Goodman & Nekvasil P.A. May Recover Investor Losses – The Falls Event Center, LLC and Steven L. Down Charged by SEC
Securities and Exchange Commission Charges the Falls Event Center, LLC and Steven L. Down
On May 10, 2018, the Securities and Exchange Commission filed a complaint in the U.S. District Court for the District of Utah against The Falls Event Center, LLC (The Falls), a Utah limited liability company, and its CEO Steven L. Down of West Jordan, Utah (Down) for making material misrepresentations to investors concerning the profitability of certain of The Falls’ event centers.
As alleged in the SEC’s complaint, The Falls builds and operates small event centers. According to the SEC, since 2011, The Falls and Down raised approximately $120 million from more than 300 investors from the offer and sale of, among other things, convertible secured promissory notes. According to the complaint, Down solicited investments in The Falls by making presentations to groups of professionals during continuing education seminars that he sponsored. According to the SEC, in his presentations, Down represented that some or all of the event centers were and continued to be profitable. The complaint alleges that certain of these representations to investors were untrue.
According to the complaint, from the first half of 2016 forward, members of The Falls’ executive team informed Down that the event centers were not profitable. In addition, according to the SEC, they informed Down that his event center model was unsustainable because of the millions of dollars owed to investors and to the event center mortgage holders.
In addition, according to the SEC, The Falls’ own accounting records, which Down received regularly from the Falls’ CFO, indicate that, from inception through September 2017, the event centers were never profitable.
Investors in The Falls Event Center LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you purchased your The Falls Event Center LLC investment from a licensed financial advisor, Goodman & Nekvasil, P.A. can help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has filed hundreds of cases against brokerage firms selling high-risk or fraudulent investments such as The Falls Event Center LLC and 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. Finally, the filing of such a case should not affect your ownership of your The Falls Event Center LLC investment.
If you incurred losses on your investment in The Falls Event Center LLC 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.
Keywords: The Falls Event Center, Steven Down, FINRA, SEC, Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, Securities