Eccleston Law Launches Investigation of AIC, Inc. and its Agents and Subsidiaries Following Offering Fraud and Ponzi Scheme Charges

The attorneys at Eccleston Law have launched an investigation of Richmond, Virginia-based AIC, Inc. and its President and CEO, Nicholas D. Skaltsounis, along with AIC’s subsidiary, Community Bankers Securities, LLC, John B. Guyette of Greenley, Colorado and John R. Graves of Pensacola, Florida for their roles in the offering fraud and Ponzi scheme.

In addition, the attorneys at Eccleston Law are also investigating several AIC subsidiaries, including Allied Beacon Partners, Inc. (f/k/a Waterford Investor Services, Inc.), Advent Securities, Inc., and CBS Advisors, LLC, along with their registered representatives for their role in the fraudulent scheme.

The SEC alleged that from January 2006 through November 2009, Nicholas Skaltsounis, directly and through registered representatives associated with CB Securities, including John Guyette and John Graves, fraudulently offered and sold as much as $7.7 million in AIC promissory notes and stock to at least 74 investors in at least 14 states, many of whom were elderly, unsophisticated brokerage customers of CB Securities. Skaltsounis, Guyette, and Graves allegedly misrepresented and omitted material information to investors relating to, among other things, the safety and risk associated with the investments, the rates of return on the investments, and how AIC would use the proceeds of the investments.

The SEC further alleged that AIC promised to pay interest and dividends up to 12.5% on the promissory notes and stock knowing that it did not have the ability to pay those returns. Skaltsounis is believed to have used the money raised from new investors to pay back principal and returns to existing investors in a Ponzi scheme manner. To the detriment of investors, by December 2009, the Ponzi scheme collapsed when Skaltsounis could no longer solicit investments and recruit new investors to pay back existing investors.

Eccleston Law represents individual and institutional investors nationwide to recover their investment losses caused by securities fraud, unsuitable investment recommendations, breach of fiduciary duty, negligence or other misconduct. We have extensive experience representing investors in arbitration and litigation disputes with securities broker-dealers and investment advisory firms, and have recovered tens of millions of dollars for investors.

If you are an investor that has suffered losses investing, AIC, Community Bankers Securities, Nicholas Skaltsounis, John Graves, John Guyette, Allied Beacon Partners, Waterford Investor Services, Advent Securities, or CBS Advisors, your losses may be recoverable through securities arbitration.  Please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 to discuss your recovery options.