PLYMOUTH COUNTY, MA--(Marketwire - Dec 1, 2011) - Levin Papantonio of Florida, Fishman Haygood of Louisiana and Schneider Wallace of California and Arizona announced today that they have filed a class action lawsuit on behalf of investors who suffered losses from the recent $110 million Inofin fraud alleged by the SEC (http://www.stockbrokerattorney.com/Inofin-fraud-lawsuit). The firms previously launched an investigation of subprime auto loan lender Inofin, Inc., of Rockland, Massachusetts, three of its principal officers, and two sales agents. Inofin investors who suffered losses due to the alleged fraud may be eligible for financial compensation.
The Class Action Complaint is against Inofin and its principal officers, President Michael Cuomo, Chief Executive Officer Kevin Mann, and Chief Operating Officer Melissa George. According to the Complaint, this group violated the Massachusetts Uniform Securities Act (MUSA) by conducting business in Massachusetts as a broker-dealer or agent without being registered, and selling unregistered securities.
"When companies and the individuals who run them skirt our national securities laws by selling unregistered securities they must make the investors whole," says attorney Peter Mougey, head of the Securities Department at Levin, Papantonio. "The investors are victims," says Mougey, and "they were sold a load of junk dressed up as a legitimate investment. We have joined together three top law firms in the nation to help victims of the Inofin fraud, who deserve to be compensated for their losses."
Presented to the public as a motor vehicle sales finance company specializing in the purchase of subprime auto loans, Inofin has never been registered with the SEC or the Massachusetts Securities Division of the Offices of the Secretary of the Commonwealth. This, the complaint alleges, did not stop the defendants from collecting upwards of $110 million through the sale of unregistered securities. The victims span twenty-five states and the District of Columbia.
"Individuals who pedal products like these need to be held accountable for what they sell," says Joseph Peiffer, a securities arbitration and commercial litigation attorney with Fishman Haygood.
To learn more about the securities firms' investigations and ongoing claims against Inofin, call (888) 435-7001 or visit http://www.stockbrokerattorney.com/Inofin-fraud-lawsuit.
About Levin Papantonio
The Levin Papantonio law firm is recognized as one of the preeminent law firms in the US. In the past twenty-five years, the attorneys have obtained more than seventy-five jury verdicts in the amount of one million dollars or more, including twelve jury verdicts in excess of ten million dollars, and two in excess of $450 million.
About Fishman Haygood
Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P. was founded in the mid-1990s by leading business and litigation lawyers from three of the most prestigious law firms in Louisiana. Fishman Haygood has handled hundreds of investor claims and obtained one of the largest verdicts against a brokerage firm ever rendered by an arbitration panel.
About Schneider Wallace
Schneider Wallace Cottrell Brayton Konecky LLP represents workers, investors and consumers in class action litigation matters around the country. For more almost two decades, the firm's attorneys have handled matters involving workplace benefits, alleged financial losses and consumer rights.
Contact Information:
Media Contact:
Patrick Barrett
Securities Department
Levin, Papantonio, P.A.
pbarrett@levinlaw.com
888-435-7001