Investors who loaned S. Mark Powell money on the promise of high rates of guaranteed returns may be able to recover their losses through securities litigation or arbitration.
Upon information and belief, while S. Mark Powell served as the managing partner of Atlantic Trust Private Wealth Management group’s Austin, Texas office, S. Mark Powell may have engaged in private loan transactions whereby he may have borrowed millions of dollars from investors (possibly including clients) for private ventures that offered high, guaranteed rates of returns.
On May 16th 2013, S. Mark Powell was found dead from undetermined causes. According to reports, following his death investors that loaned money to S. Mark Powell began coming forward to alert Atlantic Trust of S. Mark Powell’s possible loan transactions.
The news of S. Mark Powell’s death and S. Mark Powell’s alleged private loan transactions with investors (which may have included his customers) come soon after Invesco announced plans to sell Atlantic Trust to CIBC for over $200 million. In fact, a spokesman for Invesco has acknowledged that they have become “aware of “unusual transactions” made by S. Mark Powell which are believed to have been conducted outside of Atlantic Trust.
Upon information and belief, dozens of investors from Austin, Dallas, and Houston may have loaned money to S. Mark Powell. According to reports, some of these investors have stated that S. Mark Powell often sought loans from wealthy individuals for a variety of private ventures that carried large, guaranteed rates of return to attract investors. Unfortunately for investors, private loans can often be some of the risky investments to make.
Generally speaking, financial services companies like Atlantic Trust Private Wealth Management have a duty to properly supervise their employees and representatives, and can be held liable for their failure to do so.
If you have suffered losses loaning money to S. Mark Powell, you may be able to recover your losses through securities litigation or securities arbitration. Please contact the firm today for a FREE, NO OBLIGATION CONSULTATION to discuss your investment loss recovery options.