Goodman & Nekvasil P.A. May Recover Investor Losses – William M. Jordan, Owner of WJA Asset Management, LLC, Charged by SEC
Securities and Exchange Commission Charges William M. Jordan, Owner of WJA Asset Management, LLC
The Securities and Exchange Commission has charged William M. Jordan, the owner and principal of two investment advisory companies that offered investments in private funds (collectively referred to as the “WJA Funds”).
According to the SEC’s complaint, defendant William M. Jordan defrauded William M. Jordan’s investment advisory clients over a period of years, before putting the WJA Funds into bankruptcy. The complaint alleges that through offerings beginning in 2011 and lasting into 2016, Jordan raised more than $71 million from his advisory clients for sixteen investment funds. The complaint alleges that William M. Jordan represented that investor money would be used for certain disclosed purposes; that his compensation would be limited to particular amounts; and that the WJA Funds were audited and custodied by third parties. In fact, the complaint alleges that William M. Jordan, who had complete control of the WJA Funds’ finances, commingled investor money; concealed the WJA Funds’ true performance; engaged in pervasive, conflicted, and undisclosed inter-fund transfers; overpaid himself and his entities; and concealed his prior securities disciplinary history—giving the false appearance of a successful business enterprise, when in fact investor money was being shared amongst the WJA Funds.
The SEC alleges that the core of the misconduct was that William Jordan improperly treated the WJA Funds as one pool of money, regularly moving money among the WJA Funds to meet cash flow needs. Then in 2013, William Jordan allegedly created a new fund, called the TD REO Fund, LLC, to manage and liquidate defaulting trust deeds held by other funds. William Jordan allegedly directed the TD REO Fund to issue promissory notes to other funds in exchange for the defaulting trust deeds. According to the SEC, William Jordan’s business practice was to exchange the trust deeds for promissory notes at face value without applying a discount for collectability. According to the SEC, this overstated the value of the promissory notes held in the WJA Fund that transferred out the defaulting trust deeds and hence the corresponding total investment value. Using these inflated valuations, William Jordan allegedly overpaid management fees and bonuses to his investment advisory firm.
Investors in William Jordan’s WJA Funds May Recover their Losses with Goodman & Nekvasil, P.A.
If you purchased your WJA Funds 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 WJA Funds, 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 WJA Funds investment.
If you incurred losses on your investment in WJA Funds 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: William M. Jordan, WJA Asset Management,