Photo credit: Jana M. Cisar / USFWS
Photo by: Kubakocoj at Polish Wikipedia
Financial Industry Regulatory Authority (“FINRA”) Arbitrators in Arizona concluded after a 10-day trial that Fintegra Financial Solutions owe a group of unhappy investors in April 2015 and awarded the investors $1,537,626 on June 10, 2015 (see the award as an attachment to the linked complaint).
That’s when Fintegra turned out its pockets and said it could only come up with $300,000 to pay the claimants. And yet Fintegra’s management had reported the value of Fintegra’s parent company, Fintegra Holdings, LLC, at $4,045,000 as of 12/31/2014. That was fast. Where’d all the money go?
And then on June 19, 2015 Fintegra announced that it had reached an agreement to sell the assets of Fintegra to Securities America. I wonder if that MIGHT have had something to do with the rather pricey FINRA award nine days earlier. What do you think? Where did that money go? How much was it?
Now it’s up to the plaintiffs’ lawyers to seek recourse from U.S. District Court Judge Ann D. Montgomery (D. Minn.) to continue the chase and, they hope, recover what the weasels allegedly stole.