Donald MacCord, Shannon Doyle and Digi Outdoor Media, Inc. | Goodman & Nekvasil P.A. May Recover Investor Losses
In 2017, the SEC filed a complaint against Donald MacCord, Shannon Doyle and Digi Outdoor Media, Inc. The SEC alleged that Donald MacCord and Shannon Doyle raised approximately $4.5 million from more than 60 investors in a fraudulent securities offering by defendant Digi Outdoor Media, Inc. founded by Donald MacCord. The findings state that Donald MacCord and Shannon Doyle claimed that investor funds would be used to build Digi Outdoor Media, Inc.’s business and touted the company’s plan to generate revenue by leasing space to install digital signs for commercial advertising.
Donald MacCord and Shannon Doyle carried out the scheme by creating a fictitious vendor that Donald MacCord and Shannon Doyle controlled. Shannon Doyle created fake invoices from the vendor to charge Digi Outdoor Media, Inc. for construction and improvements purportedly performed at properties. Shannon Doyle caused Digi Outdoor Media, Inc. to pay the fake invoices from the vendor and then used the funds deposited in the fictitious vendor’s bank account, which was then diverted for personal expenses and an unrelated business.
The findings state that Donald MacCord and Shannon Doyle siphoned off more than $2 million for themselves. Donald MacCord diverted $1.6 million for personal expenses such as rent and utilities for a mansion in Southern California, private school tuition for his children, luxury cars, and vacations. The findings also state that $625,000 of the funds was used on Shannon Doyle’s other unrelated business.
A FINRA complaint states that Joseph Lavigne of Spencer Edwards, Inc. prepared a term sheet describing a $1 million convertible note private placement that Spencer Edwards, Inc. was going to underwrite for the issuer, Digi Outdoor Media, Inc. Separate FINRA complaints state that Joseph Lavigne, Richard Seefried, Brenton Bataille and Steven Quoy, all employed by Spencer Edwards, Inc., were involved in either failing to supervise, the selling of the convertible notes, inadequate due diligence, and/or distributing issuer prepared sales material that was misleading, omitted certain information, or failed to provide a fair and balance presentation of information.
If you lost any money on investments in Digi Outdoor Media, Inc. through Spencer Edwards, Inc., you may be able to recover your losses from Spencer Edwards, Inc. This is because Spencer Edwards, Inc. had a duty to supervise.
If you lost money on investments in Digi Outdoor Media, Inc., and believe that the investments 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. 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.
Our firm has a unique, unparalleled track record. Kalju Nekvasil, Esq., has not lost a securities arbitration case in more than 13 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on any investments in Digi Outdoor Media, Inc. 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.