Strategic Bank Of Michigan
Strategic Financial Services, Strategic Capital Mortgage Inc. Securities Fraud Lawsuits, Mortgage Fraud, Government Investigating Georiga Arizona
- 03-03-2006
- 19
1) Securities Fraud Lawsuit Kent County Michigan No-05-02492-CK
Robert Clark vs Great Lakes Mortgage and Investment Inc., dba Ark Financial, Strategic Capital Mortgage, Todd Keizer, Phil Candy and Steven Donnellan.
Strategic Capital Mortgage is a subsidary of Strategic Financial Services Inc. Of Troy Michigan with additional offices in Arizona and Georgia. There are on going Federal and State investigations of these companies.
2) Three individuals named in securities complaint
The Denver Business Journal - November 29
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Colorado Securities Commissioner Fred Joseph said Tuesday that he has filed a complaint alleging violations of state securities laws by three individuals, Ark Holdings Group Inc. And Ark Capital Management Group Inc., a hedge fund operated most recently from Parker.
The three individuals allegedly violated the anti-fraud and licensing provisions of the Colorado Securities Act in connection with their marketing and management of the Ark companies, according to a Tuesday press release from Joseph.
The complaint alleges that Steven M. Donnellan of Parker, Todd M. Keizer of Grand Haven, Mich., and Philip Candy of Phoenix carried out a scheme to defraud investors in a hedge fund controlled by them. From 2000 through they allegedly misappropriated, dissipated and lost more than $2 million from about 40 investors who invested in Ark Holdings, according to the press release.
The defendants suffered heavy trading losses and enriched themselves at investors' expense, said the press release, and by the end of 2004 the hedge fund had a value of almost zero.
Despite heavy losses the defendants continued to "guarantee" an 18 percent return on investments, it said.
Company: Strategic Bank Of Michigan
Country: USA
State: Michigan
City: Troy
Address: 700 Tower Dr. Troy, MI 48098
Phone: 2482690060