George Marwieh allegedly failed to disclose excessive commissions, misuse of client funds, and conflicts of interest to the Texas State Securities Board.
The Sonn Law Group is investigating allegations that George Marwieh committed misconduct. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
George Marwieh, (CRD#:5643313), had is license revoked due to conflicts stemming from the sale of $5 million worth of Future Income Payment notes and promissory notes issued by third-party real estate developers.
The adviser allegedly failed to disclose excessive commissions, misuse of client funds and conflicts of interest, according to the Texas State Securities Board.
According to an order issued by Texas State Securities Board, George A. Marwieh and his eponymous Austin-based firm sold almost exclusively the Future Income Payment investment and real estate notes.
Future Income Payments is an alleged investment fraud that attorneys claim cost more than 1,000 investors, many of whom were retirees, at least $100 million in lost savings. Future Income Payments sold investments that promised an income stream based on the repackaging of income from pension plans.
Mr. Marwieh sold 23 clients $2.3 million of Future Income Payments investments and received $115,000 in commissions. He sold nine clients a total of $2.3 million of the real estate development notes and generated $228,000 in commissions. “This financial incentive for [Mr. Marwieh and his firm] to recommend the [Future Income Payments] and development notes to their clients raised a conflict of interest,” which Mr. Marwieh did not disclose, the Texas order said.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.