Northridge Holdings, Ltd.– State of Massachusetts Securities Division Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses
According to the State of Massachusetts Securities Division
Glenn C. Mueller is an Illinois resident. Mueller is president of Northridge Holdings, Ltd.
Northridge Holdings, Ltd. Is a corporation formed under the laws of North Dakota on March 11, 1987, with corporate headquarters located at 1020 West Fullerton Avenue, Suite G, Addison, Illinois 60101. Northridge is the general partner for limited partnerships owned and/or operated by Mueller and/or his affiliates and subsidiaries. Mueller owns 100% of the capital stock of Northridge. Northridge has never been registered in the securities industry in any capacity. Northridge securities were not registered or exempt from registration.
The Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth files this administrative complaint to commence an adjudicatory proceeding against Glenn C. Mueller.
For over forty years, Glenn C. Mueller and Northridge Holdings, Ltd. Have been purchasing and selling multifamily real estate complexes in Illinois. Over the past few decades, Mueller and Northridge have built up a monumental and byzantine investment empire consisting of at least 32 interwoven companies and partnerships. Along the way, Glenn Mueller and Northridge induced residents from Massachusetts, Illinois, New Hampshire, New Jersey, and other states to invest in their real estate ventures. To date, Northridge has taken in at least $47 million of investor funds through unregistered promissory notes nationwide and additional funds through unregistered limited partnerships. To accomplish this, Northridge uses a team of finders to seek out new investors in exchange for commission.
In addition, Northridge and Glenn Mueller became so involved with the offers and sales of these offerings that they act as de facto broker-dealers. Northridge and Glenn Mueller offer to help investors set up self-directed IRA accounts and facilitate the purchase, sale, and transfer of Northridge related securities. The enforcement section of the Division brings this action as a result of the offer and sale of unregistered securities in the Commonwealth by Northridge and Mueller.
To date, at least six Massachusetts investors have set up accounts with Northridge, and have invested a combined total of $926,000. Investors received new investor packets detailing the various securities Northridge offers, as well as tailored letters recommending additional Northridge securities to include in their self-directed IRA accounts. These investors have received numerous Northridge newsletters beginning with “Dear Investor,” which give unsubstantiated opinions about the market, and plug Northridge products as solid retirement investments. These newsletters are available to all Massachusetts investors as they are prominently featured on the Northridge website. Of the six Massachusetts investors holding Notthridge promissory notes, two have purchased Northridge limited partnership interests in at least one of the following entities: Cornerstone, Deere Park, Kings Circle, and Surry. One of these investors was led to believe that she had purchased a real estate investment trust, and stated that she has yet to receive a single distribution from the $50,000 worth of investments made in 2005.
Northridge and Mueller have never been registered as broker-dealers or agents in any state or with the Securities and Exchange Commission (“SEC”) or the Financial Industry Regulatory Authority (“FINRA”). No promissory note offering has been registered as an issuance of securities. No limited partnership interest offering has been registered as an issuance of securities. No exemptions had been notice filed with any state or the SEC. With this action, the Enforcement Section of the Division seeks to stop Respondents from engaging in conduct that violates Massachusetts securities laws and seeks the return of Massachusetts residents’ investments.
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If you invested in Northridge Holdings, Ltd., Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, 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.
If you incurred investment losses in Northridge Holdings, Ltd. 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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