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| Matthew Haab, CFP, CPA |
Two local investment advisers, along with a Carmel attorney, stand accused by the Securities & Exchange Commission of running a $15 million Ponzi scheme. Charged in the scheme are Veros Partners' Matthew Haab and Tobin J. Senefeld, and Jeffrey B. Risinger, a Carmel attorney.
According to a press release issued by the SEC, the three men raised $15 million from about 80 investors for the purpose of making short-term loans to farmers. In actuality, the investment proceeds were used to cover unpaid debts already owed by farmers who had been previously loaned money. At the same time, the three men are accused of paying themselves $800,000 in undisclosed "success" and "interest rate spread" fees.
In addition to Veros Partners, Haab, Senefeld and Risinger, the federal complaint also names as defendants Veros Farm Loan Holding, LLC and FarmGrow Cap, LLC, the issuers of the offerings and PinCap, LLC and Pin Financial, LLC as the registered broker-dealer. According to the press release, Judge Jane Magnus-Stinson issued an asset freeze order against the defendants, as well as a temporary restraining order prohibiting them from soliciting, accepting or depositing any monies from prospective investors.
According to a press release issued by the SEC, the three men raised $15 million from about 80 investors for the purpose of making short-term loans to farmers. In actuality, the investment proceeds were used to cover unpaid debts already owed by farmers who had been previously loaned money. At the same time, the three men are accused of paying themselves $800,000 in undisclosed "success" and "interest rate spread" fees.
In addition to Veros Partners, Haab, Senefeld and Risinger, the federal complaint also names as defendants Veros Farm Loan Holding, LLC and FarmGrow Cap, LLC, the issuers of the offerings and PinCap, LLC and Pin Financial, LLC as the registered broker-dealer. According to the press release, Judge Jane Magnus-Stinson issued an asset freeze order against the defendants, as well as a temporary restraining order prohibiting them from soliciting, accepting or depositing any monies from prospective investors.
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| Veros Partners Website Screenshot |
Just who is their investment expert? Other than Haab’s false CFP assertion, I cannot find evidence of investment expertise on the Veros website. I sent Haab an email and await an explanation.
Oh, I almost forgot. Stockbroker Tobin J. Senefeld is somewhere in the mix and also a defendant in the SEC complaint. Wow! Senefeld has 25 Financial Industry Regulatory Authority (FINRA) disclosed events including seven “Judgment/Lien” events, a history of over a dozen traffic violations, and six small claims related suits. Maybe Veros didn’t want his string of tin cans disclosed to their dental and business owner clients. Just a thought. Maybe Haab will clear this up. I’ll let you know.
Certified Financial Planner
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Well it's some kind of a good news. At least they both reap the benefits of their efforts. Can't talk better than that. certified financial planning
ReplyDeleteAccording to the Veros partners website on May 30, 2011, Mr. Haab's bio indicates that he is the "Wealth Management Partner." Here is a quote from his Professional Experience: "Matt is a member of the Indiana CPA Society and the Financial Planning Association. His prior experience includes over three years with the Indianapolis office of Arthur Andersen, LLP"
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ReplyDeleteCertified Financial Planner (CFP) is a meaningless credential, essentially salesmen that have almost no knowledge of business or real investments. The investors involved were all accredited investors (think private equity) and we’re very sophisticated and would never rely on the “knowledge” of CFPs (salesmen). It’s very typical for accredited investors investment strategies to be advised by CPAs, Attorneys, CFAs, MBAs. The real issue here is that it was a ponzi scheme, regardless of credentials and your byline fails to focus on the real underlying issue.
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