BlackBird Financial LP Investigation | Goodman & Nekvasil, P.A.
JUDAH SPINNER is the Chief Investment Officer according to FORM D Filed with the SEC. Spinner raised over $1 million in the fund allegedly without the approval of his employer, PFS INVESTMENTS INC.
Spinner was terminated by PFS Investments Inc. after the firm allegedly discovered that the representative was listed as the founder of a company called Blackbird Financial on that company’s website. This outside business activity was not disclosed to the Firm, according to the statement from Spinner’s former employer.
FINRA SUSPENDS SPINNER
Without admitting or denying the findings, Spinner consented to a twelve-month suspension from associating with any FINRA member in all
capacities; and a $10,000 fine.
Call 800-500-4442 if you are concerned about your investment in BlackBird Financial LP
BlackBird Financial LP Investigation
Call 800-500-4442 if you think that you have received unsuitable investment recommendations from your adviser.
BlackBird Financial LP Investigation and the Risks of Alternative Investments
Many investors are not fully aware of the problems and risks associated with illiquid, high risk, alternative investments when they purchase them.
Investments are often riskier and more complicated than traditional investments. These funds are only suitable for high net worth, sophisticated investors.
Liquidity Issues and High Sales Commissions
Alternative investments can face several liquidity issues due to their unique characteristics and structure.
Another problem often associated with alternative investments is the high sales commissions brokers typically earn for selling them. Brokers have an obligation to make investment recommendations that are consistent with their clients risk tolerance, net worth, investment objectives and experience in the market.
Unfortunately, in many cases, the high sales commission may influence unsuitable investment recommendations.
Broker Due Diligence
Broker dealers are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor. Firms that fail to do so may be held responsible for any losses in a FINRA arbitration claim.
If you believe that your investments in BlackBird Financial LP may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. If we don’t recover money for you, we charge no attorney’s fee.
Goodman & Nekvasil, P.A. has recovered more than $400 million on behalf of victimized investors. If you lost money on investments in unsuitable investments and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from the SEC and FINRA on 5/15/25. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442