The Chicago-based investment firm Advanced Equities is shutting down broker-dealer operations. Sources say on November 9th, Advanced Equities brokers were told that November 12th would be their last day. However, it is still unclear what will become of the parent company that holds the broker-dealer, or of several Advanced Equities offerings that are currently in process.
Last September, Advanced Equities was charged with misleading prospective investors on a pair of private placements for private fuel cell maker Bloom Energy. Investors were told that the company had more than $2 billion in order backlogs (it only had $42 million) and that it had a $1 billion order from a national grocery store chain (it was only $2 million). Advanced Equities settled the charges, among other things, by agreeing to pay a $1 million penalty.
Eccleston Law Offices counsels, represents and defends financial advisers and whistleblowers nationwide in regulatory, compliance, disciplinary and employment matters in arbitration and litigation, and before regulatory bodies such as the SEC, FINRA and state securities regulators. We frequently defend forgivable loan collection actions, prosecute Form U-5 defamation actions, counsel advisers as to how to transition successfully from firm to firm and negotiate the best possible agreements with their new firm, and provide succession planning, buy-sell agreements and other exit strategies and strategic consulting, practice transitions, mergers, acquisitions and divestitures.