ALPAX LLC Founder Charged by SEC | Recover Investment Losses

ALPAX LLC Founder Charged by SEC| Goodman & Nekvasil P.A. May Recover Investor Losses

According to the SEC: 

This matter involves an offering fraud orchestrated by Conley, a Morgantown, West Virginia-based former registered representative, in which he raised approximately $5.2 million from at least 20 investors through the fraudulent offer and sale of securities. Conley convinced some of his most trusting investors, including pastors and church congregants, to invest their money with one or more of the entities he controlled while knowing the investments were not legitimate, that he would make no securities investments on their behalf, and would instead spend their money like it was his own.

Between January 2014 and September 2018, Conley perpetrated the fraud by claiming that he managed multiple private investment funds through his company ALPAX, LLC (“ALPAX”) and affiliated shell companies. Conley induced investors to purchase securities, including purported limited partnership interests, by making a number of materially false and misleading statements and omissions concerning the legitimacy of the investments and the use of investor proceeds.

Conley told investors that he would invest their money in a variety of ventures, including construction of university student housing, high-yield fixed-income securities, oil and gas technologies and infrastructure, mineral rights leasing, and timber management, among other things. Other times, Conley simply told investors that he ran a private equity company and had an urgent need for investment funds to “close a big deal.” All of these representations were false.

Conley never invested the investor proceeds as promised. Instead, he comingled the funds in the ALPAX checking accounts that he controlled and used the majority of the funds to support his lavish lifestyle, including private jet charters, luxury automobiles, opulent jewelry and clothing purchases, and to repay other investors with Ponzi-like payments.

To further the appearance of legitimacy and give investors a false sense of security, Conley provided some of his investors with fictitious quarterly account statements, knowing that the balances and gains reported on the statements were entirely false.

Investors in ALPAX LLC May Recover their Losses with Goodman & Nekvasil, P.A.

If you invested in ALPAX LLC, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a St. Petersburg, FL law firm with a national practice representing victimized investors, has recovered more than $200 million dollars on behalf of victimized investors.

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

If you incurred investment losses in ALPAX LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

 

 

 

 

 

Contact Us Today!

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