By Greg Wright,
MBA, CFE, CFP®, CLU, ChFC
Certified Fraud Examiner
Certified Financial Planner™
The SEC alleges that Veros Partners and multiple related co-defendants defrauded 80 farm-loan investors of $15 million in 2013 and 2014, using those proceeds to repay earlier investors.
You may recall from my blog post yesterday that Veros Partners President Haab's web page bio indicated that he was a Certified Financial Planner; however, the CFP Board disagreed. Using e-mail addresses contained on this web page, I asked Haab about the apparent absence of certain disclosures on the website (including the ADV Part II). He has not yet responded.
Today, Mr. Haab’s Partner, Adam Decker, notified clients and others, in part, as follows, “The SEC complaint focuses on offerings made during 2012 through 2015 to fund farm loans.” “We apologize that we cannot comment further on the complaint at this time.”
Earlier today I met with a non-accounting member of the dental community, at her request. She indicated that certain members of the Veros Partners team held themselves out as being CPAs; however, they were not licensed accountants. After finding the apparent discrepancy in Mr. Haab’s professional credentials, this did pique my interest.
Also, within the past 24 hours, Veros Partners web page apparently was placed “Under Construction” and the listing of its team members no longer is available. However, having screen shots that I took earlier of the team member listing, I was able to research and identify one CPA team member that could not be verify as a CPA by using the State of Indiana CPA licensing verification website.
Further, that individual has apparently modified her LinkedIn page to omit any mention of an employer named Veros Partners. She does not appear to be a firm partner; therefore, I have omitted her name in this posting.
As I explained in a meeting with a current Veros Partner employee this afternoon, it will take months to determine the guilt or innocence of the defendants. This CPA needs legal advice on the matter. Because, according to the “Indiana Lawyer”, Judge Jane Magnus-Stinson issued an asset freeze order against Veros Partners and the co-defendants.
The follow this link to the SEC Complaint.