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Zamansky LLC Investigates Selling Away Claims for Investors Who Were Victims of the Crew Capital Group and Stephen Romney Swenson Ponzi Scheme

October 25, 2022 Blog

We are investigating potential legal claims of failure to supervise and “selling away” on behalf of investors who were victims of the Crew Capital Group and Stephen Romney Swenson Ponzi scheme investment fraud.  Any victim of this Ponzi scheme should contact us for an evaluation of whether any of the losses can be recovered through a selling away or failure to supervise claim against Mr. Swenson’s former brokerage firms.

On October 14, 2022, the SEC filed a complaint against the Estate of Stephen Romney Swenson, Crew Capital Group, and others, alleging that they ran a $29 million Ponzi scheme that defrauded 50 investors.   The SEC complaint states that Mr. Romney diverted client funds given to him for investment in Crew Capital into a bank account which he used for personal expenses, including homes, vehicles, and paying for his two mistresses.

The late Swenson was a FINA registered representative of J.W. Cole Financial from May-July 2018, Allegis Investment Services LLC from July 2014-May 2018, and Summit Brokerage Services from March 2010 – July 2014.   FINRA Rule 3110 requires these broker-dealer firms to have reasonable supervisory systems and procedures to prevent this type of fraud by its representatives.

Any investor who was a victim of the Crew Capital Group’s and Mr. Swenson’s Ponzi scheme and investment fraud may have a legal claim to recover their losses through FINRA arbitration.

Please call our law firm at (212) 742-1414 or email [email protected] for a free evaluation of your potential legal rights.

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