Previously registered investment adviser John Fisher (also known as John Wade Fisher) has been sued by the securities and Exchange Commission (“SEC”) for allegedly raising more than $8.5 million from the alleged offer and sale of securities in unregistered transactions to at least 80 investors in 1st Global, according to the SEC’s Complaint, under review by lawyer Alan Rosca.
Securities lawyer Alan Rosca and his colleagues at Rosca Scarlato LLC law firm are investigating Fisher’s alleged involvement in the alleged offering and sale of 1st Global securities.
Investors who are concerned they may have suffered a loss with John Fisher may contact attorney Rosca or his colleagues for a free case evaluation and discussion of potential options, or to provide any useful information. Investors may call 888-998-0530, send an email to arosca@rscounsel.law, or through the contact form on this webpage.
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Fisher Allegedly Transacted Business with 1 Global Regularly
As alleged in the SEC’s Complaint, John Wade Fisher signed a sales agreement with 1 Global in March 2017 affirming he would receive four percent commission for direct sales he made plus an additional percentage for renewals and any sales from other sales agents he recruited for the company. Fisher allegedly started offering 1 Global securities to clients in April 2017 while he an unregistered broker.
1 Global allegedly provided their sales agents with sales marketing materials to use when they solicited clients to invest. John Fisher allegedly attached the marketing materials to emails and used the information when he spoke to prospective investors during dinner seminars and phone calls, among other methods.
The Complaint further alleges 1 Global’s marketing material presented the company had consistent high returns for investors and their investors allegedly had averaged “high single digit” and “low double digit” annual returns.
Additionally, 1 Global allegedly provided Fisher and other sales agents with copies of monthly investor account statements showing returns ranging from 8 to 17 percent a year to show to prospective investors.
Furthermore, John Fisher allegedly told prospective investors that 1 Global securities were short term alternatives to fixed index annuities, as stated in the Complaint. In addition, Fisher allegedly required some investors to execute a risk disclosure form, stating the Merchant Cash Advance’s (MCA) were not securities or investment products, in addition to stating 1 Global investments were low risk, as stated in the Complaint.
Fisher allegedly never questioned 1 Global’s Memorandum on Investment (MOI) which clearly stated 1 Global had full discretion on how to use investors’ funds. Additionally, 1 Global representatives allegedly told Fisher the Company had audited financial statements, but Fisher allegedly never saw any even after he requested to see them.
What Investors Should Know About 1st Global
1st Global marketed their investments as a safe and secure alternative to the stock market. Furthermore, 1st Global claimed their MCA would achieve high single-digit or low double-digit annual returns. The company was an alleged fraud and the CEO, Carl Ruderman reportedly used investor funds to fund his luxurious lifestyle and operate unrelated businesses. 1st Global filed for bankruptcy in July 2018.
The Employment History of Investment Adviser John Wade Fisher
Fisher joined the securities industry in 2011 according to his IAPD page. He was previously registered with Fisher-Caulkins Wealth Management in Sacramento, CA from March 2018 until November 2021.
He was also registered with Journey Wealth Management Advisors in Manteca, CA, and previously with Silverswood Asset Management, Alphastar Capital Management, and Gradient Advisors all in Vaccaville, CA.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Potential Options for John Fisher Investors
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to investment adviser John Fisher’s alleged involvement in 1st Global securities.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors from across the country and around the world in cases ranging from arbitrations to class actions.
Investors who are concerned about their investments with investment adviser John Fisher may contact investor rights attorney Alan Rosca for a free, no-obligation case evaluation by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.