Cleveland, Ohio investment adviser Philip D. Rossi was accused by a federal grand jury of swindling approximately 40 individuals, including many retirees, of $2.5 million since 2000.
The investment litigation lawyers at John S. Chapman & Associates reviewed Philip Rossi's scheme and determined that Rossi, a former registered investment broker, operated a so-called money management company, Patterson-Ross Financial Resources, as well as an accounting firm, Rossi & Associates. Pretending to be an experienced investor, Rossi induced his victims to invest their retirement savings with him. He assured his investors that he would buy stocks, bonds, or notes in their names, but in fact he spent most of their money for his personal purposes. To give a sense of security to his victims, Rossi prepared monthly "account statements" that showed the value of their supposed investments.
When his investors asked to receive returns or withdraw their investments, Rossi falsely told them that they would incur a tax penalty for early withdrawals. To postpone and discourage withdrawals, Rossi also falsely represented to his investors that post-9/11 financial regulations required background checkings before disbursing amounts in excess of $10,000 to them.
Chapman & Associates intends to vigorously prosecute Rossi investors' claims. Chapman & Associates is a securities litigation firm that often handles fraudulent investment claims on behalf of investors in FINRA arbitration. If you or a family member has been victimized in Philip Rossi's fraud, please contact us toll free at 866-220-3300 or by email at jchapman@jscltd.com.
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Tuesday, November 25, 2008
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