Raeann Gibson – Director of Operations for Dominion Investment Group, LLC Charged with Fraud | Goodman & Nekvasil P.A. May Recover Investor Losses
Raeann Gibson – Director of Operations of Dominion Investment Group, LLC Charged with Fraud
ACCORDING TO THE U.S. District Court for the Eastern District of Virginia:
Darly Bank created, owned, and operated Dominion Private Client Group, LLC (“DPCG”). DPCG was a Virginia limited liability company with its principal place of business in Virginia Beach, Virginia. BANK was the managing member of DPCG. BANK, Raeann Gibson, and others used DPCG to offer various Investment Offerings to potential investors. Many of the investors were retirees with limited income.
RAEANN GIBSON (“GIBSON”) was the Director of Operations of DIG. GIBSON ran the day-to-day operations of DIG. GIBSON owned an estimated 10% interest in DIG.
The Financial Industry Regulatory Authority, Inc. (“FINRA”) is a private organization authorized by Congress to protect investors by making sure the broker-dealer industry operates in a fair and honest manner. On February 5, 2010, after an investigation, FINRA issued a final order concluding that BANK had, among other things, misappropriated funds, provided false information during FINRA interviews, and created inaccurate books and records. As a result, FINRA issued an order permanently barring BANK from professionally associating with any FINRA member in any capacity. For all practical purposes, the FINRA ban prevented BANK from associating with any FINRA-licensed broker/dealer authorized to sell securities.
Despite the FINRA ban, BANK, GIBSON, and others created, promoted, and sold fraudulent “private equity” investment opportunities. BANK, GIBSON, and others made material misrepresentations and omissions to sell the illiquid, high risk investments to investors in the Eastern District of Virginia and across the country. BANK, GIBSON, and others failed to disclose that FINRA had banned BANK for fraudulent activities, that BANK and GIBSON funneled investment funds through entities that BANK controlled, and that BANK and GIBSON almost immediately misappropriated substantial portions of investment funds for undisclosed personal and business purposes.
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