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Napoli Bern Ripka Shkolnik, LLP Files Complaint Alleging That Investors Were Misled Concerning Advanced Equities Private Placements

NEW YORK, June 4, 2013 /PRNewswire/ -- The law offices of Napoli Bern Ripka Shkolnik, LLP (NBRS) recently filed a claim against First Allied Securities, Inc. (First Allied) alleging that the firm failed to conduct due diligence and properly train its brokers concerning a series of private placements the firm offered together with Advanced Equities, Inc. (Advanced Equities), a formerly affiliated brokerage firm.  The complaint alleged that First Allied mislead investors by promoting a series of clean technology companies including Bloom Energy Corp. and Fisker Automotive, Inc., as low-risk late stage venture capital investments that would provide investors with short-term liquidity.  However, the investors claim that the private placements are now virtually worthless.

The complaint alleges that First Allied misrepresented the risks of the Advanced Equities GreenTech Investments LLC, AEI Venture Investments, LLC, AEI Cleantech Venture, LLC, and AEI Fisker Investments series of private placements to investors.  The private placements were sold to investors using advertising materials containing exaggerated characterizations that understated the companies' risks.  Further, it was alleged that First Allied ignored red flags and failed to investigate the claims made by the private placement issuers.

NBRS has successfully represented hundreds of investors in claims against brokerage firms for misrepresenting investments by failing to properly disclose risks.  The firm does not charge a legal fee unless it recovers money for its clients.  For a free consultation contact: (212) 267-3700.

SOURCE Napoli Bern Ripka Shkolnik, LLP

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