Greenlight Advantage Group Controller Charged by SEC | Goodman & Nekvasil P.A. May Recover Investor Losses
The Securities and Exchange Commission today charged an unregistered investment adviser, who allegedly concealed his criminal past, with defrauding his clients through the offer and sale of investments in a fictitious investment fund, and misappropriating a large portion of the funds raised.
According to the SEC’s complaint, from 2017 to 2020, Terrence Chalk, of Passaic, New Jersey and Orlando, Florida, raised approximately $5 million for the fictitious fund from approximately 40 investors. The complaint alleges that Chalk, who was previously convicted of identity theft and bank fraud, used the alias “Dr. Terrence Cash” to conceal his identity and criminal past from investors and held himself out as a successful investment adviser and the chairman and founder of a network of entities he referred to as “Greenlight.” The complaint further alleges that Chalk promised investors a regular dividend of no less than 12% per year and advised his clients to transfer their existing retirement accounts and other savings to newly established accounts at a self-directed IRA custodian in order to invest in the fictitious fund. According to the complaint, instead of investing the funds as promised, Chalk and entities he controlled, including Greenlight Advantage Group Inc. and Greenlight Investment Partners Inc., misappropriated the vast majority of invested capital, with Chalk using more than $700,000 to pay personal expenses. As alleged, to perpetuate and conceal the fraud, Chalk and the Greenlight entities also used approximately $1.8 million of investor money to make purported dividend payments to prior investors in Ponzi-like fashion.
In a parallel action, the U.S. Attorney’s Office for the Southern District of New York earlier today filed criminal charges against Chalk.
Investors in Greenlight Advantage Group May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Greenlight Advantage Group, 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 with Greenlight Advantage Group 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.