Executive Financial Services Inc – SEC Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses
The SEC has filed a complaint against the following entities:
- Einstein Sports Advisory LLC
- QSA LLC
- Vegas Basketball Club LLC
- Vegas Football Club LLC
- Wellington Sports Club LLC
- Welscorp Inc.
- Executive Financial Services Inc.
According to the SEC:
This action concerns an ongoing, $29.5 million offering fraud by Defendants John F. Thomas (“Thomas”) and Thomas Becker (“Becker”) both convicted felons⸺ and their six entities, Defendants Wellington, Welscorp, ESA, QSA, VBC and VFC (the “Six Entities”).
Since August 4, 2014, Defendants have enticed over 600 investors nationwide to invest in the Six Entities on the promise that they will make 250% to 600% returns from a pooled investor fund used to bet on sporting events. Defendants claim to have a proprietary handicapping system, and they tell investors that investing with them is a “low-risk way to TRIPLE your funds in less than 6 months.” These representations are patently false.
Contrary to Defendants’ representations to investors, the Six Entities do little actual sports betting. Instead, the Defendants misappropriated the majority of the money raised from investors, which they used to fund Thomas and Becker’s lifestyles, pay commissions to brokers and agents, or make Ponzi payments.
Investors are solicited through a network of over 150 brokers and agents. The largest producing brokers and agents selling the offerings are Defendant Douglas Martin (“Martin”) and his entity defendant Executive Financial Services, Inc. (“EFS”), along with defendants Paul Hanson (“Hanson”), and Damian Ostertag (“Ostertag”). From 2016 through the present, Martin and EFS have earned commissions of at least $458,000, Hanson has earned $281,000 in commissions, and Ostertag has earned $414,000 in commissions.
None of the offerings in the Six Entities is registered with the SEC, and none of the salespeople are registered brokers or associated with a registered broker.
By their conduct, Thomas, Becker, ESA, QSA, VBC, VFC, Wellington, and Welscorp violated Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Defendants Martin, Hanson, Ostertag, and EFS violated Sections 5(a) and 5(c) of the Securities Act and Section 15(a) of the Exchange Act.
Investors in These Entities May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in either of these entities:
- Einstein Sports Advisory LLC
- QSA LLC
- Vegas Basketball Club LLC
- Vegas Football Club LLC
- Wellington Sports Club LLC
- Welscorp Inc.
- Executive Financial Services Inc.
Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 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 either of these entities 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.
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