Patrick Howard – SEC Charges Financial Advisor Patrick Howard | Goodman & Nekvasil, P.A. May Recover Investor Losses
Patrick Howard, CRD # 5153247
Patrick Howard was formerly licensed with OneAmerica Securities, Inc. from 2010 to 2015. The SEC’s complaint alleges that since February 2015, Patrick O. Howard and two Dallas-based companies Patrick Howard controls – Optimal Economics Capital Partners, LLC and Howard Capital Holdings, LLC – have raised approximately $13 million from 119 investors through the fraudulent offer and sale of interests in three private funds. According to the SEC’s complaint, Howard and his companies told investors that they would earn between 12% and 20% annual returns through investing in these funds with minimal risk exposure. They also allegedly represented that nearly all investor funds would be used to acquire the interests in the portfolio companies’ revenue streams, and that the promised returns were backed by insurance. The SEC alleges that these representations were false. According to the SEC, Howard and his companies only used $7.5 million of the $13 million in investor funds to acquire revenue streams from portfolio companies and spent most of the rest on Howard’s personal expenses and on unrelated business expenses. In addition, the SEC’s complaint alleges that, to cover up the fact that revenue from the portfolio companies was insufficient to support the guaranteed minimum returns promised to investors, Howard sent to investors account statements that depicted false account balances and encouraged investors to “reinvest” their purported earnings back in the funds. Additionally, Optimal Economics allegedly used new investor funds to make Ponzi-like payments to earlier investors. The SEC’s complaint further alleges that Howard falsely represented his status as a registered investment adviser. The SEC’s complaint charges Howard with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
If you lost any money on investments with Patrick Howard, you may be able to recover your losses. If you lost money on investments with Patrick Howard 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 Patrick Howard’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 Patrick Howard 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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