Goodman & Nekvasil P.A., May Recover Investor Losses on Woodbridge Mortgage Investment Funds – David Anthony Cusano (David Cusano) Formerly Licensed with Sandlapper Securities, LLC
David Cusano was licensed with Sandlapper Securities, LLC from June 2014 to January 2015. David Cusano was previously licensed with Invest Financial Corporation. David Cusano resigned from a prior brokerage firm, Walnut Street Securities, after David Cusano was accused of participating in selling an unregistered security away from the Firm. Next Financial permitted David Cusano to resign after David Cusano was accused of submitting variable annuity disclosure forms with inaccurate information.
In 2012, the State of Florida Department of Financial Services placed David Cusano on probation for 2 years for David Cusano’s failure to adhere to state insurance code annuity disclosure requirements. In 2016, the Florida Office of Financial Regulation filed an action against David Cusano seeking to bar David Cusano from the securities industry. The Florida Office of Financial Regulation alleged that David Cusano engaged in the prohibited practices of borrowing from customers and failing to disclose outside business activity.
Our firm has learned that David Cusano also marketed the fraudulent Woodbridge investment. On December 20, 2017, the Securities and Exchange Commission (SEC) filed an action alleging that the Woodbridge investment was a massive Ponzi scheme, and that new investor money was used to pay the returns owed to existing investors. The SEC also alleges that Woodbridge’s business model was a sham, and that Woodbridge and Woodbridge’s owner and President, Robert H. Shapiro, misused and misappropriated investor monies. The SEC points out that Woodbridge admits in its bankruptcy filing that it has less than $12 million in its bank accounts while having investor liabilities approaching $1 billion.
The SEC also alleges that many of the properties Woodbridge purchased remain as vacant lots that have set undeveloped for several years. According to the SEC, nearly all of the purported third-party borrowers were actually limited liability companies owned and controlled by Woodbridge, which had no revenue, no bank accounts and never paid any interest under the loans.
If you invested in the Woodbridge Mortgage Investment Funds through David Cusano, you may be able to recover your losses from Sandlapper Securities, LLC and/or Invest Financial Corporation. This is because Sandlapper Securities, LLC and Invest Financial Corporation had a duty to supervise David Cusano.
If you invested in the Woodbridge Mortgage Investment Funds through David Cusano, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Sandlapper Securities, LLC and/or Invest Financial Corporation concerning David Cusano’s conduct. 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. You will continue to own your claim in the Woodbridge Bankruptcy; our case involves a separate, additional avenue of recovery.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you invested in the Woodbridge Mortgage Investment Funds with David Cusano 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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