Investors who purchased EcoVest syndicated conservation easement investments may have suffered losses extending far beyond their initial investment.
If the IRS disallows a conservation easement deduction, an investor may owe additional federal and state taxes, penalties, interest, and professional fees. Investors may also discover that an investment presented as a tax-advantaged strategy was substantially more speculative, complex, and illiquid than they understood.
Former financial advisor Andrew William Miles (CRD No. 5986774) was registered with:
- The Strategic Financial Alliance, Inc., from December 2011 through July 2018; and
- Green Vista Capital, LLC, from July 2018 through March 2021.
As of August 2026, Miles’ FINRA BrokerCheck report lists 24 customer disputes, many involving conservation easements and allegations of unsuitability, misrepresentation, negligence, breach of fiduciary duty, and failure to supervise. Customer allegations are not findings of liability unless established through an adjudication.
Investors who purchased an EcoVest investment through Miles, Strategic Financial Alliance, Green Vista Capital, or another brokerage firm should examine how the investment was investigated, recommended, disclosed, and supervised.
What Were EcoVest Syndicated Conservation Easements?
A conservation easement permanently restricts the development or use of property for qualifying conservation purposes. If applicable tax requirements are satisfied, donating an easement may support a charitable contribution deduction.
In a syndicated conservation easement transaction, investors generally purchase interests in an entity that owns or acquires land. The entity donates an easement and allocates the resulting charitable deduction among its investors.
The anticipated deduction was often several times greater than the investor’s cash contribution. That multiplier was central to the investment’s appeal—but also created substantial valuation, tax, and regulatory risk.
In a 2018 civil complaint, the federal government alleged that EcoVest organized, promoted, or sold interests in numerous conservation easement syndicates. The complaint also identified Strategic Financial Alliance as one of the broker-dealers through which EcoVest-sponsored offerings were sold. These were allegations, not final findings concerning every transaction or participant.
Why Did the IRS Challenge These Investments?
The IRS has distinguished legitimate conservation donations from transactions it considers abusive, promoter-driven tax shelters. Concerns may include:
- Appraisals exceeding the property’s realistic fair market value;
- Development projections unsupported by market conditions;
- Deductions far exceeding investors’ economic contributions;
- Failure to satisfy technical tax requirements;
- Questions about the claimed conservation purpose;
- Conflicts involving promoters, appraisers, and managers; and
- Marketing focused primarily on purchasing a multiple of an investor’s contribution as a deduction.
According to IRS conservation easement guidance, courts have allowed, on average, approximately 6% of the deductions claimed in litigated syndicated conservation easement cases and have frequently imposed a 40% gross valuation misstatement penalty.
Those figures do not determine the outcome of any individual tax dispute or securities claim. They demonstrate, however, why an investor’s total losses may exceed the amount originally invested.
EcoVest Losses May Exceed the Principal Invested
A complete damages analysis may include several categories.
Lost principal
EcoVest offerings were generally private, illiquid investments without an established secondary market. After the easement donation, the investment entity may have retained little value capable of returning the investor’s capital.
Disallowed deductions and additional taxes
If the IRS disallows the anticipated charitable deduction, the investor may owe the tax that would have been due had the deduction never been claimed.
IRS and state penalties
Investors may face accuracy-related or valuation penalties. In appropriate cases, the IRS may seek a 40% gross valuation misstatement penalty under Internal Revenue Code Section 6662.
Accrued interest
Interest may run from the applicable tax year—not merely from the date the investor receives an IRS notice. Because partnership examinations and tax proceedings can last years, interest can become a significant part of the loss.
Professional fees
Investors may incur expenses for:
- CPAs and tax-return preparers;
- Tax controversy attorneys;
- Appraisal and valuation experts;
- Partnership-tax specialists; and
- Other professionals responding to the IRS examination.
Lost use of funds
An investor may have lost the opportunity to place the original investment and money later used for taxes, penalties, interest, and fees—in a suitable, diversified portfolio.
State tax consequences
Disallowance of the federal deduction may also require amended state returns and payment of additional state taxes, penalties, interest, and professional fees.
Andrew Miles’ BrokerCheck Disclosures
Andrew Miles is no longer registered as a broker. As of August 2026, his BrokerCheck report lists 24 customer disputes, including claims involving conservation easements, private placements, private direct participation programs, and other tax-oriented strategies.
Reported settlements involving conservation easements include:
- A $700,000 claim reportedly settled for $175,000 in June 2024;
- A $650,000 claim reportedly settled for $195,000 in August 2025;
- A $235,000 claim reportedly settled for $135,000 in August 2025;
- A $350,000 claim reportedly settled for $115,000 in January 2026; and
- A $1 million claim reporting $275,000 in monetary compensation following a March 2026 settlement.
Other conservation easement disputes remained pending as of the report date.
A settlement does not necessarily constitute an admission of liability. Customer allegations also do not prove that Miles, Strategic Financial Alliance, Green Vista Capital, or another party violated the law.
Green Vista Capital Disclosed Conservation Easement Complaints
Green Vista Capital’s audited financial statement for the year ending December 31, 2023, disclosed that the firm had received several complaints. The filing stated that most involved conservation easements challenged by the IRS and described the matters as complaints concerning failed investments.
Green Vista Capital stated that it believed it had meritorious defenses and intended to defend itself vigorously. The disclosure confirms that multiple complaints existed, but it does not establish liability in any particular case.
Potential Claims Against the Brokerage Firms
Depending on when the recommendation occurred and which firm supervised the advisor, an investor may have potential claims against Strategic Financial Alliance, Green Vista Capital, or another responsible entity.
Unsuitable recommendations
A recommendation may have been unsuitable based on the investor’s:
- Financial and tax circumstances;
- Investment experience;
- Risk tolerance;
- Liquidity needs;
- Investment objectives; or
- Ability to absorb both a total investment loss and a substantial tax liability.
A high income or net worth does not automatically make a complex, tax-driven private placement suitable.
Inadequate due diligence
A brokerage firm offering a syndicated conservation easement should understand its essential features and risks. Relevant due-diligence issues may include:
- The property’s acquisition cost and appraised value;
- Assumptions supporting the anticipated deduction;
- The independence and qualifications of the appraisers;
- Legal and tax opinions;
- Promoter and management compensation;
- The offering’s conservation purpose;
- Regulatory warnings involving comparable transactions; and
- The possibility that the IRS would disallow the deduction.
A firm may not necessarily fulfill its obligations by relying exclusively on materials supplied by a sponsor or promoter.
Misrepresentations or omissions
Potential claims may arise from statements or omissions concerning:
- Whether the IRS would accept the deduction;
- The reliability of the appraisal;
- The likelihood of an audit;
- Potential penalties and interest;
- The cost and duration of tax proceedings;
- The investment’s liquidity;
- Advisor compensation; and
- The amount an investor could lose if the deduction failed.
Statements that an investment was “IRS approved,” “audit proof,” or protected from challenge should receive particularly close examination.
Failure to supervise
Supervisory issues may include whether the brokerage firm:
- Reviewed the advisor’s conservation easement recommendations;
- Monitored concentration in tax-driven private placements;
- Examined unusually large or repetitive sales;
- Reviewed seminars and marketing materials;
- Investigated conflicts or outside business activities;
- Responded appropriately to earlier complaints; and
- Understood the product’s tax and valuation risks.
Other potential claims may include negligence, breach of fiduciary duty, and breach of contract, depending on the facts and applicable law.
Does Independent Tax Advice Defeat an Investor’s Claim?
Offering documents often instructed investors to consult independent tax professionals. That language does not necessarily resolve whether:
- The advisor made affirmative representations about the tax outcome;
- The recommended tax professional was connected to the promoter;
- The tax advice was genuinely independent;
- Material risks were adequately disclosed;
- The firm conducted reasonable due diligence; or
- The investment was suitable apart from its expected tax benefit.
The relevant issue is whether the overall recommendation and sales presentation fairly communicated the investment’s risks—not merely whether written documents contained general disclaimers.
EcoVest Investor Document Checklist
Investors should preserve documents even if the investment occurred years ago.
Investment documents
- Private placement memoranda;
- Subscription and operating agreements;
- Investor questionnaires and accreditation forms;
- Capital-account statements and K-1 forms;
- Appraisals and valuation reports;
- Conservation easement deeds;
- Land-trust and closing documents; and
- Records identifying the property and offering entity.
Advisor communications
- Emails and text messages;
- Letters and voicemails;
- Meeting and presentation notes;
- Seminar and webinar materials;
- Brochures; and
- Projections of deductions or tax savings.
Useful search terms include “EcoVest,” “conservation,” “deduction,” “appraisal,” “audit,” “IRS,” “tax savings,” “four-to-one,” “risk,” and “penalty.”
Payment and brokerage records
- Account statements and trade confirmations;
- Wire instructions, canceled checks, and bank statements;
- Commission and placement-fee disclosures;
- Custodial records; and
- Records showing the source of invested funds.
Tax records
- Relevant federal and state tax returns;
- Forms 8283 and Schedules K-1;
- Amended returns;
- IRS examination notices;
- Notices of proposed adjustment or deficiency;
- Final partnership administrative adjustments;
- Penalty and interest calculations;
- Settlement offers;
- Tax Court filings; and
- Correspondence with tax professionals.
Evidence of additional damages
Preserve invoices and proof of payment for additional taxes, penalties, interest, CPA fees, attorney fees, expert fees, and other costs resulting from the investment.
Financial-profile records
Investors should also retain new-account forms, risk questionnaires, financial plans, retirement projections, net-worth statements, liquidity information, tax projections, and communications discussing their investment objectives.
Do Not Assume You Must Wait for the IRS Case to End
Investors may believe they must wait until an IRS examination, partnership proceeding, or Tax Court case concludes before evaluating a securities claim. That assumption can create deadline problems.
FINRA eligibility rules, statutes of limitation, contractual deadlines, and other defenses may affect an investor’s ability to pursue recovery. An unresolved tax proceeding does not necessarily pause the deadlines applicable to claims against a brokerage firm or advisor.
Tax Counsel and Securities Counsel Serve Different Roles
Tax professionals may address the deduction’s validity, partnership proceedings, IRS settlement options, penalty defenses, amended returns, and overall tax exposure.
A securities attorney examines different issues, including:
- Whether the recommendation was suitable;
- Whether material risks were disclosed;
- Whether the brokerage firm conducted adequate due diligence;
- Whether conflicts existed;
- Whether the firm properly supervised the advisor; and
- Which losses may be recoverable through FINRA arbitration.
Resolving the tax matter does not necessarily compensate an investor for losses caused by an allegedly unsuitable or misleading recommendation.
How Sonn Law Helps EcoVest Investors
Sonn Law Group represents investors in disputes involving private placements, unsuitable investments, misrepresentations, and brokerage-firm supervision failures.
An EcoVest investigation may include:
- Identifying the offering and underlying property;
- Determining which firm supervised the advisor at the time of sale;
- Reviewing representations about the expected deduction;
- Comparing the investment, appraisal, and claimed deduction;
- Examining offering documents and tax opinions;
- Evaluating the investor’s finances, objectives, and risk tolerance;
- Calculating principal, taxes, penalties, interest, and professional fees;
- Investigating due-diligence and supervisory failures; and
- Evaluating claims through FINRA arbitration or another appropriate forum.
Speak With an EcoVest Conservation Easement Attorney
Investors who purchased EcoVest syndicated conservation easements through Andrew William Miles (CRD No. 5986774), The Strategic Financial Alliance, Inc., Green Vista Capital, LLC, or another financial professional may have legal options.
Important questions include what the investor was told, whether the investment was suitable, whether its risks were fully disclosed, whether the firm reasonably investigated and supervised the offering, and how the IRS challenge affected the investor’s complete financial position.
Sonn Law Group offers confidential consultations to investors evaluating potential securities claims. Contact the firm promptly to preserve relevant documents, assess applicable deadlines, and determine whether a FINRA arbitration claim may be available.
Frequently Asked Questions
Does an IRS audit automatically establish a claim?
No. An audit alone does not prove broker misconduct. A claim generally depends on suitability, representations, disclosures, due diligence, supervision, causation, and damages.
Are Andrew Miles’ 24 BrokerCheck disputes proof of misconduct?
No. BrokerCheck disclosures include allegations and reported settlements. Allegations are not findings of liability, and settlements may occur without an admission of wrongdoing.
Can Strategic Financial Alliance or Green Vista Capital be responsible?
A brokerage firm may potentially be responsible for unsuitable recommendations, misrepresentations, inadequate product due diligence, or supervisory failures involving its registered representatives. Liability depends on the evidence and applicable law.
Must an investor wait until the IRS case ends?
Not necessarily. Waiting may create eligibility or limitation issues. A securities claim can be evaluated while a tax proceeding remains unresolved, although the final tax result may affect damages.
Where are EcoVest investor claims filed?
Many disputes against FINRA-member brokerage firms and their registered representatives are resolved through FINRA arbitration. The appropriate forum depends on the parties, agreements, timing, and claims involved.
This article is for informational purposes and does not provide legal or tax advice. Customer complaints and arbitration claims contain allegations that may be disputed and are not findings of liability unless established by an authorized tribunal.
