Norman Gary Price – Financial Advisor Barred from Securities Industry by SEC

Norman Gary Price – Financial Advisor Barred from Securities Industry by SEC | Goodman & Nekvasil P.A., May Recover Investor Losses

Norman Gary Price aka Gary Price CRD #2406981

Norman Price was a formerly licensed financial advisor with RP Capital LLC. According to Norman Gary Price’s CRD, Norman Gary Price was barred from the securities industry in July 2019.

According to the SEC

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 (“Advisers Act”) against Norman Gary Price (“Respondent”). The Commission finds that this case involves a failure by Norman Gary Price (“Price”), a principal of registered investment adviser firm Genesis Capital LLC (“Genesis”), to disclose his conflicts of interest to advisory clients. From 2013 through 2015, Genesis’s three mutual fund advisory clients made investments in promissory notes issued by Aequitas Commercial Finance, LLC (“ACF”), one of numerous entities affiliated with the Aequitas enterprise, the ultimate parent of which is Aequitas Management, LLC (collectively referred to herein as “Aequitas”). Norman Gary Price served on the Genesis investment committee that approved these investments. As Genesis made the ACF investments, Price benefited from financial ties to Aequitas. Price held ownership stakes with Aequitas in two other businesses in the Aequitas enterprise that together received a $10 million line of credit and $3.6 million in loans from ACF-the entity from which the mutual fund clients purchased the promissory notes. Additionally, during the same time period when Genesis’s mutual fund clients were investing their money in ACF, ACF was paying management fees to another Aequitas entity, which in turn paid $8 million in fees to another firm part-owned by Price in exchange for referring investors (separate from the Genesis clients) to ACF and other Aequitas issuers. These ties created a conflict between Price’s interests and those of the mutual funds. Genesis’s written policies and procedures required it to disclose such conflicts of interest to its clients in the firm’s Form ADV Brochure. During 2014 and 2015, Price received several drafts of the Genesis ADV Brochure to review. The drafts did not adequately disclose Price’s Aequitas-related conflicts of interest, and Price did not correct this deficiency. By the end of 2015, two of the Genesis-advised mutual funds each had more than 15 percent of its net assets invested in the ACF promissory notes. In March 2016, the Commission charged ACF and several other Aequitas companies and officers with concealing the true financial condition of Aequitas while defrauding the purchasers of more than $300 million in ACF promissory notes and other Aequitas securities. In May 2016, the two mutual funds were liquidated following ACF’s default on promissory notes held by the two funds. As a result of the conduct described above, Price willfully violated Section 206(2) of the Advisers Act, which prohibits fraudulent conduct by an investment adviser.

Goodman & Nekvasil, P.A. May Recover Investor Losses

If you lost any money on investments with Norman Gary Price you may be able to recover your losses. If you lost money on investments with Norman Gary Price and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Norman Gary Price’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.

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 $180 million on behalf of victimized investors. If you lost money on investments with Norman Gary Price  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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