In September 2020, the Securities and Exchange Commission (the “SEC”) indicted several executives, directors and attorneys affiliated with 1 Global Capital LLC (“1 Global”) for perpetrating a $100 million fraudulent scheme. The scheme encompassed more than 3,600 investors across 42 states, according to a recent SEC press release.
1 Global offered commercial “pay day” lending services to small businesses across the country (“merchant cash advance loans”). 1 Global funded these merchant cash advance loans with money from investors, who were fraudulently promised a share of the principal and interest payments as the merchant cash advance loans were repaid.
1 Global solicited investments on the basis of false and misleading statements regarding the profitability of its commercial lending business and other fraudulent disclosures. The SEC charged the following individuals with facilitating 1 Global’s securities fraud:
- Alan G. Heide, former Chief Financial Officer, Executive Vice President and Director of Syndicate Partner Relations of 1 Global.
- Steven A. Schwartz, a former director of 1 Global.
- Dale Ledbetter and Jan D. Atlas, attorneys providing legal services to 1 Global.
If you invested in 1 Global and think you may have been harmed by its fraudulent scheme, Fishman Haygood may be able to help. Contact one of our attorneys today.
