Investors who have suffered losses investing in Silver Oak Leasing, Inc. upon the recommendation of Alberto Neira (CRD# 2658649) may be able to recover their investment losses through FINRA arbitration.
According to a recent Acceptance, Waiver, and Consent that Alberto Neira entered into with FINRA, Alberto Neira entered the securities industry as a registered representative in 1995 and worked at various registered firms before associating with Linsco Private Ledger (LPL) in February 2002. Alberto Neira remained at LPL until his termination in January 2011.
Silver Oak is believed to have been incorporated in California in 2006 and claimed to be involved in providing automobile financing and leasing services. At some point in 2006, Alberto Neira is believed to have disclosed to his firm that he was a passive investor in Silver Oak. However, Alberto Neira is believed to have failed to disclose that he was also a director of Silver Oak, holding positions over time which included Secretary of the Board. By 2009, Alberto Neira was believed to have owned 55% of the common stock of Silver Oak. Silver Oak allegedly paid Alberto Neira $180,000 in compensation in 2009 and over $250,000 in 2010.
Beginning in 2006, Alberto Neira allegedly became engaged with an outside business activity at Silver Oak Leasing, Inc., a California corporation purportedly involved in providing automobile financing and leasing services. Between July 1, 2008, and January 18, 2011, Alberto Neira allegedly made recommendations that resulted in over $2 million in investments in Silver Oak to at least 14 LPL Financial customers. These investments are believed to have included stock and promissory notes. The customers understood that the invested funds were to raise money for the general use of Silver Oak’s business enterprise. The sales are believed to have been conducted privately and not through Alberto Neira’s employing firm. Alberto Neira allegedly failed to disclose these securities transactions to his firm. Most of Alberto Neira’s customers who invested funds in Silver Oak allegedly received promissory notes with maturity dates ranging from 11 months to 96 months. During the relevant period, Alberto Neira also allegedly recommended preferred stock in Silver Oak which was purchased by two customers.
If you have suffered losses investing with Alberto Neira in Silver Oak Leasing or in any other investment, please contact the firm today for a FREE, NO OBLIGATION CONSULTATION to discuss your recovery options.