing/supervising them. If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Please contact us to discuss your potential claim.