The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Howley. According to his publicly available FINRA BrokerCheck report, John Howley has been the subject of multiple customer disputes in connection with an investment known as Global Credit Recovery.
John Howley was a New Jersey based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with two different securities firms. He is no longer working as a registered securities broker in any fashion.
- Guardian Investor Services Corporation (1995-1999)
- Park Avenue Securities (1999-2018)
Multiple customers have filed claims against Park Avenue Securities due to the alleged actions of John Howley. According to these complaints, John Howley placed them in the fraudulent privately traded security known as Global Credit Recovery. This product was connected to a massive Ponzi scheme that allegedly stole millions of dollars from investors.
John Howley allegedly pitched Global Credit Recovery to unsuspecting investors as an investment that would provide them with significant returns by purchasing and reselling consumer debt. However, instead of investing customer funds as they had said they would, the individuals in charge of Global Credit Recovery, along with its sister companies, used solicited funds to repay earlier investors. The perpetrators of this scheme also allegedly converted a minimum of $85 million of investor funds for their own personal use.
John Howley’s alleged victims have filed claims on the grounds that he should have conducted his due diligence to determine that the investment he was recommending to them was fraudulent. These complaints are currently pending with the customers seeking to have their stolen funds returned to them. John Howley also allegedly sold most of these afflicted customers life insurance policies. These customers alleged they were unable to continue to pay their required premiums after losing the money they did in the the fraudulent Global Credit Recovery. Because of this, they are also looking to have the money they paid in premiums refunded to them.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money investing in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with John Howley, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.